Navy Federal CU Questions

[MrCredit]

Hello, 

I have a couple of questions about NFCU as I am a new member!!! YAY!!!! I applied over the phone the lady who took my application did not even ask about my eligibility. She said I was instantly approved so they do not need any info.... I have a parent that is retired Air Force and my grandfather who is a WW2 Veteran. They did not ask for any information. My questions are the following

-So I have the info what would they ask me for?

-I applied for a CC and got approved for a $10k limit with the Cash Rewards, they upgraded me to a Signature!! Only thing is a 15.65% rate. Not bad but not good either. I do not carry a balance so I do not see this as a problem. What is their CLI procedure? Is their a LUV button? How often? Do they offer BT?

-Navcheck? I do not see anything online about their Navcheck product, where is that located? Is that a Overdraft Line of Credit?

[azguy13]

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@MrCredit wrote:

Hello, 

I have a couple of questions about NFCU as I am a new member!!! YAY!!!! I applied over the phone the lady who took my application did not even ask about my eligibility. She said I was instantly approved so they do not need any info.... I have a parent that is retired Air Force and my grandfather who is a WW2 Veteran. They did not ask for any information. My questions are the following

-So I have the info what would they ask me for?

-I applied for a CC and got approved for a $10k limit with the Cash Rewards, they upgraded me to a Signature!! Only thing is a 15.65% rate. Not bad but not good either. I do not carry a balance so I do not see this as a problem. What is their CLI procedure? Is their a LUV button? How often? Do they offer BT?

-Navcheck? I do not see anything online about their Navcheck product, where is that located? Is that a Overdraft Line of Credit?

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NFCU is an excellent CU. 

Be prepared to prove your eligibility at a later date. They are known to freeze accounts randomly and ask you to prove that you are eligible to belong. 

NFCU is generally a SP while using their luv button, up to $25K CL. If you do not get an instant approval, it will most likely be a HP. If you do not want to take the HP then call right away and cancel the request. 

I do not have Navcheck but many people love it. A lot of times, when someone is a new member and they get the CC, many people will tell them to app for Navcheck as well. It is a line of credit up to $15K. 

This thread is an entire discussion on NFCU CLIs       http://ficoforums.myfico.com/t5/Credit-Cards/Can-we-have-quot-OFFICIAL-NFCU-CLI-HOW-IT-WORKS-quot/m-...

[MrCredit]

Where do you apply for the NavCheck? I do not see anything about it online. I asked them what they needed when I joined and she said since my account is instantly approved they do not need anything.

[MadTechnologist]

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@MrCredit wrote:

Where do you apply for the NavCheck? I do not see anything about it online. I asked them what they needed when I joined and she said since my account is instantly approved they do not need anything.

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NavChek is called the Checking Line of Credit now, so you should be able to find that under products or checking. The max you can get for NavChek is 15K, so when you apply, just ask for that. If not approved instantly, I would definitely call and speak to someone. The reps there are some of the best that I've ever talked to. Furthermore, they may counteroffer and ask you if you accept. I have it and love the peace of mind it brings in case my balance was unbalanced and could go negative. You can also order checks that would be directly withdrawn from the NavCheck account in case you needed it.

I don't know anything about the instant account approval thing though, as I'm only in because my brother just recently joined the Army as a mechanic. I noted my relationship and his name on the app and I've been a member for about 2 months now, but never had to send in anything else.

Anyway, congrats on joining and I hope you like them as much as I do. I can't wait until my scores improve and I can start to get these legendary limits I keep hearing people talk about. Hopefully you can too! 

[Genkeim]

NavCheck is the Overdraft Line of Credit. It will be an additional HP.

[azguy13]

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@MrCredit wrote:

Where do you apply for the NavCheck? I do not see anything about it online. I asked them what they needed when I joined and she said since my account is instantly approved they do not need anything.

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I understand you were instantly approved. What I am saying is be prepared to prove it later on down the road. They have been freezing current members accounts (people who have been members for well over a year) until they can prove they are eligible. 

It may not happen and chances are it won't, but they are doing it. 

[TatorTodd]

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@azguy13 wrote:

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@MrCredit wrote:

Where do you apply for the NavCheck? I do not see anything about it online. I asked them what they needed when I joined and she said since my account is instantly approved they do not need anything.

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I understand you were instantly approved. What I am saying is be prepared to prove it later on down the road. They have been freezing current members accounts (people who have been members for well over a year) until they can prove they are eligible. 

It may not happen and chances are it won't, but they are doing it. 

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actually, the chances are about 99% they will freeze your account within the next week or so.  I was approved....TRIED to give them proof over phone, they said no need, approved for 25k flagship, 15k nav check, yada yada yada...that was on a Thursday, and the following Monday, I had no access to my account.  So, they will require you to go into a branch if you live within 1 hour of a local one, and provide all the necessary paperwork, like proof of field of membership, actual birth certificate, and proof of address.  Your father or grandfather will have to come with you, they *MAY* need to set up their own account so they can be your sponsor

congrats though, and all the hard work is well worth the benefits.

[MadTechnologist]

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@azguy13 wrote:

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@MrCredit wrote:

Where do you apply for the NavCheck? I do not see anything about it online. I asked them what they needed when I joined and she said since my account is instantly approved they do not need anything.

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I understand you were instantly approved. What I am saying is be prepared to prove it later on down the road. They have been freezing current members accounts (people who have been members for well over a year) until they can prove they are eligible. 

It may not happen and chances are it won't, but they are doing it. 

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Now that's scary stuff! I use NFCU as my main account now and if they freeze it I'd be screwed, as least in the short term. I really hope that doesn't happen to anyone here. What sucks for me even more though, is that my brother and I have different last names. Won't go into much more detail than that, but we did grow up together and he is my biological brother. Not someone I consider a brother or a close family friend.

Anyway, if the OP has anymore questions, I'll help as best I can. Also, in case you wanted to know the max daily limit on ATM withdraws is $600 and from what I hear if you have multiple credit cards (CC) with NFCU, you can transfer over some of the credit limit (CL) to one of the other cards. From what I gather it's hit or miss depending on who you talk to and is only between CCs, but if you have more than 1 that might be an option if you were interested.

[MrCredit]

My grandfather is dead so that would be a hard thing for him to come with me. I told them that on the phone. If they freeze your account how hard will it be to get my money out? I have a large sum of money in there <$120,000.

[Rhaeny]

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@MrCredit wrote:

My grandfather is dead so that would be a hard thing for him to come with me. I told them that on the phone. If they freeze your account how hard will it be to get my money out? I have a large sum of money in there <$120,000.

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As long as you can prove with the proper paperwork, which I assume would be his DD12 and some birth certificates showing the relationship, I think you would be fine.  I've read that other people whose accounts were frozen and they provided the paperwork to their security department quickly, were back in business within a few days.  Others who couldn't were put through the ringer.  So if you don't readily have that information available I would suggest you pull your money out until you get everything together.

I have an account with them now for about 1 1/2 years and they haven't asked me for proof of anything yet.  But I'm not worried because as soon as they do, I can provide them with everything they need to validate my eligibility.  For that reason, I do not keep a lot of money in my account there, only enough to pay my credit accounts with them.  They've been awesome with customer service and great credit line increases, however I'm too leary about the possiblity of them freezing my account while they go through an investigation.  It would be horrible not to have access to my cash.