Navy Federal SSL

[Anonymous]

Hey all!

I am a little perplexed. I set up a savings account and applied for the Secured Savings Loan and was approved. When the funds were released, I made a transfer to the loan to get me around 94% paid off. It showed $61 remaining, and next payment due date on 11/24/2025. I then set up monthly $1 payments to get the balance paid down so I can make my final two regular payments at the end of the loan to pay it off. 

What is confusing me, is that I was under the impression that once the payments went to the loan, they would be released back into my savings and could be withdrawn. 

At the moment my loan balance is: $61.08 and my savings balance is: $62.00

I made my deposit of $1,000 to my savings and used that for my Loan. 

Shouldn't my savings account show a frozen balance of $62 and released balance of $938?

Where did my money go? I did the transfer on the 12th and no longer shows pending as of Friday the 14th. Shouldn't it have shown up when it posted and no longer pending?

Thanks for taking the time to read and your responses are appreciated!

-Mike

[ntx]

Hi Mike,

It can take a couple of days for the funds to be deposited back to your share account. 

NTX

[Anonymous]

Thanks for the reply ntx! I thought that may be it, I just wanted to be sure that I didn't have to wait until the 60 months to be up. Hahaha. 

Now, if it will just start reporting for me. 👍

[USMC_Winger]

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@Anonymous wrote:

Thanks for the reply ntx! I thought that may be it, I just wanted to be sure that I didn't have to wait until the 60 months to be up. Hahaha. 

Now, if it will just start reporting for me. 👍

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My payment took 4 days to show up in my share savings account.

Navy Fed reports new loans to the CBs on the first of the following month.

Out of curiosity, how did you get a 60 month SSL with only $1,000?  The rest of us were required to deposit $3,000 or more.

[Anonymous]

The rep told me that I could do a max of 12 months for $1,000 and I said I was under the impression I could do 60 months (the rep who set up my original savings account told me I could) and she said to hold on while she checked. She came back on and said she could do the 60 months. 

I don't know if the original rep was wrong or right, but they gave me the $1,000 loam for 60 months. 

[AllZero]

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@Anonymous wrote:

The rep told me that I could do a max of 12 months for $1,000 and I said I was under the impression I could do 60 months (the rep who set up my original savings account told me I could) and she said to hold on while she checked. She came back on and said she could do the 60 months. 

I don't know if the original rep was wrong or right, but they gave me the $1,000 loam for 60 months. 

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That is fantastic! I think you are an outlier.

[Credit4Growth]

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@Anonymous wrote:

The rep told me that I could do a max of 12 months for $1,000 and I said I was under the impression I could do 60 months (the rep who set up my original savings account told me I could) and she said to hold on while she checked. She came back on and said she could do the 60 months. 

I don't know if the original rep was wrong or right, but they gave me the $1,000 loam for 60 months. 

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@Anonymous 

If you really have a 60 month for 1K...

I think that is pretty awesome!

[babygirl1256]

@Anonymous The turn-around time maybe several business days . . . I'd give it until at 3 to 4 business days.

[USMC_Winger]

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@Anonymous wrote:

The rep told me that I could do a max of 12 months for $1,000 and I said I was under the impression I could do 60 months (the rep who set up my original savings account told me I could) and she said to hold on while she checked. She came back on and said she could do the 60 months. 

I don't know if the original rep was wrong or right, but they gave me the $1,000 loam for 60 months. 

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Awesome!  Kudos to you and to Navy Fed!  The customer is ALWAYS right!

[Anonymous]

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@Anonymous wrote:

The rep told me that I could do a max of 12 months for $1,000 and I said I was under the impression I could do 60 months (the rep who set up my original savings account told me I could) and she said to hold on while she checked. She came back on and said she could do the 60 months. 

I don't know if the original rep was wrong or right, but they gave me the $1,000 loam for 60 months. 

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Nice job getting them to commit to that. We have had people get denied 60 months at $3K even!