Urgent Question on New NFCU Bank Account

[Jannelo]

This just hit me.   I joined NFCU today.  The CSR told me they would open it with $5 in checking and savings.  He asked me for a credit card or a bank info.  I gave him my CapOne CC number.

So I was accepted, blah, blah, blah.   At the end of our conversation, I asked how I could set up direct deposit and how I would transfer money from one of my bank accounts to fund this account.  I want to eventually close one of my bank accounts and move all of that money into NFCU. 

Anyway, at the end of the conversation, I said, can I go ahead and deposit $250 through you right now before I hang up?  He said, sure.   I asked him if I could use a debit card from my BOA account.  And he said you can use the same CC info we just used.  I said, oh, you can use a credit card?  Okay.  Fine.  Use that number.

It went through.  That was a few hours ago.  I went on CapOne Quicksilver to pay the charge if  it had updated, and it hit me:  Wait a minute.  This  is  me depositing money into a bank account.  That doesn't seem right coming from a credit card as a charge.  It's labeled as "Membership fee."    So I called NFCU, and the CSR said, "Yes, that's fine.  I see it went through, so you're okay."

But am I?  This doesn't seem normal to me.    Now I'm worried.  I wish I had stuck with giving them my debit card account number.  Although, I hate giving out that info.

I don't want to be in any trouble with CapOne.  Should I cancel this deposit, and then redeposit with my bank account info from BOA?

[Jnbmom]

I don't see the problem? I have funded a few bank accounts with an intial deposit from my credit cards. Never had an issue.

You are overthinking this . 

[Anonymous]

I wouldn't even worry about it. It likely coded as a purchase from the DPs I have seen and what's done is done. You'll be fine. 

[Jannelo]

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@Jnbmom wrote:

I don't see the problem? I have funded a few bank accounts with an intial deposit from my credit cards. Never had an issue.

You are overthinking this . 

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Thanks.  I guess it hit me regarding the 1.5 percent cash back on the Quicksilver, which didn't seem right getting back from a charge that is a a bank deposit.  Not that it amounts to anything.  LOL  It is coded as "Membership fee," just like the $5 was.  So it seems fine.

[Gunnerboy]

I have heard of people funding initial deposits with a CC.  Though, I've read that you don't want to use a Citi card, for instance, because it will code as a cash advance.  I'm sure others will chime in on this.

[AllZero]

As mentioned up thread, you're good to go. Enjoy that 1.5% cash back.

[egghead88]

If I'm not mistaken... it will show up as a cash advance. I'm surprised they did it over the phone. 

[M_Smart007]

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@Jannelo wrote:

This just hit me.   I joined NFCU today.  The CSR told me they would open it with $5 in checking and savings.  He asked me for a credit card or a bank info.  I gave him my CapOne CC number.

So I was accepted, blah, blah, blah.   At the end of our conversation, I asked how I could set up direct deposit and how I would transfer money from one of my bank accounts to fund this account.  I want to eventually close one of my bank accounts and move all of that money into NFCU. 

Anyway, at the end of the conversation, I said, can I go ahead and deposit $250 through you right now before I hang up?  He said, sure.   I asked him if I could use a debit card from my BOA account.  And he said you can use the same CC info we just used.  I said, oh, you can use a credit card?  Okay.  Fine.  Use that number.

It went through.  That was a few hours ago.  I went on CapOne Quicksilver to pay the charge if  it had updated, and it hit me:  Wait a minute.  This  is  me depositing money into a bank account.  That doesn't seem right coming from a credit card as a charge.  It's labeled as "Membership fee."    So I called NFCU, and the CSR said, "Yes, that's fine.  I see it went through, so you're okay."

But am I?  This doesn't seem normal to me.    Now I'm worried.  I wish I had stuck with giving them my debit card account number.  Although, I hate giving out that info.

I don't want to be in any trouble with CapOne.  Should I cancel this deposit, and then redeposit with my bank account info from BOA?

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@Jannelo, You won't be in trouble! .. I would not worry about it one bit.

The only thing to watch for is cash advance on the Cap1 card?

It may not ...as it is possibly coded as a membership fee.

Just keep an eye on your cap1 acct. so if it codes as a cash advance,  just pay it off ASAP.

[Jannelo]

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@egghead88 wrote:

If I'm not mistaken... it will show up as a cash advance. I'm surprised they did it over the phone. 

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Under "pending" online on CapOne, it's showing as "Membership fee."

[M_Smart007]

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@Gunnerboy wrote:

I have heard of people funding initial deposits with a CC.  Though, I've read that you don't want to use a Citi card, for instance, because it will code as a cash advance.  I'm sure others will chime in on this.

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I believe Citi and Chase pretty much always code as "cash advance"   ..