Navy SSL Questions

[Bees18]

• Hi all, 

Ive read the Alliant threads and some of the Navy post, but still have questions as I am in the process of doing this. Can someone who has gone through this chime in?

For reference, I only opened a savings, not a checking with them.

Can someone explain how to fund your savings account. While on the phone during membership application the rep said they could only fund up to $100.00 from an external checking account to savings. I understand it can probably done by pushing a payment through an external. Is this what others have done and do you know how long it takes? I've tried to link my Navy savings to my checking and said it will be doing test deposits over several days. 

Also, once the loan is set up how do they send loan funds to you? By mail? Can they just put them in your savings account?

And lastly, once the funds are released after after paying the loan down..how will I be able to get them out if I can't transfer between external accounts? (From Navy savings to external).

Thanks for the help! 

[Anonymous]

May I ask why you didn't open a checking account? It's free.  I think I saw your other thread and I want to help, but I think you've made things harder on yourself than necessary.  If (unlike me) you live near an NFCU branch you could write yourself a check and take it in to a branch to make a deposit.  Otherwise, I'm sure they will send you a deposit slip and you can mail your deposit to them.  When I did my SSL, they asked if I wanted them to send me a check, but I had them put the funds in my NFCU checking.  The money showed up in my checking account within hours.  If you are doing the method you've learned from this board, having all three accounts (checking, savings, loan) right there on the same app made it a lot easier to turn around and pay the loan down to 8.9%.  Unless there's a major drawback for you opening a checking account with them, I think I'd call customer service and open one. It will be much more convenient for you moving forward.

[Bees18]

They did agree to deposit my funds into the savings, it still says pending, and I did go ahead and just open a checking afterwards. I was just under the impression it could be done with just a savings...but it looks like that is too complicated. 

Now im just waiting for the loan funds to post and I'll pay it down.

Now that it's being deposited into the savings it should be easy to pay it down right, and post same day or am I missing something else?