Navy Federal Credit Union (NFCU)

Navy Federal Credit Union (NFCU)
0

#1

I think enough FD participants might be NFCU members to where a thread dedicated to NFCU is warranted. Hope so.

Confess I’m starting this thread because of a particular dilemma I face at NFCU and hope there might be help out there. But feel free as well to post on any NFCU matter, just as we do over on the Alliant thread.

My situation is that I have upcoming shortly, for the first time in my experience, the maturity of an NFCU CD. I am cashing out to my checking, which I’m not certain is the best or smartest option. They are indicating it could take THREE DAYS for my CD closeout money to reach my checking. This seems crazy to me and I would be very grateful for counsel from anyone who has been through this before me.

I want my money to be available on the day the CD matures, so I can pull it out via ACH. Is there a better way to get what I want?


#2

This is an automatically-generated Wiki post for this new topic. Any member can edit this post and use it as a summary of the topic’s highlights.


#3

shinobi, I have been with Navy FCU for many years.

Getting your money out when a CD matures is quick & can be done on the day of maturity. Here is what I do. Call NFCU & ask for cd funds to be transferred to Checking on day of maturity. I have Alliant CU do an ACH out of Navy Checking & into Alliant Savings or Checking. All can be done same day of CD maturity.

By transferring funds into Alliant, it’s easy to move on with your wishes. I also have a couple CD’s with Navy that mature the middle of June.


#4

I forgot to answer your question about the 3 days. No, they may say that, but it can be done same day of maturity. They move that money quick, if you make request.


#5

Thanks, pattyb53. That is a help.

Actually I went onto the NFCU website to elect CD closeout and movement of funds to checking. You click on the CD maturity date and up comes a screen with several options. The process went smoothly, but at the very end there was the warning, in writing, that funds would be moved within THREE days!

Now mind you, it did not say it would take three days. It suggested, instead, that it could take three days.

As far as I’m concerned there is no excuse for funds from a matured CD not to be available (i.e., in checking) on the day of maturity. After all, no interest is usually paid for that day.

While I used to use Alliant, I will be yanking these funds out of NFCU via PurePoint. That way I will earn interest from the moment I initiate the transfer at the PurePoint website. Also, Alliant cuts me off at 1:00pm ET whereas PurePoint gives me up until 9:00pm ET to initiate the transfer. If NFCU delays movement of my funds to checking, that extra time could come in handy. This is because I will not initiate the ACH until I know for certain the funds are in NFCU checking.


#6

shinobi, I just took a look at NFCU about the closeout of a maturing CD.

I have never looked for this option before. For some reason, when I clicked it only showed the option of renewing the CD with NFCU. So I will just call & have Navy make the transfer.

I still have PurePoint with a small balance. I use Alliant, not because their % rate is that good, but because if needed I can write a large check. Alliant also gets an ACH transfer in the 1 day. I’m located on the west coast so if needed I can get up early & make money changes.


#7

Strange. First I go to my NFCU accounts summary page. Then click on “certificate”. At that point it displays all of my open certificates. For each certificate the maturity date is in blue and is clickable. You click the maturity date of the CD you wish to select.

Up comes a page called “Certificate Maturity Instructions”. There are several options, one of which is “cash out”. You select that option and up pops a drop down menu entitled: “Where would you like the funds transferred?”

You must then select one of the options from the drop down menu and go from there. My selections allow for movement of funds to savings, movement of funds to checking, or send me a check (fat chance I would pick that one :wink:)

Really do not understand why this all would not work the same way for you. It seems to me a good system, not dissimilar from the choices at Ally Bank.


#8

shinobi, you’re a genius!

I followed your instructions to a tee, & both of my CD’s should be in checking acct on maturity date. I see that it does state, possible 3 days. Early on maturity date I will check to see if funds transferred. If not I will call & have them transferred by rep.

Thanks for the follow up. You made my day!! (now hopefully cd rates will rise by June)


#9

Yes, exactly. That final warning was what was concerning for me and caused me to ask for assistance.

Glad it worked out for you otherwise. However, it remains to be seen exactly what NFCU will do and how expeditiously they will carry out our instructions. Time is of the essence. I will know next week and will report back here.

