Steps to Using NFCU CLOC

[Anonymous]

What are the exact steps to using the NFCU CLOC? I am still unsure how it is done. I have had the account for a couple of years and received a message that if not used it might disappear. I have the PenFed PLOC and have no problem. It is embarrassing to ask, but better to ask and know. Thanks in advance. 

I particularly wonder how to use it without writing a check. Isn't that possible?

[UncleB]

---

@Anonymous wrote:

What are the exact steps to using the NFCU CLOC? I am still unsure how it is done. I have had the account for a couple of years and received a message that if not used it might disappear. I have the PenFed PLOC and have no problem. It is embarrassing to ask, but better to ask and know. Thanks in advance. 

I particularly wonder how to use it without writing a check. Isn't that possible?

---

I don't have it myself so I'll have to defer to others for specifics, but if I recall correctly you can have them send you a separate set of checks just for accessing the CLOC.

I would find it strange to purposely overdraft for the purpose of using the CLOC and using a separate CLOC check would be my preferred method (assuming they are available).

[Jnbmom]

They do send you separate checks for the CLOC, I however have not used my line but I am curious as well.

May I ask how long you have had the CLOC?

[Anonymous]

I don't have any experience with the CLOC either but isn't there a way to transfer available credit directly into your checking account as cash?

[Appleman]

I have my NFCU account page open. There is no way to transfer from my Checking Line of Credit to my e-Checking account. 

My e-checking account and my CLOC share the same account number.

I once tried to use my CLOC check as I was unsure if a deposit would hit prior to a large check I had to write. The deposit hit before the check cleared and the CLOC check just deducted the money from the checking account.

It would be great if you gave them a call and see how you need to use the account. At the 13.9% interest, I would only use this line as a short-term loan if say a zero percent deferred interest account was coming due.

[CreditCuriosity]

Either you can overdraw your checking account or preferred give them a call and order a book of checks (Free of charge) and write a check to use it then just pay it off.  Strange you got a mail about that as have had mine for several years along with others and have never used it.. Wonder if they are going to start clamping down on this?  

[shoegal]

---

@Anonymous wrote:

I don't have any experience with the CLOC either but isn't there a way to transfer available credit directly into your checking account as cash?

---

No. You can transfer from an NFCU credit card to your Navy checking account, but not from the CLOC to Navy checking.

To use the CLOC, you write a check from the checkbook they sent you (it has to say Checking Line of Credit), then deposit that check into a checking account that isn’t from Navy to be able to used it.

[Anonymous]

Wouldn't overdraft put a mark on your Chex/EWS?

[AverageJoesCredit]

Good question Musiclover. Ive never understood this cloc and its appeal but ill tell ya i recently did a cash advsnce from my cc to help someone out . Interest just came out, lol $0.06 Went to pay but you can't pay less than $5 go figure.

[Anonymous]

---

@Jnbmom wrote:
They do send you separate checks for the CLOC, I however have not used my line but I am curious as well.

May I ask how long you have had the CLOC?

---

About two years.