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Navy Federal Policies and Features overall

Senior Contributor

Navy Federal Policies and Features overall

A myfico member suggested in another thread that he or she would like to see a separate thread relative to Navy Federal policies. I had been thinking along the same lines and that was the impetus to start this thread.

 

I am really enjoying Navy Federal, and I believe most of us are despite some glitches or things we wish would be slightly different.

 

 

Here is my list of NFCU policies and features that work well and those I wish were just a bit different:

 

 

 

Policies and features that work well :

 

 

1) Very friendly customer service representatives who are also helpful from a practical standpoint

 

2) Easy to navigate website and mobile app

 

3) Reasonably easy CLI policies and initial credit card/ CLOC application acceptance rate

 

4) Opportunities for zero percent or low interest balance transfers (have not experienced this personally as yet)

 

5) Zero fees on balance transfers

 

6) Opportunities to lower APR on credit card after the first year

 

7) Opportunities to check on a possible lower card APR as a new customer prior to deciding whether to PC.

 

I changed my card to the Platinum and received a 4% lower interest rate as a brand new customer! I was also able to check the PC interest rate offer prior to making the decision to PC. Fantastic! Smiley Happy

 

8) Flexibility to obtain high limits on multiple cards

 

9) 24/7 customer service. I've found this helpful on several occasions to be able to call late in the evening with a question.

 

10) Extensive zero fee ATM network worldwide, making withdrawal very easy for the member.

 

11) Strength of the largest credit union in the world (both in asset size and in membership numerics).

 

 

 

 

Opportunities for change:

 

 

1) A higher level of organization is needed in several respects. Although NFCU is the largest credit union, I believe that some aspects of internal organization are being lost in daily operations. Departments don't always seem to communicate well with each other, and information is not always shared.

 

 

2) Potential members should be fully vetted by all departments prior to approving credit products. There should never be a time that a member is approved for membership, approved for credit products,and then has all accounts locked for weeks because BSA needed another document that was already provided. This is different from questions about potential fraud or membership eligibility, I'm not referring to those types of situations.

 

Creating a negative impression on valued members because different departments don't communicate well just should not happen.

 

 

3) Mobile deposit. This is a minor issue. Alliant and BECU, for example, instantly credit you for mobile deposit. Generally, I have found that NFCU mobile deposits are reviewed and credited within 1-3 hours of the deposit going in. This is not a bad time frame at all, but instant would be great. Smiley Happy

 

 

4) More competitive interest rates on CLOC's. This would really be helpful!

 

 

5) Ability to lower the CLOC interest rate at some point down the road (currently, CLOC rates are fixed and remain the same for the life of the CLOC).

 

 

5) Greater ease in using CLOC. My PLOC from BECU, for example, can be easily moved into checking through one click on a drop down menu, and can be moved back the same way. No Navchecks needed, and no overdrawing the account by using the Visa debit card needed.

 

 

6) Instant crediting of credit card payments would be nice, as happens with Citi and Amex. I don't know of any credit unions that instantly reflect the payment in the balance, but it would certainly be a nice feature.

 

 

7) Ability to pay a charge before it posts. Amex, Chase, and Cabela's allow this and it's a nice feature when you're busy or going out of town, but again I don't know of any credit unions that allow this. Nice to have it on a wish list, though! Smiley Happy

 

 

8) Payment crediting time for credit card payments can take fairly long over weekend and holiday periods. It's not a major issue, but most of my other credit cards (except Synchrony) do not take quite as long to apply payments over a weekend or holiday. Normal payment crediting time during the week works just fine.

 

I always make payments about 14 days before the due date, but would definitely like to see the payment credited more quickly so I can check that off my list and know it has completed its cycle.

 

 

9) Ability to apply for multiple products within a 30 day window using a single hard pull. This would be fantastic.

 

 

10) Not having a hard pull for initial membership would be a huge plus. Smiley Happy

 

 

 


Please share your thoughts about great policies/ features as well as your wish list for improvements. Let's try our best to keep it constructive and not bash Navy Federal when suggesting changes, since they really have been helpful to so many of us. Thanks everyone! Smiley Happy



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Message 2 of 29
28 REPLIES
Regular Contributor

Re: Navy Federal Policies and Features overall

Been with NFCU (checking, CC) since June, going to ask for a CLI increase in about 2 -3 weeks (after third statements cuts). I love the CC. Great cask back, low rates (not that I've paid any interest) good on line information and access though their web site.

