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Re-Enlisting/ Who To Bank With/ Military Finance Tips

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Re-Enlisting/ Who To Bank With/ Military Finance Tips

My husband recently filed bankruptcy and burned NFCU for 24k- Our accounts were separate so I still have a card and checking with them in good standing, but I’m a stay at home mom of three kids so nothing gets sent through that checking account.

I’m trying to simplify my finances and get us on a good path for savings/retirement/ not falling into debt again.
He is re-enlisting, and since NFCU was burned I was curious if USAA was a good option for banking? I would like to get a bank and stick with them, even if credit products aren’t offered until far in the future. There’s a lot of recent complaints but 1200 BBB complaints when they have almost 13 million members doesn’t seem bad. I have an Ally account open and have looked into Alliant Credit Union but don’t want to have to many accounts to manage, and I’m not very familiar with Alliant or know anyone who uses it.
Bill Pay is a must and I know Alliant’s isn’t great. I have been scrolling through the boards for awhile but I’m having a hard time deciding what to do- since in most cases NFCU is recommended but in our case they were burned.

Thanks for any recommendations. I’m just getting started on trying to fix our finances. So any advice is welcomed.
Message 1 of 8
7 REPLIES 7
Valued Contributor

Re: Re-Enlisting/ Who To Bank With/ Military Finance Tips

Are you anti bank?  Not sure why you would limit yourself to just a credit union mostly with military affiliation.  

 FICO 8
Message 2 of 8
Super Contributor

Re: Re-Enlisting/ Who To Bank With/ Military Finance Tips


@indecisive wrote:
My husband recently filed bankruptcy and burned NFCU for 24k- Our accounts were separate so I still have a card and checking with them in good standing, but I’m a stay at home mom of three kids so nothing gets sent through that checking account.

I’m trying to simplify my finances and get us on a good path for savings/retirement/ not falling into debt again.
He is re-enlisting, and since NFCU was burned I was curious if USAA was a good option for banking? I would like to get a bank and stick with them, even if credit products aren’t offered until far in the future. There’s a lot of recent complaints but 1200 BBB complaints when they have almost 13 million members doesn’t seem bad. I have an Ally account open and have looked into Alliant Credit Union but don’t want to have to many accounts to manage, and I’m not very familiar with Alliant or know anyone who uses it.
Bill Pay is a must and I know Alliant’s isn’t great. I have been scrolling through the boards for awhile but I’m having a hard time deciding what to do- since in most cases NFCU is recommended but in our case they were burned.

Thanks for any recommendations. I’m just getting started on trying to fix our finances. So any advice is welcomed.

1. I wouldn't assume that his burning NFCU would affect your relationship with NFCU. You are a separate person.

 

2. Excellent credit unions are Langley FCU, Hanscom FCU, Unify FCU, and Pentagon FCU.

 

3. Depending on your geography, there are probably other excellent credit unions for which you would qualify.

 

 

 


Total revolving limits 730000 (603500 reporting) FICO 8 scores: EQ 722 TU 752 EX 734
Message 3 of 8
New Member

Re: Re-Enlisting/ Who To Bank With/ Military Finance Tips

He also burned Suncoast credit union, which is the big one in our area, since his name has to be on the checking account in order for his DD to come through I figured it would be best to leave him off my NFCU accounts due to the bk.
Message 4 of 8
New Member

Re: Re-Enlisting/ Who To Bank With/ Military Finance Tips

I also have an Ally account, I don’t mind banks or credit unions- just looking for the best overall banking experience so I don’t have to open 2+ accounts to do the same thing. I was figuring that the military affiliated banks may be more advantageous to someone enlisted for deployment concerns and such.
Message 5 of 8
Contributor

Re: Re-Enlisting/ Who To Bank With/ Military Finance Tips


@indecisive wrote:
My husband recently filed bankruptcy and burned NFCU for 24k- Our accounts were separate so I still have a card and checking with them in good standing, but I’m a stay at home mom of three kids so nothing gets sent through that checking account.

I’m trying to simplify my finances and get us on a good path for savings/retirement/ not falling into debt again.
He is re-enlisting, and since NFCU was burned I was curious if USAA was a good option for banking? I would like to get a bank and stick with them, even if credit products aren’t offered until far in the future. There’s a lot of recent complaints but 1200 BBB complaints when they have almost 13 million members doesn’t seem bad. I have an Ally account open and have looked into Alliant Credit Union but don’t want to have to many accounts to manage, and I’m not very familiar with Alliant or know anyone who uses it.
Bill Pay is a must and I know Alliant’s isn’t great. I have been scrolling through the boards for awhile but I’m having a hard time deciding what to do- since in most cases NFCU is recommended but in our case they were burned.

Thanks for any recommendations. I’m just getting started on trying to fix our finances. So any advice is welcomed.

I would not let any trace of your husband ever appear at Navy Federal.  While they won't be able to offset any money they lost, they have been known to cancel accounts that are anyway connected.

 

USAA is a great bank and pretty good to deal with.  The only problem I see is that they will check a specialty credit bureau called EWS and ChexSystems when you join.  I don't think they will hold the bankruptcy against you when opening a simple checking or savings account, but if your husband's checking account with Navy was ever overdrawn, they will hold that against you.  A lot of other banks might, too.  If the only loss Navy took was exclusively via credit-related debt and not bank account debt, you might be ok.

 

I've been with USAA for many years and think they are great when it comes to banking.  Even when it comes to credit, they are great, but sometimes have antiquated policies such as not allowing you to move credit lines amongst different credit cards you have with them.  But, again ... for banking they are great.  

Message 6 of 8
Community Leader
Senior Contributor

Re: Re-Enlisting/ Who To Bank With/ Military Finance Tips

Yes leave him off your NFCU and dont poke the bear..... =)

 

Message 7 of 8
Established Member

Re: Re-Enlisting/ Who To Bank With/ Military Finance Tips

Definitely try USAA, there's a reason military people tend to bank with military friendly banks. They are super easy to deal with when deploying, moving around, travelling, automatically start CSMRA if it applies. There's a lot of peculiarities to military life, and they seem to stay on top of it all. During the furloughs they offered a lot of options to help out.

Chase Freedom - $6.7K SL - Opened 10/2008
Paypal Smart Connect - $1.9K SL - Opened 06/2009
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Syn Care Credit - $18K SL - Opened 05/2017
Chase Amazon - $2.3K SL - Opened 07/2012
Chase Slate - $4.2K SL ($3K BT) - Opened 06/2019
NFCU Platinum - $10K SL ($2.8K BT) - Opened 06/2019
NFCU Flagship - $25K SL - Opened 09/2019

Fico 8 (USAA/Discover): 706 (09/2019)
Fico 9 (NFCU): 738 (10/2019)



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Message 8 of 8
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