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Navy Federal Credit Union: Why Did You Join?

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Frequent Contributor

Re: Navy Federal Credit Union: Why Did You Join?


@CreditGuyInDixie wrote:

If our OP has no open loans of any kind, then joining NFCU is an absolute no-brainer, in my opinion.  Navy is the only CU we know if currently that has a well tested track record with the Share Secured Loan Technique.  (Our OP can do a search for that if he wants to find out more.)


So I saw on the NFCU website that the rates on a Share Secured Loan are for example, "Share rate + 2.0%" Does that mean the APY % of your savings account + 2.0%?

Message 11 of 21
Frequent Contributor

Re: Navy Federal Credit Union: Why Did You Join?


@CreditGuyInDixie wrote:

If our OP has no open loans of any kind, then joining NFCU is an absolute no-brainer, in my opinion.  Navy is the only CU we know if currently that has a well tested track record with the Share Secured Loan Technique.  (Our OP can do a search for that if he wants to find out more.)


Gotcha! I did my research. But I actually plan on opening a non secured loan soon, so the SSLT wouldn't be of any use to me, correct? SInce I already will have a loan diversifying my profile?

Message 12 of 21
Frequent Contributor

Re: Navy Federal Credit Union: Why Did You Join?

That is correct. Only useful if you have no other installment loans.
Message 13 of 21
Senior Contributor

Re: Navy Federal Credit Union: Why Did You Join?

I am a Credit Union junkie.    I join any that have really good reputations or products because I prefer to support them (and keep my money in them) over the larger banks.   There was a Navy base near where I used to live, and I know that friends and associates really spoke well of their customer service.

Most of my family (and pretty much all male line ancestors) are veterans, and I have records, so it seemed like a no brainer.  I don't have any loans or CCs through them at this time (don't need them), but it's nice to know that I can access their services if I need them.


EQ: 795 | EX: 785 | TU: 783 | Accounts: 2/6 6/12 10/24
Happy practitioner of AZE6or7or8
Message 14 of 21
Frequent Contributor

Re: Navy Federal Credit Union: Why Did You Join?


@calyx wrote:

I am a Credit Union junkie.    I join any that have really good reputations or products because I prefer to support them (and keep my money in them) over the larger banks.   


This was one of the questions I also had, because I was trying to figure out why people would have a large multiple of credit union memberships. As I shopped around for more than 1 myself, I questioned it, telling myslef, well you only have so much money. I currently have multiple accounts with 4 different institutions, and I'm wondering why spread money around to even more locations than that...after finding 1 or 2 great CU's, of course.

Message 15 of 21
Senior Contributor

Re: Navy Federal Credit Union: Why Did You Join?


@Repairman wrote:

@calyx wrote:

I am a Credit Union junkie.    I join any that have really good reputations or products because I prefer to support them (and keep my money in them) over the larger banks.   


This was one of the questions I also had, because I was trying to figure out why people would have a large multiple of credit union memberships. As I shopped around for more than 1 myself, I questioned it, telling myslef, well you only have so much money. I currently have multiple accounts with 4 different institutions, and I'm wondering why spread money around to even more locations than that...after finding 1 or 2 great CU's, of course.


At some point, there is no real benefit to joining more and you'll be past the proverbial ROI for joining.  Fortunately, it really doesn't cost that much (assuming you have the free cash) to park a few dollars into a share account into a CU just to have access.      I do pick and choose my CUs based on products, rates, benefits, etc., and the ones I'm a member of, by in large, tend to be more conservative and harder to get access to.  NFCU is the most accessible of all of my CUs.  I do like their low rates and might need to take advantage of that in the future. 

My other credit unions either hold checking, MMAs, loans, or other benefits.   And I don't have any issue tracking my accounts because they're all in my budgeting software.   I see having multiple CU accounts as the same as having multiple cards for different benefits/points/cash back - whatever gives me the biggest bang for my proverbial buck is where I want to be.


EQ: 795 | EX: 785 | TU: 783 | Accounts: 2/6 6/12 10/24
Happy practitioner of AZE6or7or8
Message 16 of 21
Frequent Contributor

Re: Navy Federal Credit Union: Why Did You Join?


@calyx wrote:


At some point, there is no real benefit to joining more and you'll be past the proverbial ROI for joining.  Fortunately, it really doesn't cost that much (assuming you have the free cash) to park a few dollars into a share account into a CU just to have access.      I do pick and choose my CUs based on products, rates, benefits, etc., and the ones I'm a member of, by in large, tend to be more conservative and harder to get access to.  NFCU is the most accessible of all of my CUs.  I do like their low rates and might need to take advantage of that in the future. 

My other credit unions either hold checking, MMAs, loans, or other benefits.   And I don't have any issue tracking my accounts because they're all in my budgeting software.   I see having multiple CU accounts as the same as having multiple cards for different benefits/points/cash back - whatever gives me the biggest bang for my proverbial buck is where I want to be.


Do you mind if I ask what other CUs you are a member of? The surprising/discouraging thing to me in my CU search is the low interest rates on the savings accounts. So that is what is turning me off to spreading money around to much of them, unless there's a specific product that I need to get from one at the time.

Message 17 of 21
Senior Contributor

Re: Navy Federal Credit Union: Why Did You Join?

Low savings rates are definitely pretty common in CU world, which makes sense.

My main banks are:
NCSECU (North Carolina State Employee's Credit Union - you must be a state employee to join) the one I keep my money parked in. I'm also a member of Allegacy FCU (their checking is wayyyyy beter than NCSECUs).

I also have Truliant and a couple of other geolocked CUs (I've moved a lot!)

Alliant has pretty decent rates, if that's what you are looking for, and seems pretty easy to join.


EQ: 795 | EX: 785 | TU: 783 | Accounts: 2/6 6/12 10/24
Happy practitioner of AZE6or7or8
Message 18 of 21
Super Contributor

Re: Navy Federal Credit Union: Why Did You Join?

People who open accounts with multiple institutions (whether CUs or banks) often do this because they are bonus chasers.  I make between $1000 and $1500 a year doing that, though I could make more if I worked at it a bit more.

 

If a person has no deposit accounts with Chase, for example, you can currently get $600 in bonus money for opening a savings and checking.  Wells Fargo is offering a $400 bonus.  Etc.

 

Many bonuses can be repeated.  You just close the accounts at month 7 and then re open them later.  With Chase you can get the bonus every 25 months, for example -- it used to be once per calendar year.

Message 19 of 21
Valued Contributor

Re: Navy Federal Credit Union: Why Did You Join?

I needed a forgiving lender that I didn't burn in my BK.

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Discover/Target/NFCU CLOC/NFCU Cash Rewards/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder AMEX/Citi Costco Visa - alllllmost $100k total revolving
Message 20 of 21
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