 

I like the checking too, my only issues are with the ability to push or pull money to the accounts from other banks (Pen Fed has the best ability) and  with funds availability time (I realize they are following the law, but I've gotten spoiled with TD Bank's next day availability. check in on Fri avail Sat). I've read that they like to see activity on all accounts, depending how I'm able to make the Navy CC grow, I guess I'll just I'll have to get used to it. 

 

 

Ch 7 Discharged Jan 16; Credit Scores around 700 + or - 10 points or so (estimate haven't checked any real scores in a while)
Message 1 of 29
Moderator

Re: Navy Federal Policies and Features overall

This is an excellent thread... thanks so much for starting it!  Smiley Very Happy

 

I'll just add that I'm approaching one year with NFCU (my how times flies!) and so far I've been very pleased with them.  Smiley Happy

 

Thanks also for the data point on mobile deposit... I've only used it once to deposit a $5 check they sent me to get me to try it with my share/savings account, and my experience was like yours as well.  It was still fast, but it was clear that the transaction was reviewed by a person before credit was granted, unlike some others.  In my case this isn't a 'show stopper', but it's still definitely worth mentioning especially if someone is used to instant credit/availability. 

 

I think this has been covered before in other threads, but since things change I'll ask again... how quickly are direct deposits made available with NFCU?  With USAA I get my direct deposit a day early, and this has come in handy a few times.  I believe I read that with NFCU military direct deposits are available a day early, but all others are held until the 'proper' date... is this still the case?

Message 3 of 29
Frequent Contributor

Re: Navy Federal Policies and Features overall

UncleB, my pay day is every alternate Friday. I see NFCU, PENFED, DCU and NASA deposits on Thursday into my respective accounts!
FICO 8: TU-787 EX-768 EQ-757 Total Credit Limit: $647,750
Message 4 of 29
Moderator

Re: Navy Federal Policies and Features overall


maestro07 wrote:
UncleB, my pay day is every alternate Friday. I see NFCU, PENFED, DCU and NASA deposits on Thursday into my respective accounts!

Uh oh... USAA might have some competition for my checking business!  Smiley Surprised

 

Joking aside, this is fantastic to hear... I can now say that should the need arise, NFCU would definitely be my go-to should USAA ever 'misbehave'.  Actually, ATM surcharge reimbusement is about the only thing USAA still has on Navy from what I can tell (at least for non-military people).

Message 5 of 29
Moderator

Re: Navy Federal Policies and Features overall


coneyj123 wrote:

Been with NFCU (checking, CC) since June, going to ask for a CLI increase in about 2 -3 weeks (after third statements cuts). I love the CC. Great cask back, low rates (not that I've paid any interest) good on line information and access though their web site.

 

I like the checking too, my only issues are with the ability to push or pull money to the accounts from other banks (Pen Fed has the best ability) and  with funds availability time (I realize they are following the law, but I've gotten spoiled with TD Bank's next day availability. check in on Fri avail Sat). I've read that they like to see activity on all accounts, depending how I'm able to make the Navy CC grow, I guess I'll just I'll have to get used to it. 

 

I'd love to see a new thread about NF and their policies. 


Coneyj, I don't know if this helps but when I push money into my NFCU savings account it's available the very next day (i.e. I send it on Monday, it's gets to NFCU and is available first thing Tuesday AM).  I think there is an additional one day lag on the ledger balance, but the funds are available for withdrawal on the available balance. 

 

If you are pulling the money I can see how that might cause an additional delay, but if you're pushing the funds you shouldn't have that problem, or at least I haven't. 

 

I can't specifically speak to how they work with ACH pull transactions, since I've not used that before.  I'm sure others will have data points, though!  Smiley Happy

Message 6 of 29
Senior Contributor

Re: Navy Federal Policies and Features overall




coneyj123 wrote:

Been with NFCU (checking, CC) since June, going to ask for a CLI increase in about 2 -3 weeks (after third statements cuts). I love the CC. Great cask back, low rates (not that I've paid any interest) good on line information and access though their web site.

 

I like the checking too, my only issues are with the ability to push or pull money to the accounts from other banks (Pen Fed has the best ability) and  with funds availability time (I realize they are following the law, but I've gotten spoiled with TD Bank's next day availability. check in on Fri avail Sat). I've read that they like to see activity on all accounts, depending how I'm able to make the Navy CC grow, I guess I'll just I'll have to get used to it. 

