UPDATE: Use and Availability of NaVChecks from NFCU

[Anonymous]

All:

Once you sign the promissory note at the branch for NaVCheck, how quickly can you access that funds? I'm asking because I took out a loan from Springleaf last Friday because I had NO Go from Sofi or Lendingclub so went ahead and bite the bullet. But the APR is so high anyway, they have 7 days satisfaction guaranteed. I haven't cash their check yet so I was wondering, if I go to the branch tomorrow at NFCU and sign the papers for NaVCheck will I be able to take the funds there right away? or do I need to wait for the check they send out? Thanks! 

UPDATE 8/8/16: So I went to the branch and signed the Promissory note today. I was told that it will not reflect on my account in about 24-48 hours. But she did give me some temporary checks which I can use as soon as the credit shows on the account. I'll let you folks know if it shows up tomorrow.

UPDATE 8/10/16: So it took 2 days for NaVCheck to finally show up on my account. 

Has anyone used this feature? I'm always afraid to use high credit limit account due to unnecessary AR.... 

[Aduke1122]

I am almost certain it is available as soon as you sign the paper work .

[Anonymous]

Do you need to request for Navy Federal to mail you Navchecks if you have no branch nearby? 

I have a PLOC with a different credit union that has a better APR, so I may never use my Navy Federal CLOC, but good to know the procedure if anyone can chime in.

[CH-7-Mission-Accomplished]

They can just cut you a counter check on the spot (temporary check).  

[Anonymous]

What if there is no branch nearby?

Also, are Navchecks different than the regular checks attached to the account?

[Aduke1122]

They sent them my sister in the mail., even thought she has a branch near by . It took a few weeks I believe to get them.

[Anonymous]

Yep, it's immediate
If you're at a branch, you can get a counter check, then if you request, you'll get a checkbook, just like a regular checkbook going forward... exactly like e regular checkbook, except just above the signature line it says Line of Credit.
You can also just use your regular RED Debit card (ATM card) as a de facto new credit card, if the place you're trying to pay takes card payments.

As I write, this it Dawn's on me that of course you can also just write a regular check, because obviously the CLOC will cover it, anyway.

The difference between the LOC checks are, they immediately pull from your LOC as a loan...
Whereas your regular checks or ATM will pull from available funds in your checking 1st before putting you in debt....

Which is a cool thing to do, for them to allow you to control when and if you're borrowing money.

Also if you owe money and deposit a check, one might assume that your account would be in the negative and Navy would recoup the 'overdraft' but no... you control the payback your account never goes negative, like other overdraft products.... it's truly just a LOC connectly to checking but won't actually overdraft your account.

One last FYI, which I think is good to know Friday afternoon transactions don't process, internally until COB with the following Monday's business....this can be HUGE because essentially you get FREE float from Friday to Monday meaning % doesn't START till Tuesday on a transaction you ran on Friday

That's a half a week FREE loan if you get it back quickly or even by the following Friday you only have half a week worth if %....

Point being Friday afternoon (the weekend) is the day to initiate LOC pulls because you get about half a week of Free float....

Btw, if your on the Left Coast like me.. Friday afternoon is just after lunch because of the time difference😂so it's Free money weekend by 1pm Cali time just FYI when budgeting usage and payback.

[Aduke1122]

And im kind of confused about if they have changed the way you can access the LOC , when I was married to my X he was in the Navy he had a CLOC with them and I swear I thought we could access it by using our debit card back them , there was an option for checking , savings , and credit . Plus we had checks , but if we just used our checking acct and didn't have funds to cover it automatically came out of the LOC. Now this was well over 10 years ago so if anyone can chime in that may know for sure if im not remembering right I would appreciate it.

[Anonymous]

That is right Aduke minus the ckg/save option thing

It's attached to you red debit card, as you mentioned if you overdraft it covers

The only difference is
a) you can go to a teller and skip over zero-ing out your checking that option isn't available if using ATM

B) Same thing with regular checks
1st your available funds will zero out THEN pull from LOC

If you use you LOC checks....it doesn't zero out your checking it goes immediately to the LOC

Their thinking is unless you make it clear they will use your available funds in checking prior to adding debt unless you make it clear by requesting it from a teller or clearly using your LOC checks.

So swiping your debit or using your debit ad credit or writing a regular check or an ACH pull all will use available funds 1st then go against your LOC as a backup....unless you do one of the above.

As, I shared earlier just so ppl don't mess up thinking at a deposit will pay your LOC or be eaten by the negative balance of an overdraft... luckily Navy doesn't do that.

You must make the payment as a separate transaction which is great because you don't run into depositing a check to have it eaten up by a negative overdraft like elsewhere.

I was leery about depositing with a balance but found out how they do it... it acts basically like another CC with more flexibility... Love it

[Anonymous]

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@Anonymous wrote:
That is right Aduke minus the ckg/save option thing

It's attached to you red debit card, as you mentioned if you overdraft it covers

The only difference is
a) you can go to a teller and skip over zero-ing out your checking that option isn't available if using ATM

B) Same thing with regular checks
1st your available funds will zero out THEN pull from LOC

If you use you LOC checks....it doesn't zero out your checking it goes immediately to the LOC

Their thinking is unless you make it clear they will use your available funds in checking prior to adding debt unless you make it clear by requesting it from a teller or clearly using your LOC checks.

So swiping your debit or using your debit ad credit or writing a regular check or an ACH pull all will use available funds 1st then go against your LOC as a backup....unless you do one of the above.

As, I shared earlier just so ppl don't mess up thinking at a deposit will pay your LOC or be eaten by the negative balance of an overdraft... luckily Navy doesn't do that.

You must make the payment as a separate transaction which is great because you don't run into depositing a check to have it eaten up by a negative overdraft like elsewhere.

I was leery about depositing with a balance but found out how they do it... it acts basically like another CC with more flexibility... Love it

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From what you've said and what I've read, is it safe to say tha you can actuall use this CLOC to BT? so if I owe CC $1000 I can add my bank account from NFCU and paid it off and NFCU will pay that bank from LOC if there's nothing in your checking? 

When the lady told me that my NaVcheck was approved for full $15,000 she said my interest rate was 15.+% which equates to about $300 a month, I'm not sure what that means, I'm guessing if I take all the money from that CLOC... wow that will really hurt my UTI .... I think I'll take the short hit on my UTI and pay off Springleaf that has me at 25%, since I'm getting my bonus in 2 weeks I can pay down the CLOC pretty quickly. 

Another thing, when will NFCU reports? as soon as the account is opened?