NFCU Checking

[brk1971]

I cannot validate or reconcile the statements in this thread - my experience with NFCU checking is far different, and far superior, to every other deposit account I have (includes C1 360, PenFed, Chase, WF, and RBFCU).

• Deposits via direct deposit = immediately available at midnight (Eastern time) the night the deposit is effective.
• Deposits via electronic transfer = immediately available as soon as notified (including push ACH transfers from other financial institutions)
• Deposits via check deposit via the app = acceptance within minutes during business hours, and within a short time outside them. Funds availability = depends on amount, but from immediate upon acceptance to midnight after one business day (technically "2 business days, but that's based on midnight)
• Bill pay push to pay to almost every account I have = next day for every account that accepts electronic payments... There is even an selectable option to rush the payment and it will go same day for a small fee. Accounts that do not accept electronic payments are mailed a check, and that check goes out in the next mail cycle (same or next business day depending on the time).
• Transfers to deposit accounts at other financial institutions = notification occurs as soon as complete (funds availability depends on THAT financial institution)
• Transfers account to account (two of my accounts or one of my accounts to another NFCU member) = instant
• Transfers via zelle = nearly instant

I really don't know how any of these timelines could be considered slow, so I'm left wondering if there are different processing experiences for different members?

[lns1976]

@brk1971 Do you get early DD with NFCU?  The way you said it sounds like the date the deposit is supposed to arrive, not the day after the deposit is sent as C360 currently does.

You mentioned having a 360 account as well, they didn't start the early DD availability until last year.

[brk1971]

No, I don't have early DD with NFCU. At NFCU, funds are available at the beginning of the calendar day (midnight EST) they are set to be deposited... NOT having them two days before they're authorized doesn't make NFCU slow IMO, it makes them on time.

As a side note...  I don't believe that "early direct deposit" has any real value. The net result of it is just a change in when payday is.

(Even the idea that two extra days of interest is only applicable to the first cycle.)

[lns1976]

@brk1971 not having Early DD is just an adjustment when you have had it.  I went from deposits to a CU with early DD to C360 with no early DD to C360 offering early DD (I had already had my account over 4 years when they started offering it).

It doesn't make NFCU slow, but it's going to be an adjustment for me again is why I asked.

[brk1971]

I know that C1 started advertising about it, but I really don't use that account for anything anymore...  I opened it and had a partial direct deposit going in for founr months for a $400 bonus back some time ago, and never used it for any meaningful purpose. 

(I'm not particularly fond of C1 as a financial institution at all, so I'm not sure I would have ever really given the account a chance to show value.)

[RobynJ]

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@brk1971 wrote:

I know that C1 started advertising about it, but I really don't use that account for anything anymore...  I opened it and had a partial direct deposit going in for founr months for a $400 bonus back some time ago, and never used it for any meaningful purpose. 

(I'm not particularly fond of C1 as a financial institution at all, so I'm not sure I would have ever really given the account a chance to show value.)

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I agree with you about the superiority of NFCU. I will say that you need click on the account when checking it as I have found that the balance that's posted on the log on screen is different than the available funds. When the transaction isn't yet posted completely it looks like it's not available but if you you look under the balance in small print it will say available balance and it has always been the correct amount. I have been fooled before thinking the funds were not available when they actually have been.