 

 

 

 

 

UncleB wrote:

 

Coneyj, I don't know if this helps but when I push money into my NFCU savings account it's available the very next day (i.e. I send it on Monday, it's gets to NFCU and is available first thing Tuesday AM).  I think there is an additional one day lag on the ledger balance, but the funds are available for withdrawal on the available balance. 

 

If you are pulling the money I can see how that might cause an additional delay, but if you're pushing the funds you shouldn't have that problem, or at least I haven't. 

 

I can't specifically speak to how they work with ACH pull transactions, since I've not used that before.  I'm sure others will have data points, though!  Smiley Happy


 

 

 

coneyj and UncleB, good thoughts and a question, please. I don't push or pull money from any source ( I don't do any ACH transactions, a bit too slow for me, and you have to keep an eye on it /keep checking to make sure it goes through ok), so I may not be understanding a nuance of why you might wish to do this, but wouldn't mobile deposit just be easier and faster than waiting for an ACH transaction to go through?

 

Just an example - Alliant has instant credit for mobile deposit, and NFCU credits the mobile deposit usually an hour or two later after review.

 

Isn't that faster than ACH, or am I missing something?

 

I only know that when I helped my husband open Alliant accounts, and they told him he could either do a mobile deposit by taking a photo of a check (and have that money available quickly), or to wait days for an ACH transaction, we easily chose mobile deposit.

 

 

When I need to move funds to Alliant of NFCU myself for any reason, I just use mobile deposit and it goes through either immediately or in about 1 hour.

 

Another poster on the board also mentioned an information collection bureau (similar to LexisNexis) that collects ACH transfer data about each customer from financial institutions, including the specific name of every financial institution that the customer transfers to and from and every financial institution the customer holds accounts with ends up on a shared list, so that is yet another reason I wouldn't want to lean toward ACH just for myself. There is enough information out there about all of us already. Smiley Happy

 

Thanks and there may be something I am not understanding. Smiley Happy

 

 



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 7 of 29
Moderator

Re: Navy Federal Policies and Features overall


humuhumunukunukuapuaa wrote:



coneyj123 wrote:

Been with NFCU (checking, CC) since June, going to ask for a CLI increase in about 2 -3 weeks (after third statements cuts). I love the CC. Great cask back, low rates (not that I've paid any interest) good on line information and access though their web site.

 

I like the checking too, my only issues are with the ability to push or pull money to the accounts from other banks (Pen Fed has the best ability) and  with funds availability time (I realize they are following the law, but I've gotten spoiled with TD Bank's next day availability. check in on Fri avail Sat). I've read that they like to see activity on all accounts, depending how I'm able to make the Navy CC grow, I guess I'll just I'll have to get used to it. 

 

 

UncleB wrote:

 

Coneyj, I don't know if this helps but when I push money into my NFCU savings account it's available the very next day (i.e. I send it on Monday, it's gets to NFCU and is available first thing Tuesday AM).  I think there is an additional one day lag on the ledger balance, but the funds are available for withdrawal on the available balance. 

 

If you are pulling the money I can see how that might cause an additional delay, but if you're pushing the funds you shouldn't have that problem, or at least I haven't. 

 

I can't specifically speak to how they work with ACH pull transactions, since I've not used that before.  I'm sure others will have data points, though!  Smiley Happy


 coneyj and UncleB, good thoughts and a question, please. I don't push or pull money from any source ( I don't do any ACH transactions, a bit too slow for me, and you have to keep an eye on it /keep checking to make sure it goes through ok), so I may not be understanding a nuance of why you might wish to do this, but wouldn't mobile deposit just be easier and faster than waiting for an ACH transaction to go through?

 

Just an example - Alliant has instant credit for mobile deposit, and NFCU credits the mobile deposit usually an hour or two later after review.

 

Isn't that faster than ACH, or am I missing something?

 

I only know that when I helped my husband open Alliant accounts, and they told him he could either do a mobile deposit by taking a photo of a check (and have that money available quickly), or to wait days for an ACH transaction, we easily chose mobile deposit.

 

 

When I need to move funds to Alliant of NFCU myself for any reason, I just use mobile deposit and it goes through either immediately or within 2 hours.

