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The NFCU vs USAA vs PenFed Guide

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Regular Contributor

Re: United Services Automobile Association (USAA)

This is great information, however, children and grandchildren of (active duty, retired) USAA members are also eligible.  

 

Ooops, you did mention the above.  Sorry, I tried to delete after posting, but I couldn’t.

 

Message 21 of 38
Valued Contributor

Re: United Services Automobile Association (USAA)


@CAS2019 wrote:

This is great information, however, children and grandchildren of (active duty, retired) USAA members are also eligible.  

 

Ooops, you did mention the above.  Sorry, I tried to delete after posting, but I couldn’t.

 


You either have to have a military tie or your parent has to have been a USAA member. The grandchild of a former service member is not eligible for membership. The child of a former service member is not eligible for membership unless their parent was a member of USAA and had insurance. 

 

From the USAA website, the following people are eligible:

  • Active, retired and honorably separated officers and enlisted personnel of the U.S. military.
  • Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
  • Adult children (18+) of USAA members who have or had a USAA auto or property insurance policy.
  • Widows and widowers of USAA members who have or had a USAA auto or property insurance policy.

USAA is much more selective than NFCU and PenFed and has much stricter eligibility requirements.


















Your FICO credit scores are not just numbers, it’s a skill.

Message 22 of 38
Valued Contributor

Re: Pentagon Federal Credit Union (PenFed)


@Green456 wrote:

@Medic981 wrote:

 

Pentagon Federal Credit Union (PenFed)

 

  •  

Money Market Certificates

  • Money market certificates, PenFed’s version of a certificate of deposit, earn competitive APYs, up to 2.50%. They function like standard share certificates, the term used by most credit unions.

Keep in mind that breaking PenFed Certificate requires you to write a letter to the credit union. It can't be done online. Furthermore the lengauge is not very straight forward. But it looks like if you break a 1 year CD prior to 1 year then you loose all dividents. If you break a 2 year CD, you loose entire 1 year of dividents plus 30% of total dividents you would have earned.

 

I would avoid their CDs unless you are 100% sure that you will not withdraw your principle.

 

I copy and pasted their terms below. It would be nice if you compared these terms to those of USAA and Navy. I don't have the latter.

 

All requests for early withdrawal must be in writing. In the event of early withdrawal, one of the following penalties shall apply: 1) Six-month Money Market Certificates. a) If redeemed within 90 days of the issue date or any renewal date, all dividends will be forfeited. b) If redeemed thereafter, but prior to the maturity date, dividends for 90 days will be forfeited. 2) Certificates Having a Term Greater Than Six Months. a) If redeemed within the first year, all dividends will be forfeited. b) If redeemed thereafter, but prior to the maturity date, the early withdrawal penalty will equal 30% of what would have been earned if the certificate had been held to maturity, not to exceed total dividends earned 3) Exceptions. The penalties described above will not be applied if the redemption is made: a) Subsequent to the death of any holder of the certificate; b) As a result of the voluntary or involuntary liquidation of the credit union.

 

 

NFCU

USAA

PenFed

Early CD withdrawal penalty

Forfeiture of some interest earned 

Forfeiture of some interest earned

The request must be in writing with up to 30% of the gross amount of dividends that would have been ...

 

 


















Your FICO credit scores are not just numbers, it’s a skill.

Message 23 of 38
Valued Contributor

Re: Best of the Best

Update

0.00% Balance Transfer Cards

Sept 03, 2019

NFCU

USAA

PenFed

0% BT card

NFCU Platinum Visa - 0% introductory APR for 12 months - NO balance transfer fee

None Available

PenFed Promise Visa - 0% promotional APR balance transfer rate for 12 months - NO balance transfer fee


















Your FICO credit scores are not just numbers, it’s a skill.

Message 24 of 38
Regular Contributor

Re: United Services Automobile Association (USAA)


@Medic981 wrote:

@CAS2019 wrote:

This is great information, however, children and grandchildren of (active duty, retired) USAA members are also eligible.  

 

Ooops, you did mention the above.  Sorry, I tried to delete after posting, but I couldn’t.

 


You either have to have a military tie or your parent has to have been a USAA member. The grandchild of a former service member is not eligible for membership. The child of a former service member is not eligible for membership unless their parent was a member of USAA and had insurance. 

