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Why is everyone here a member of Navy Federal Credit Union?

Senior Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?

baller4 is right on the money with this one. NFCU is an outstanding credit union, and not just for rebuilders.

 

I'm not a rebuilder, but I am a builder. And I value the world-class customer service, a relationship with the largest credit union in the world, and the ability do things like product change seamlessly and get a 4% lower APR after having my card for only a few weeks.

 

NFCU is generous with credit lines and increases, and has many fee-free ATM's around the world to make access easy. The feature of having no foreign transaction fees is a bonus.

 

There are zero fees on balance transfers, and opportunities to lower your credit ard APR after the first year.

 

Opportunities also exist for zero APR or low APR balance transfers.

 

I like the fact that I can do mobile deposit at 3am in my pajamas, and typically mobile deposits have been credited to my account within 1-3 hours of my initiating the deposit.

 

The 24/7 customer service is a great help if you need it late into the evening, and the mobile app is very convenient.

 

I personally would rather have a solid relationship with the largest credit union in the world than the mom and pop credit union down the street that has 4 locations total. But that's just me. Smiley Happy

 

Go NFCU! Smiley Happy



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Message 21 of 48
Valued Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?

Navyfed is beyond generous to people with not-so clean credit reports..... 

And even more generous if you have a clean report... and/or haven't burned them...

 

They also seem to be very "internet connected" and say YES when others say NO... they give folks a chance when others wont or will screw them for the privledge...

 

They grow with you...

 

Did i forget anything?

 

-J

 

 
Message 22 of 48
Mega Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?


humuhumunukunukuapuaa wrote:

 

I personally would rather have a solid relationship with the largest credit union in the world than the mom and pop credit union down the street that has 4 locations total. But that's just me. Smiley Happy

 

 


How often do people need to visit locations?   I do nearly all of my banking with an internet bank, that offers unlimited ATM fee reimbursement, and with that, remote deposit and online bill pay, I never expect to visit one of their locations (nearest is 150 miles, all others more than 1,000 miles away).

Message 23 of 48
Senior Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?


longtimelurker wrote:

humuhumunukunukuapuaa wrote:

 

I personally would rather have a solid relationship with the largest credit union in the world than the mom and pop credit union down the street that has 4 locations total. But that's just me. Smiley Happy

 

 


How often do people need to visit locations?   I do nearly all of my banking with an internet bank, that offers unlimited ATM fee reimbursement, and with that, remote deposit and online bill pay, I never expect to visit one of their locations (nearest is 150 miles, all others more than 1,000 miles away).


 

 

I don't visit locations at all, and actually, visitng locations isn't the point.

 

The point is having the relationship with the large and more fiscally sound credit union with many millions of members versus the little mom and pop one which may not have the same level of strength. Smiley Happy



Favorite Cards : ~ Citi Double Cash World Elite MasterCard ~
~ American Express Blue Cash Preferred ~ Chase Hyatt Visa Signature ~
~ Citi AAdvantage World Elite MasterCard ~ Citi Prestige ~ Alaska Airlines Visa Signature ~ Discover it Miles ~
Message 24 of 48
Frequent Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?

I joined for 2 reasons.   I moved to a different area that PenFed dosen't readily service, and, I needed a good solid card to replace my CapOne.  I got both.  NFCU is a very solid CU.  I'm past basic rebuilding, and just now holding steady to build a thicker profile.   

Message 25 of 48
Senior Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?


joltdude wrote:

Navyfed is beyond generous to people with not-so clean credit reports..... 

And even more generous if you have a clean report... and/or haven't burned them...

 

They also seem to be very "internet connected" and say YES when others say NO... they give folks a chance when others wont or will screw them for the privledge...

 

They grow with you...

 

Did i forget anything?

 

-J

 


You forgot that if you owe them money, they can and will take it from any other accounts you have with them.





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Message 26 of 48
Community Leader
Valued Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?

I definitely looked into NFCU, and I just did again yesterday after reading some of this thread. Smiley Happy With all the glowing reports, it does sound amazing! I actually debated between a mom and pop credit union that is open to just a few counties around me and Golden1. I ultimately chose Golden1 just last week over everyone else because they are the 6th largest CU in the U.S., have a high grade on their health as a CU, and their Platinum Rewards Visa offers APRs as low as 7.79% and 3% cash rebate on gas, groceries, and restaurants, and 1% on everything else (for when my credit profile is ready for it Smiley Wink). Plus, I do like being able to walk into a local branch and sit down with someone to discuss what my plans/needs are and apply for whatever in-person if I want to. I don't think choosing/preferring another CU means that NFCU isn't great, and I certainly wouldn't rule out doing something with them down the road.Smiley Happy


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Message 27 of 48
Mega Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?


