Penfed versus NFCU

[Anonymous]

My only problem with Navy; not being able to pull funds from another bank, only push out to others.

PenFed and Alliant are great hubs to move either way with

[DaveInAZ]

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@Anonymous wrote:

My only problem with Navy; not being able to pull funds from another bank, only push out to others.

PenFed and Alliant are great hubs to move either way with

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That's so dumb the "big" national CUs restrict you that way. The only problem I have with DCU is that it does the opposite - you can pull all the funds you want from another bank, but you can't push out to others. Penfed is good to push or pull, but I prefer to pull from other banks with Penfed as they give you immediate credit for the pull even though it takes at lest 2 biz days for you to see the debit on the other bank.

[tricie17]

I used to think I was crazy or something however, NFCU will only allow external transfers to credit card.  I can however pull a transfer from my external acct to my NFCU all accounts.  It just does not make since and I am sure Navy has their reason.

[pipeguy]

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@DaveInAZ wrote:

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@Anonymous wrote:

My only problem with Navy; not being able to pull funds from another bank, only push out to others.

PenFed and Alliant are great hubs to move either way with

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That's so dumb the "big" national CUs restrict you that way. The only problem I have with DCU is that it does the opposite - you can pull all the funds you want from another bank, but you can't push out to others. Penfed is good to push or pull, but I prefer to pull from other banks with Penfed as they give you immediate credit for the pull even though it takes at lest 2 biz days for you to see the debit on the other bank.

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I guess I'm unique but I can send or receive funds from other banks with both NFCU and DCU (typically into my checking account rather than the share account).  I push and pull between Cap-1 checking to/from DCU and to/from NFCU. I also push/pull to/from Cap-1, DCU and NFCU to BB&T Checking (BB&T did take about 7 days to set up sending test deposits for verification, etc.).  Maybe I'm missing something....

DCU you have to use the "CashEdge Funds Transfer Service" rather than just "transfer". 

NFCU you just have to set up an external account, I just did a test and added Congressional FCU - just waiting on "Enter the confirmation code that appears on your external account registration notice" to complete the additional account setup. 

A workaround would be to write a paper check then do a "photo no paper deposit" to whatever account you want to deposit into - most banks and credit unions today will clear those funds in less time than a bank to bank transfer (DCU and Cap-1 are both 3 business days as an example). 

Add/update: Just got the verification code from NFCU for the new external account (CFU) took about 30 minutes and its set to go for push or pull. 

[DaveInAZ]

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@pipeguy wrote:

DCU you have to use the "CashEdge Funds Transfer Service" rather than just "transfer". 

NFCU you just have to set up an external account, I just did a test and added Congressional FCU - just waiting on "Enter the confirmation code that appears on your external account registration notice" to complete the additional account setup. 

A workaround would be to write a paper check then do a "photo no paper deposit" to whatever account you want to deposit into - most banks and credit unions today will clear those funds in less time than a bank to bank transfer (DCU and Cap-1 are both 3 business days as an example). 

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I'll be darned, I've been with DCU since last October and never noticed that "Cash Edge" feature. I tried it, you have to re-verify external accounts you've already verified in the "regular" transfer function where I can pull from them, but it looks like it will work. Hope your tips for Navy Fed work out for those with them.

Yes, a check deposit through a mobile app works fast, I just always figured a check for more than a hundred or two would be delayed for credit to the account. And while credit unions usually give you at least one book of checks for free the big banks like Chase only give you 1 or 2 counter checks and want to charge you out the ying-yang for a book of checks, so I guard my counter checks and just use them for easy reference to the routing & account numbers for ACH transfers.

[Anonymous]

I have that problem as well.

I can transfer from Chase, BOA, Fidelity, SDCCU and PenFed to NAVY Fed.  I can't transfer from NAVY Fed to any of those external banks, only to my CC.