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Steps to Using NFCU CLOC

Community Leader
Super Contributor

Steps to Using NFCU CLOC

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. Smiley Happy

 

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


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 758; TU: 746; EQ: 762
Message 1 of 17
16 REPLIES
Moderator

Re: Steps to Using NFCU CLOC


@Musiclover 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. Smiley Happy

 

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).

Message 2 of 17
Valued Contributor

Re: Steps to Using NFCU CLOC

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?
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Message 3 of 17
Frequent Contributor

Re: Steps to Using NFCU CLOC

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?

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Message 4 of 17
Valued Contributor

Re: Steps to Using NFCU CLOC

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.

Message 5 of 17
Moderator

Re: Steps to Using NFCU CLOC

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?  

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Message 6 of 17
Valued Contributor

Re: Steps to Using NFCU CLOC


@Overmedicated 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.


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Message 7 of 17
Valued Contributor

Re: Steps to Using NFCU CLOC

Wouldn't overdraft put a mark on your Chex/EWS?
Message 8 of 17
Community Leader
Super Contributor

Re: Steps to Using NFCU CLOC

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 Smiley Wink Went to pay but you can't pay less than $5 go figure.
Message 9 of 17
Community Leader
Super Contributor

Re: Steps to Using NFCU CLOC


@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.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 758; TU: 746; EQ: 762
Message 10 of 17