Themanwhocan wrote:

joltdude wrote:

Navyfed is beyond generous to people with not-so clean credit reports..... 

And even more generous if you have a clean report... and/or haven't burned them...

 

They also seem to be very "internet connected" and say YES when others say NO... they give folks a chance when others wont or will screw them for the privledge...

 

They grow with you...

 

Did i forget anything?

 

-J

 


You forgot that if you owe them money, they can and will take it from any other accounts you have with them.


I thought that was almost universal, but I guess not:

 

Checking with same bank:  When you put money in a bank, that institution has the right to take the money you put in your account to pay off any other obligation you have to the bank without having to go to court. This right, called the right of setoff, comes from the Federal Reserve and is how a bank can, for instance, wipe out your savings account to pay off a bounced check. As written, the regulation doesn't let banks use the right of setoff to take your checking account to pay a credit card debt. Because of this, some banks write their credit card agreements to get around the limitation and give them the right to take your checking account. If your credit card agreement has this language -- referred to as a security interest -- your account could be taken to pay off a defaulted credit card after all.

 

And from Nolo:

 

There are a few limitations on bank setoffs. For instance, most courts have said that banks cannot use setoffs to take income that is otherwise exempt under state or federal law (such as Social Security benefits, unemployment compensation, public assistance or disability benefits).

In addition, financial institutions cannot take money out of your account to cover missed consumer credit card payments, unless you previously authorized the bank to pay your credit card bill by automatic withdrawals from your account. (15 U.S.C. § 1666h; Regulation Z of the Truth in Lending Act, 12 C.F.R. § 226.12(d).)

 

Some states impose limits on bank setoffs as well. For example, with limited exceptions, California prohibits state-chartered savings and loan setoffs if the aggregate balance of all your accounts with the financial institution is under $1,000. (California Financial Code § 6660(b).) And in Maryland, all bank setoffs for debts for the purchase of consumer goods are prohibited unless you have explicitly authorized the setoff or a court has ordered one. (Maryland Commercial Law § 15-702.)

Message 28 of 48
Moderator

Re: Why is everyone here a member of Navy Federal Credit Union?


Themanwhocan wrote:

joltdude wrote:

Navyfed is beyond generous to people with not-so clean credit reports..... 

And even more generous if you have a clean report... and/or haven't burned them...

 

They also seem to be very "internet connected" and say YES when others say NO... they give folks a chance when others wont or will screw them for the privledge...

 

They grow with you...

 

Did i forget anything?

 

-J

 


You forgot that if you owe them money, they can and will take it from any other accounts you have with them.


As they should IMOSmiley Happy

Chase | Citibank | Amex | BofA | PenFed | NFCU | Discover | Barclay's | Fifth Third Bank | FNBO | BB&T
Message 29 of 48
Valued Contributor

Re: Why is everyone here a member of Navy Federal Credit Union?

I have not partaken in Navy Fed but watched as an acquaintence took advantage of them.. and they didnt kick him to the curb...

Got a Secured Card from them... Burned them (yeah i know technically its secured but still).. so they liquidated the security deposit and pulled the rest from what was in his checking account.. He constantly overdrafts them, and they just take it out of his reoccuring ACH deposit (pay) when it comes in... Less than a year later he applies and gets apporved for their credit card.... Maxed it out but is still making payments on it, without fail..... And they havent bounced him as a member.... Im absolutely in shock how well this person who if I was a bank would tell to go pound sand... is still treated with respect, dignity and hasnt just told him hes not welcome anymore.. 

 

It amazes me how tolerant NFCU is of this ... less than stellar customer...

 

Update .. Still have him as a customer... but they took his entire Soc Security check for a setoff since starting to get behind on his card..

Called them ... They reversed the setoff but had him make an immediate payment on the account... and put him on a hardship plan for the cc... From what i gather eventually if he keeps making payments not sure if its time or zeroing out the balance... they will restore his charging privledges on the card... they upped the min payment but its still reasonable esp since they cut his interest rate to something like 4%

 

 

 

-J

 

 

 
Message 30 of 48