How crypto-friendly is Navy Fed?

[Salahh]

Looking to onramp $15k in crypto. So far I've done small amounts by loading a Venmo debit card and using it, but they cap it at $3k/week.

My relationship with Navy Fed is top priority so I don't want to compromise that at all. 

Are they pretty crypto-friendly, or could it impact my relationship/internal score/lending riskiness with them?

Thank you 🙏 

[Salahh]

Anyone? 

---

@Salahh wrote:

Looking to onramp $15k in crypto. So far I've done small amounts by loading a Venmo debit card and using it, but they cap it at $3k/week.

My relationship with Navy Fed is top priority so I don't want to compromise that at all. 

Are they pretty crypto-friendly, or could it impact my relationship/internal score/lending riskiness with them?

Thank you 🙏 

---

[NoMoreE46]

Most issuers,  including NFCU,  probably are not too keen on this.   In fact, if  issuers discover this type of purchase,  they will likely code the transaction as a Cash Advance.    Of course there are third parties to  blur the purchase/transction but the fees...

Pay cash for the crypto or look into the Gemini card.

---

@Salahh wrote:

Looking to onramp $15k in crypto. So far I've done small amounts by loading a Venmo debit card and using it, but they cap it at $3k/week.

My relationship with Navy Fed is top priority so I don't want to compromise that at all. 

Are they pretty crypto-friendly, or could it impact my relationship/internal score/lending riskiness with them?

Thank you 🙏 

---

[Salahh]

It would be from my checking account so not sure how it'd show as a cash advance? 

But definitely don't want to do it if they aren't crypto-friendly 

Relationship with them is my top priority

Would love to hear more opinions

[Vinjints]

Are you asking if they care what you spend your money on out of your checking account with them?

[NoMoreE46]

So I too thought you meant paying via a cc @Salahh .

I don't think any bank would have an issue with buying crypto and paying through a DDA.

---

@Vinjints wrote:

Are you asking if they care what you spend your money on out of your checking account with them?

---

[Salahh]

Yes. I've heard of many people having their checking accounts closed after receiving money from crypto exchanges, and there is the whole "debanking" issue. I've always thought trad-fi and crypto were polar opposites. Are you guys saying it can't hurt me or my relationship with Navy Fed at all?

[Salahh]

Here's a thread of someone's experience 5 months ago https://www.reddit.com/r/CryptoCurrency/comments/1hgd8u0/my_bank_account_was_closed_without_notice_b...

and here's a video about it: https://www.youtube.com/watch?v=uur286dwALg

I guess it depends on the bank and how risky they see crypto transactions, which is why I asked

[NoMoreE46]

OK so from that Reddit post - that user said that s/he trades cryto for a living.

The simple issue herein is that M&T Bank doesnt want this Trader utilizing  a Personal account for Business type transactions...  In fact, due to AML/KYC regulations, all  banks would have to follow suit.  

You will see Reddit Credit/Banking subs that become alarmist.  These posts are authored by those who are Outside of the 2nd or 3rd standard deviation.  

So despite being just  (5.0% or 0.30%) of the sample size, they tend or Intend to get a lot of  "Karma."   High Karma accounts can be and are monetized so keep this in mind when Redditing.

For instance,  there are a few posts on Reddit about American Express financial reviews.  From within the /Amex sub, it appears that the sky is falling.

Here, however, I havent seen any posts of this worrisome "trend" or even a CLD (that wasnt warranted)  for our Amex holders.

PS, I dont think anyone wants to monetize accounts  from MyFico.

In the end, I would say that it will depend on the dollar amounts and the number transactions which could flag your account for the risk dept from NFCU.

IIRC transcations  > $ 3000 and  

> $10000 are the trigger amounts.

---

@Salahh wrote:

Here's a thread of someone's experience 5 months ago https://www.reddit.com/r/CryptoCurrency/comments/1hgd8u0/my_bank_account_was_closed_without_notice_b...

and here's a video about it: https://www.youtube.com/watch?v=uur286dwALg

I guess it depends on the bank and how risky they see crypto transactions, which is why I asked

---

[Salahh]

I trade too, but de-fi, non-kyc. I'm just trying to load $10-15k in my trading platform without upsetting anyone