 

Another poster on the board also mentioned an information collection bureau (similar to LexisNexis) that collects ACH transfer data about each customer from financial institutions, including the specific name of every financial institution that the customer transfers to and from and every financial institution the customer holds accounts with ends up on a shared list, so that is yet another reason I wouldn't want to lean toward ACH just for myself. There is enough information out there about all of us already. Smiley Happy

 

Thanks and there may be something I am not understanding. Smiley Happy

 


Excellent question!

 

I use ACH transactions to move money from one account to another when time isn't important.  To be honest, I had never considered taking advantage of mobile deposits to move funds from one account to another... but I will now!  I appreciate your bringing that up... yet another benefit of sharing with each other here!

 

One of the primary things I use ACH transfers for is to avoid the monthly fee on my Wells Fargo account... when I send money via ACH push, Wells Fargo "sees" the transaction as a direct deposit, and I use that to avoid the monthly fee (I use my Wells Fargo account as a secondary checking account for when I need to use a branch... otherwise I use USAA). 

 

I also have an "old" Serve account that I use to keep my credit card cash rewards... the $1 monthly fee is avoided by having a direct deposit of any amount, and like Wells Fargo Amex/Serve "sees" an ACH push as a direct deposit as well (I usually send myself $10).  Note that with new Serve accounts, there is a minimum direct deposit amount to avoid the monthly fee.

 

I have also used ACH transfers when I've deposited cash locally at Wells Fargo, then transferred to my account at USAA.  USAA gives instant credit for most ACH transfers, so there's no time difference between that an using mobile deposit (although the Lexis reporting might be a consideration).  Based on the things I've read so far, it seems that NFCU doesn't give instant credit on ACH pull transactions, so doing a mobile deposit would seem to definitely be preferable, especially if time was important.

 

Putting the Lexis considerations aside, when comparing ACH vs. mobile deposit for me it comes down to which is credited fastest.  With USAA the timing is identical, but ACH can be done with a keystroke vs. having to dig out my checkbook (LOL).  Note that with both a paper check and ACH pull, there's still a slight delay before the funds are removed from the paying account (with ACH push the funds are deducted from the available balance immediately, but then there's a one-day delay before the destination account is credited). 

 

Back to NFCU... if faced with the choice of ACH transfers with a delay or mobile deposit with (almost) instant credit, clearly mobile deposits will win... thanks again for bringing this to the conversation!  Smiley Very Happy

Message 8 of 29
Senior Contributor

Re: Navy Federal Policies and Features overall

Thank you, UncleB, for the helpful explanation, this does make sense. Usually in my case there's not a sense of urgency for the deposit to go through immediately; I just like seeing it come through quickly and crossing it off my to-do list. Not having to check back and monitor the progress of an ACH to ensure it made it through saves me a step and saves me some valuable time. But there are good reasons for both. Smiley Happy

 

It would be a good way to avoid bank fees in the manner you describe, except that I probably won't go that route.

 

Here's the post regarding ACH payments and transfers, information sharing between financial institutions, and article (Early Warning) that another poster mentioned:

 

http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Card-Payments-amp-Early-Warning/m-p/473...

 

 



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 9 of 29
Established Contributor

Re: Navy Federal Policies and Features overall

I think everything is spot on here.  Here are my thoughts:

 

Things Navy Federal does great:

 

1. No holds on checks deposited into the branch.

 

2. Excellent customer service available 24/7 in call centers and in branches. 

 

3. Willing to extend credit to those recovering from bankruptcy, bruised credit, etc.

 

4. Excellent rates for deposit accounts.

 

5. Excellent website and mobile apps.

 

 

Things I'd like to see Navy Federal improve on:

 

1. Improve the vetting for new members. They shouldn't approve memberships until they have reviewed all the documents.

 

2. Better organization is needed within all aspects of the credit union, as well as being consistent in following policies. Key example is if I can open my account in an east coast , someone should be able to open account on the west coast.

 

3. Improve payment processing for credit cards and loans.

 

4. Be able to process ACH's similar to  PenFed and SDFCU(the best ACH processing system).

 

Overall I'm very impressed with Navy Federal after 3 months. I'm definitely using them for saving and credit. I'm not yet 100% comfortable with using them for everyday checking and as my main financial institution after reading some of the problems on the myfico  forums.

 

Guyatthebeach

 

Message 10 of 29