Whats the difference betwen PenFed and NFCU?

superdad · ‎08-11-2016

I drove past a PenFed office today and had no idea we had one in town, we also have a NFCU. Anyone know which one would be good? I plan on joining through the navy League.

Anonymous · ‎08-12-2016

Ok, I get in on the joke😉

Asking that question is like asking
What do McDonald's and Burger King do
and which ONE would be good?

C'mon you gotta be joking right?
Anybody asking that question at least knows their both big CUs, right?

I mean 2 of the biggest in the world, literally NFCU is #1 with like 4.7m members and 70B in assets and PenFed is in the top 5...

So asking which ONE is 'good' is like asking
Which one is good a Big Mac or a Whopper
A Coke or Pepsi

It can't intelligently be answered....it just depends

I like many others am a member of both and just like a Big Mac or a Whopper it depends which one suits my fancy for the day or particular situation.

Nobody can be the best at every turn for every situation put $5 in each it's not like joining a gang you're free to be in both.

Also since you obviously can use a computer these are two of the biggest names in CUs the information regarding both is EVERYWHERE....and too easy to find.
No offense, neither is some small little known CU, that's hard to find.

Anonymous · ‎08-12-2016

@Anonymous wrote:
Ok, I get in on the joke😉

Asking that question is like asking
What do McDonald's and Burger King do
and which ONE would be good?

C'mon you gotta be joking right?
Anybody asking that question at least knows their both big CUs, right?

I mean 2 of the biggest in the world, literally NFCU is #1 with like 4.7m members and 70B in assets and PenFed is in the top 5...

So asking which ONE is 'good' is like asking
Which one is good a Big Mac or a Whopper
A Coke or Pepsi

It can't intelligently be answered....it just depends

I like many others am a member of both and just like a Big Mac or a Whopper it depends which one suits my fancy for the day or particular situation.

Nobody can be the best at every turn for every situation put $5 in each it's not like joining a gang you're free to be in both.

Also since you obviously can use a computer these are two of the biggest names in CUs the information regarding both is EVERYWHERE....and too easy to find.
No offense, neither is some small little known CU, that's hard to find.

Well pardon my ignorance, but until I started reading the Personal Finance board I had no idea about NFCU, and I have very limited knowledge of PenFed. Asking which is better or good is a pretty valid question to me. I, too, would like to know if one is better than the other for a product line (McD's does have better fries, btw). I recently joined NCFU.

(And anyone who answers Pepsi over Coke is not giving you an intelligent reply.....)

Anonymous · ‎08-12-2016

@superdad wrote:
I drove past a PenFed office today and had no idea we had one in town, we also have a NFCU. Anyone know which one would be good? I plan on joining through the navy League.

Are you sure you are eligible for NFCU? Have you checked thier eligibility page? AFAIK, Navy League membership does not qualify you on its own, you need to be retired military, active military or have an immediate military family member to qualify, or if you have an immediate family member that is an NFCU member they can sponsor you.

Anonymous · ‎08-12-2016

If I were you I would join both. They both have advantages and disadvantages. NFCU is easier to obtain credit through at the monent since Penfed started tightening the reigns and wanting to get to know you first. NFCU can give big limits on CC and LOC right after membership approval if your worthy. Penfed can be generous, it just takes a little more time.

I have noticed that Penfed shows transfer deposits up much faster than NFCU as one difference, and Navy will allow transfers between members but Penfed won't unless you call and have a CSR do it.

And NFCU can be HP happy, usually pull your credit every time you apply or recon. I think I had 13 HP's in a year before I knew better. ( Mostly from reconning CLOC). Penfed will normally keep a HP on file for 90 days a reuse it for apps and recons

I'm sure there are many more differences but someone smarter than me will have to chime in.

Where are you Baller4Life.

Anonymous · ‎08-12-2016

@Anonymous wrote:
@superdad wrote:
I drove past a PenFed office today and had no idea we had one in town, we also have a NFCU. Anyone know which one would be good? I plan on joining through the navy League.
Are you sure you are eligible for NFCU? Have you checked thier eligibility page? AFAIK, Navy League membership does not qualify you on its own, you need to be retired military, active military or have an immediate military family member to qualify, or if you have an immediate family member that is an NFCU member they can sponsor you.

Navy League -SAN DIEGO CHAPTER (very important!) absolutely does qualify you! Apparently they took over a local CU awhile back, and NFCU had to keep their agreements. On the Personal Finance board there are numerous threads about joining. I joined last month after joining Navy League- SD

Anonymous · ‎08-12-2016

@superdad wrote:
I drove past a PenFed office today and had no idea we had one in town, we also have a NFCU. Anyone know which one would be good? I plan on joining through the navy League.

I'm a member of PenFed, but since I don't have any military affiation, I can't join NFCU. Both offered good products and services, but from what I've read, NFCU seems less conservative. Other options include Alliant and SDFCU. There are several postings on the forum about the various CUs.

Anonymous · ‎08-12-2016

@Anonymous wrote:
@Anonymous wrote:
@superdad wrote:
I drove past a PenFed office today and had no idea we had one in town, we also have a NFCU. Anyone know which one would be good? I plan on joining through the navy League.
Are you sure you are eligible for NFCU? Have you checked thier eligibility page? AFAIK, Navy League membership does not qualify you on its own, you need to be retired military, active military or have an immediate military family member to qualify, or if you have an immediate family member that is an NFCU member they can sponsor you.
Navy League -SAN DIEGO CHAPTER (very important!) absolutely does qualify you! Apparently they took over a local CU awhile back, and NFCU had to keep their agreements. On the Personal Finance board there are numerous threads about joining. I joined last month after joining Navy League- SD

Interesting... Do you have to be local to SD to join their chapter?

Anonymous · ‎08-12-2016

Norman, no you don't. Head over to the personal finance forum and there are step by step details. It is legitimate - I applied this way back in May.

When you sign up for navy league make sure you type in San Diego as the chapter, no other ones will work for NFCU. Great organization we are supporting as well!

Anonymous · ‎08-13-2016

I agree with others, join both. With NF via NL, follow the instructions exactly, otherwise there may be problems. Once you are in with both, you can then proceed with whatever is important to you and shop the best rates.