NFCU member app forwarded to BSA?

Anonymous · ‎08-01-2016

Is this standard? I applied via the San Diego navy league and emailed my application to NFCU. When I called them just now they said they located my application and supporting documents and they forwarded everything to the BSA. Why would they need to verify anything further if all of my information was submitted properly, I included my driver's license and social security card and Navy League letter and my address matches and I didn't lie on anything, is it possible they could deny my application for membership?

Anonymous · ‎08-01-2016

@Anonymous wrote:
Is this standard? I applied via the San Diego navy league and emailed my application to NFCU. When I called them just now they said they located my application and supporting documents and they forwarded everything to the BSA. Why would they need to verify anything further if all of my information was submitted properly, I included my driver's license and social security card and Navy League letter and my address matches and I didn't lie on anything, is it possible they could deny my application for membership?

That is doubtful. Something similiar happened to me, too, except that I was approved then my account frozen. It took a couple of weeks for my final approval. They seem to be swamped over there. There are a couple of threads in this section about several of us who had their membership delayed. With your situation if I remember correctly it takes about five business days. Keep us posted.

Guyatthebeach · ‎08-01-2016

I was in NFCU Saturday to deposit money into my accounts. While speaking to the branch manager, she told me that Navy Federal is having problems with people fraudulently opening accounts and this past year.

Hang in there. They will review everything on their time. Just be patient. The rewards are going to be worth the effort!

Guyatthebeach

Anonymous · ‎08-02-2016

To avoid another NFCU thread, I'll ask this here. What is the timeframe to know you are safe from the BSA? My account was opened one week ago, and all is well so far. I want to start depositing some of my check, but I want to be sure I am past any "freeze" date. I don't have any credit products, so that may make a difference, idk.

Guyatthebeach · ‎08-06-2016

@Anonymous wrote:
To avoid another NFCU thread, I'll ask this here. What is the timeframe to know you are safe from the BSA? My account was opened one week ago, and all is well so far. I want to start depositing some of my check, but I want to be sure I am past any "freeze" date. I don't have any credit products, so that may make a difference, idk.

I don't know, but I'm very curious to learn when you're free of the freeze date. My guess is that you never will get the potential for a freeze. I think the moment you do something risky, like adding people to your account, get multiple loans in a short period of time, or maxing out a credit card, Navy Federal will freeze your accounts while they review your account. Remember Navy Federal is a CU not a bank and financial losses impact credit unions more than banks.

Guyatthebeach

Billybob_TX · ‎08-06-2016

"The BSA" means the "Bank Secrecy Act" compliance department of NFCU. Every bank has one. Every CU has one. They are checking to make sure you are who you are. Once you get past them, you are in. Not to worry.

DrForce · ‎08-12-2016

How do you know when you are "past" the BSA? I just got my welcome email yesterday so I want to know when it's safe to use my accounts. Thanks.