Why navy?

[SouthJamaica]

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@Anonymous wrote:

For those of you who have navy and penfed - how do they compare? 

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In my book they're both excellent, each has advantages and disadvantages.

[SouthJamaica]

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@MrT_521 wrote:

Is there a legitimate way to join NFCU with no military or government affiliation, or affiliation with anything listed? I didn't see anything on the list that applies to me, but I thought maybe there is something I missed or something unlisted that would qualify me.

I qualified for SDFCU by joining American Consumer Council. PenFed doesn't require anything other than simply signing up. I know that some people use questionable or downright dishonest claims to join credit unions with affiliation requirements, but I don't do that. I am interested in becoming a member of NFCU, but only if I can do it 110% legitimately.

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If you have a close relative, even a deceased relative, who was in any branch of the military, you can get in.

[UpperNwGuy]

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@MrT_521 wrote:

Is there a legitimate way to join NFCU with no military or government affiliation, or affiliation with anything listed? I didn't see anything on the list that applies to me, but I thought maybe there is something I missed or something unlisted that would qualify me.

I qualified for SDFCU by joining American Consumer Council. PenFed doesn't require anything other than simply signing up. I know that some people use questionable or downright dishonest claims to join credit unions with affiliation requirements, but I don't do that. I am interested in becoming a member of NFCU, but only if I can do it 110% legitimately.

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Several years ago you could join an organization called the Navy League and thereby qualify for NFCU membership, but they took that away because they were growing too fast.  Keep in mind that NFCU is by far the largest credit union in America, so when the commercial banks complain to the Congress that credit unions are taking advantage of their nonprofit status to steal business from banks, NFCU is usually the credit union that they use as an example.  Because of that, even the other credit unions are distrustful of NFCU because NFCU's success could bring about an end to the tax benefits enjoyed by the rest of the credit unions.  So, feeling pressure from both sides, NFCU has had to become more diligent in limiting new memberships to those who fall within the stated purpose of their charter.

[Aim_High]

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@SouthJamaica wrote:

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@MrT_521 wrote:

Is there a legitimate way to join NFCU with no military or government affiliation, or affiliation with anything listed?

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If you have a close relative, even a deceased relative*, who was in any branch of the military, you can get in.

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In my opinion, it would seem to be pretty easy for a lot of people to qualify for membership at Navy FCU.  But no, there's no shady back-door method to qualify like there is with many CUs.  Besides direct military service on the applicant's part, there are numerous family relationships that help someone to qualify for membership.  Many who did no military service themselves had a parent, grandparent, sibling, or child who served.  (*And yes, that relative can even be deceased!)  Immediate family members include:

• Parents
• Grandparents
• Spouses
• Siblings
• Children (including adopted and stepchildren)
• Grandchildren
• Household members

As for personal qualification, servicemembers in all branches of the armed forces are eligible for membership. This category includes:

• Active Duty members of the Army, Marine Corps, Navy, Air Force, Coast Guard and Air National Guard
• Delayed Entry Program (DEP)
• DoD Officer Candidate/ROTC
• DoD Reservists
• Veterans, retirees and annuitants

Finally, the field of membership also covers DoD civilian personnel, who support our armed forces. This category includes:

• DoD civilian employees
• U.S. Government employees assigned to DoD installations
• DoD contractors assigned to U.S. Government installations
• DoD civilian retirees and annuitants

[MrT_521]

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@UpperNwGuy wrote:

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Several years ago you could join an organization called the Navy League and thereby qualify for NFCU membership, but they took that away because they were growing too fast.  Keep in mind that NFCU is by far the largest credit union in America, so when the commercial banks complain to the Congress that credit unions are taking advantage of their nonprofit status to steal business from banks, NFCU is usually the credit union that they use as an example.  Because of that, even the other credit unions are distrustful of NFCU because NFCU's success could bring about an end to the tax benefits enjoyed by the rest of the credit unions.  So, feeling pressure from both sides, NFCU has had to become more diligent in limiting new memberships to those who fall within the stated purpose of their charter.

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This is interesting! 

The closest relative I know of involved in the military is a 2nd cousin's husband. 

[Anonymous]

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@Anonymous wrote:

For those of you who have navy and penfed - how do they compare? 

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They are both generous and have great products, but the PenFed experience is a lot more clunky in general. (Outdated Tech, Customer Support, etc.)

[Anonymous]

Would you happen to know of "anyone" who's a current member? Sometimes Navy runs promotions where current members can refer someone. How I became a member was at the time Navy was having a promotion that if any current member referred someone to the CU both parties received 25.00. One day at work my coworker walks up to me and ask if I wanted to join Navy? I had never heard of them, and she was more interested in simply getting the 25.00. I simply said ok. Years later still to this day, I thank her. I tell her all the time it was the best thing she could have ever ask me. When dealing with Navy I get the sense that they care about there members over the phone and even at the branch. The app is amazing. It has just been a great experience overall for me personally. 

[KJinNC]

I might have missed this on the list above, but, National Guard qualifies for NFCU membership. I joined via my father, who was in the National Guard in the 1960s.

I wonder how PenFed is allowing anybody to join while remaining a credit union. I thought that stuff was regulated. I joined PenFed last year when there was a minor hoop to jump through (joined a veteran's advocacy group for $25).

[Heatt99]

Average FICO scores and large credit limits. If you have a balance and pay over 3x, next months statement payment would be 0..😁😁😁. This allows me to knock out other cards that require a minimum regardless what I pay.

[Curious_George2]

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@Heatt99 wrote:

Average FICO scores and large credit limits. If you have a balance and pay over 3x, next months statement payment would be 0..😁😁😁. This allows me to knock out other cards that require a minimum regardless what I pay.

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Thank you for mentioning that!  I stumbled into that situation but I wasn't sure why they showed my minimum payment as $0.  I appreciate knowing it's a feature with a threshold of 3x.