Guesswork follows:

One thing that occurred to me is that it might take them one business day to accomplish the transfer. It should not, but it might. If your CD matured on a Friday that would mean the funds would not move into savings or checking until the following Monday . . . hence . . . three days.


#10

It is well documented over on Ken’s site, and this is “old news”. Nevertheless, I suppose one of the new NFCU CD offerings deserves a mention here, since this is an NFCU thread:

NFCU currently offering a “poor man’s” “three for five” CD deal. “Poor man’s” just means they are offering a 3% APY and NOT the better 3% APR terms. This is rather chintzy in my view, but it is what it is.

There is no top end on this NFCU CD offering, BTW. I don’t like the CD and I’m not in. But opinions vary widely on such as this, so thought it worthy of mention.


#11

How sensitive is NFCU’s application process to recent CC accounts and inquiries? I would like to apply when the HP won’t hurt me on cc applications. Now would be a good time but I opened two cards lately (1 personal, 1 biz).

TIA for any input!


#12

I had a Navy Federal CD mature in January and had it set to transfer into NFCU checking. The records show that the funds were pulled into Alliant the following day, so the funds must have been available on the day of maturity.


#13

Thanks. Gosh, that is great news! :fireworks:

Hope I have the same good fortune.


#14

Who is Ken and what is his site?


#15

Link to Ken’s website


#16

OK, here is my data point:

CD matured today. Used mechanism explained above to direct all proceeds into my NFCU checking.

Logged into my NFCU account before 7:00am ET. The funds were already in my checking account.:joy:

Life is much easier when you do not have to telephone the financial institution over something like this. I am quite pleased and satisfied with NFCU’s service.

The moment I saw the funds in checking I went into my PurePoint account and executed an ACH transfer NFCU to PurePoint. PurePoint thereupon began paying me interest on the funds in accord with their “instant interest” feature. The outcome:

Zero days of lost interest. Very sweet.


#17

Excellent report!!

I have been with Navy FCU for many years & have had CD’s mature & the funds transferred to Checking the same day. Remember, from way back “I told you so”. But, I’m so glad you explained how to do these chores online & not have to make that phone call. So in June I’ll have those 2 CD’s with Navy mature.

Seems there is no real good news about CD rates topping out. So will just place funds in the savings (2%) until we see something like Sharonview FCU appear.


#18

Thanks for the update.


#19

You know, sometimes NFCU can be a certifiable PITA. To wit:

I got bit by the “no ACH withdrawals from savings” annoyance just after I opened with NFCU. I mean, no other financial institution imposes that limitation. But I learned my lesson the hard way, and that was many months ago, so let’s set that aside.

Now this morning I go into my NFCU checking and request to see a history. Know what? They limit you to the last 90 days and that IS IT!! I keep clicking “show more” until I finally wake up and realize they only go back 90 days. For Pete’s sake what is up with these people?!

In addition, I am tired of NFCU’s ACH posting delays. NFCU operates, AFAIK, on eastern time. Most other financial institutions post their ACH outcomes (either credits or debits) before opening of business here. But not NFCU. With NFCU it takes forever for them to post. It is annoying beyond words.

You know, I have to wait until about 10:30am ET to see PurePoint’s ACH data for that day. But I can forgive PurePoint. PurePoint is processing and operating on Pacific time. They are actually posting quite early by their clock, at 7:30am PT which is very reasonable. So they have a legitimate excuse.

NFCU has NO SUCH excuse. It’s one anomaly after another with NFCU. They need to step up and get with the program. Come on, NFCU, start meeting industry standards.

And on top of all that, NFCU’s current CD offerings are not in the least up to snuff.

Thank you for the opportunity to vent.


#20

Re Checking: Under Transaction History Go to “Select Range.” Select “Custom Date Range.” Select any 90 day time period.

Re: Posting: It seems very fast to me.

I like the restriction on external ACH for savings. It’s an excellent safety measure.

What do you offer for CDs? Can you offer a higher rate than NFCU?

NFCU is by far one of the best, if not the best, credit unions in the business.

I think it’s wonderful and has always been a great experience for me.