 

From the USAA website, the following people are eligible:

  • Active, retired and honorably separated officers and enlisted personnel of the U.S. military.
  • Officer candidates in commissioning programs (Academy, ROTC, OCS/OTS).
  • Adult children (18+) of USAA members who have or had a USAA auto or property insurance policy.
  • Widows and widowers of USAA members who have or had a USAA auto or property insurance policy.

USAA is much more selective than NFCU and PenFed and has much stricter eligibility requirements.


Hmmm, my father was a retired naval officer and because of his military affiliation, I was able to join as well as my children.  I carry auto and home owners insurance , my adult daughter (she has a separate policy as she doesn’t live with me) has both auto and renters insurance.   An agent a couple of years ago,  asked if I had any children as they too are eligible.  Of course, it does fit in with the “Adult children of USAA members....”, (which makes them grandchildren of my father).

Message 25 of 38
Valued Contributor

Re: United Services Automobile Association (USAA)

Your children make them your children of a USAA member which is you. Grandchildren of USAA members can't join unless their parents joined first. 


















Your FICO credit scores are not just numbers, it’s a skill.

Message 26 of 38
Valued Contributor

NFCU, USAA or PenFed with Experian Boost

I have a couple of questions for the myFICO family who have NFCU, USAA or PenFed.

 

Out of curiosity, I attempted to sign up for Experian Boost. I use NFCU as my primary checking and when I tried to do Experian Boost, the site is unable to connect with NFCU as it is unsupported. Has anyone had the same experience? What about those who use USAA or PenFed, are you able to sign up for Experian Boost?

 

I have been a member of USAA since 1983. Can someone tell me if USAA does an inquiry when joining? I currently only have insurance and investments with USAA. I have no credit cards, loans or banking products. Will the myFICO fam help this tread with your experiences about HPs and SPs when applying for banking products and CLIs? 

 

 


















Your FICO credit scores are not just numbers, it’s a skill.

Message 27 of 38
New Member

Re: NFCU, USAA or PenFed with Experian Boost


@Medic981 wrote:

I have a couple of questions for the myFICO family who have NFCU, USAA or PenFed.

 

Out of curiosity, I attempted to sign up for Experian Boost. I use NFCU as my primary checking and when I tried to do Experian Boost, the site is unable to connect with NFCU as it is unsupported. Has anyone had the same experience? What about those who use USAA or PenFed, are you able to sign up for Experian Boost?

 

I have been a member of USAA since 1983. Can someone tell me if USAA does an inquiry when joining? I currently only have insurance and investments with USAA. I have no credit cards, loans or banking products. Will the myFICO fam help this tread with your experiences about HPs and SPs when applying for banking products and CLIs? 

 

 


I just read about what Experian Boost is. I don't want to chance signing up as my utilities do not match the address I use for my billing.

 

As far as USAA: for me, there was no HP to join; no HP to open checking or savings. There was a HP on Experian for opening my USAA Visa and an HP on Equifax for the CLI on that Visa. 

Message 28 of 38
Valued Contributor

Re: NFCU, USAA or PenFed with Experian Boost


@BearsCubsOtters wrote:

@Medic981 wrote:

I have a couple of questions for the myFICO family who have NFCU, USAA or PenFed.

 

Out of curiosity, I attempted to sign up for Experian Boost. I use NFCU as my primary checking and when I tried to do Experian Boost, the site is unable to connect with NFCU as it is unsupported. Has anyone had the same experience? What about those who use USAA or PenFed, are you able to sign up for Experian Boost?

 

I have been a member of USAA since 1983. Can someone tell me if USAA does an inquiry when joining? I currently only have insurance and investments with USAA. I have no credit cards, loans or banking products. Will the myFICO fam help this tread with your experiences about HPs and SPs when applying for banking products and CLIs? 

 

 


I just read about what Experian Boost is. I don't want to chance signing up as my utilities do not match the address I use for my billing.

 

As far as USAA: for me, there was no HP to join; no HP to open checking or savings. There was a HP on Experian for opening my USAA Visa and an HP on Equifax for the CLI on that Visa. 


Thanks for the DPs


















Your FICO credit scores are not just numbers, it’s a skill.

Message 29 of 38
Moderator Emeritus

Re: NFCU vs USAA vs PenFed

Awesome post!!! Also, you drew in supplemental information from other interested posters. Best comparison write up I have seen and everyone has been a player.

Of interest since I wondered and gathering all the information is not always easy.

Thanks all for a great info source Smiley Happy
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Message 30 of 38
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