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Urgent Question on New NFCU Bank Account

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Frequent Contributor

Urgent Question on New NFCU Bank Account

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?

 

 

 

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC'd to Quicksilver (9/19) - $800 CL
Capital One QuicksilverOne (3/19) - $1800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $1300 CL
Amazon Prime Store Card (4/20) - $5000 CL
NFCU cashRewards (4/20) - $1500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL

Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2020 - 672
Equifax FICO 8 score 9/2020 - 674
TransUnion FICO 8 score 10/2020 - 658
Message 1 of 14
13 REPLIES 13
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Community Leader
Senior Contributor

Re: Urgent Question on New NFCU Bank Account

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 . 

EXP 758 TU 783 EQ 729
Message 2 of 14
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Super Contributor

Re: Urgent Question on New NFCU Bank Account

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. 




Message 3 of 14
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Frequent Contributor

Re: Urgent Question on New NFCU Bank Account


@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 . 


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.

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC'd to Quicksilver (9/19) - $800 CL
Capital One QuicksilverOne (3/19) - $1800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $1300 CL
Amazon Prime Store Card (4/20) - $5000 CL
NFCU cashRewards (4/20) - $1500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL

Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2020 - 672
Equifax FICO 8 score 9/2020 - 674
TransUnion FICO 8 score 10/2020 - 658
Message 4 of 14
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Regular Contributor

Re: Urgent Question on New NFCU Bank Account

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.



"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."
Message 5 of 14
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Super Contributor

Re: Urgent Question on New NFCU Bank Account

As mentioned up thread, you're good to go. Enjoy that 1.5% cash back.
Message 6 of 14
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Regular Contributor

Re: Urgent Question on New NFCU Bank Account

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

Message 7 of 14
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Epic Contributor

Re: Urgent Question on New NFCU Bank Account


@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?

 

 

 


@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.

 

 

popcorn eating emoticon.gif

Message 8 of 14
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Frequent Contributor

Re: Urgent Question on New NFCU Bank Account


@egghead88 wrote:

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


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

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC'd to Quicksilver (9/19) - $800 CL
Capital One QuicksilverOne (3/19) - $1800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $1300 CL
Amazon Prime Store Card (4/20) - $5000 CL
NFCU cashRewards (4/20) - $1500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL

Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2020 - 672
Equifax FICO 8 score 9/2020 - 674
TransUnion FICO 8 score 10/2020 - 658
Message 9 of 14
Highlighted
Epic Contributor

Re: Urgent Question on New NFCU Bank Account


@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.


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

popcorn eating emoticon.gif

Message 10 of 14
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