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NFCU OOPS

Valued Contributor

NFCU OOPS

Hello everybody, I have Navy Federal OOPS on my checking account and I recently opened a business checking im wondering if it's possible to have OOPS on more then one checking account?.
Message 1 of 9
8 REPLIES
Valued Contributor

Re: NFCU OOPS

I think the question is, is that personal product offered to businesses, period.

You signed up and agreed to terms for the OOPS product on YOUR personal account.

I'm sure, you or whomever is authorized for you biz would need to do the same on behalf of the biz

It may be too much of a hassle and I bet regs to offer the same exact product to businesses, especially considering it's business banking, who think any business would want or whose yet NEED an OOPS product...There trouble in Denmark if a business has that issue even so it'd be an opportunity to sale the business a 'real' LOC not an incidental trinket like the OOPS product....

Let us know, it'd be interesting if they actually offer it IMO

Best of luck with the biz btw
Message 2 of 9
Moderator

Re: NFCU OOPS

I might be an outlier here, but I'm not a big fan of OOPS or other options that permit overdrafts with a service charge.  If I felt this was necessary (for whatever reason) a CLOC would be my choice; if the CLOC wasn't an option I would still decline OOPS.

 

'Back in the day' it was different, since a bounced check would create multiple fees but these days most people seldom write checks, if ever, and the OOPS only serves to make sure the debit card isn't declined.

 

In my case, I would prefer for my debit card to be declined if I didn't have the funds available rather than be approved with a service charge.  If declined, I would simply use another card and save myself the fee.  I'm not too concerned about embarrassment since these days a declined card can mean a number of things, not necessarily that you don't have the money. (Note that in practice I use rewards credit cards... I'm only stating here a hypothetical.)

Message 3 of 9
Valued Contributor

Re: NFCU OOPS

Totally agree with you Uncle B
The service fee and the small dollar availability of a OOPS like product make them, an unattractive almost useless product for anyone with a sliver of any other option.

Of course using a CLOC, or any overdraft option (amount dependant vs the service fee) is a superior option.

My assumption is anyone using the OOPS is doing so in lue of a payday loan because one with access to better options wouldn't use either in today's world.

Again although the product is called OOPS I suspect those using aren't doing so by accident but more so as their access to a short term loan vs a payday loan, with no access to a n actual LOC....That just the way I'd see it, if I were in the space of life.

In that regard, 30 days to repay a loan up to $500 is better than a payload and less trouble than a pawn shop
Message 4 of 9
Valued Contributor

Re: NFCU OOPS

I've never used OOPS but I do have it on my NFCU, along with my 13.3k flagship and my 5k CashRewards, I do have a HELOC of $350,000 with Penfed that I haven't touched to date. I just like having OOPS and I don't feel like applying for a CLOC cause I was denied previously (may 2016) with a 730 Fico8
Message 5 of 9
Established Member

Re: NFCU OOPS

Just wondering if you ever received a true answer to this question, I have the same question as well re: business side. And if you accept check payments, it is a good thing to have. A business doesn't mean your a multi millionaire and stuff happens. Just curious ... Thx 

Message 6 of 9
Frequent Contributor

Re: NFCU OOPS


forwardprogression wrote:

Just wondering if you ever received a true answer to this question, I have the same question as well re: business side. And if you accept check payments, it is a good thing to have. A business doesn't mean your a multi millionaire and stuff happens. Just curious ... Thx 


I don't know about business checking accounts and OOPS coverage, but I do know you can have OOPS coverage of $500 each on two different personal checking accounts. And, as Gemini101 stated, it is a cheaper "short-term" loan than a payday loan. If it is being used for that purpose you are better off withdrawing the entire $500 at the atm and pay one $20 fee for the 30 day period. I would recommend caution as it is easy to get caught in a never-ending cycle if your financial situation is "shaky."




Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 7 of 9
Highlighted
New Visitor

Re: NFCU OOPS

Hi so if I overdraft the 500 and put 20 in my account I get the 500 overdraft back and do I have to overdraft 500 first then pay 20 to get the 500 overdraft back
Message 8 of 9
Frequent Contributor

Re: NFCU OOPS


@YonnieBaee wrote:
Hi so if I overdraft the 500 and put 20 in my account I get the 500 overdraft back and do I have to overdraft 500 first then pay 20 to get the 500 overdraft back

If you overdraft your account the entire 500 in one transaction via ATM withdrawal or check your checking account will incur a singular 20 dollar overdraft fee. Your checking balance will be negative 520.  You must deposit the entire 520 back into your checking account within 29 days.  If you don't, OOPS will be frozen on all your accounts.  Your account must remain in a positive status for at least one business day before OOPS can be accessed again.  Any deposits made into the account during the 29 day period will be used to satisfy the existing overdraft, re-overdrafting will not reset the 29 day timeline.  The only way to reset the timeline is to have the entire negative balance satisfied and the account posting a zero or positive balance for a least one entire business day.  Again, this could become a vicious cycle and YMMV.  You may want to consider applying for the Navy CLOC with is more akin to revolving credit with monthly minimum payments.




Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 9 of 9