Navy Federal Credit Union (NFCU)

Navy Federal Credit Union (NFCU)
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#21

OK, Argyll. Got it. Thanks.

Now regarding posting, here is what I can tell you:

I had a CD mature yesterday. Early in the day (yesterday) I told PurePoint to pull the funds out of NFCU. I am absolutely confident they did so and that their ACH debit hit NFCU this morning. Yet my NFCU checking has yet to reflect the debit. I just checked again. When will it show up? Based on experience, I will not be able to see that ACH debit, today’s debit, until tomorrow. That is simply unacceptable.

As for CDs, pretty much everyone is disappointed with the latest NFCU CD offerings. As this is generally conceded on a widespread basis, I will not discuss further. I do agree NFCU past CD offerings were very good. But they have not done a lot for us savers lately.


#22

Are you getting an extra day of interest from the debit not showing up until tomorrow or will it show up tomorrow with today’s date? If you get an extra day of interest, you can at least use to your advantage which would potentially offset some of the annoyance.


#23

It is now “tomorrow”. As I hoped would be the case the ACH debit, from yesterday and dated yesterday, can now finally be seen in my NFCU checking account. I should have been able to see this debit yesterday, shortly after it hit my account. At least such as that is my experience at virtually every other financial institution with which I do business. And there are a great many.

Whenever I do an ACH transfer I always check at both ends to be certain everything was executed properly. If a problem has occurred, it is not helpful when I’m unable to know about the problem until the next day.

In this instance, NFCU executed the ACH properly yesterday and debited my checking account properly yesterday. But they did not report that debit to me until today. Now of course PurePoint had given me credit for the money instantly and I’m confident they wanted to bring that money in ASAP. Had there been a problem, the delayed NFCU reporting to me would have left me blind (to the problem) for 24 hours. That is not helpful, it is not reassuring, and it is not at all in accord with industry standards.


#24

Then don’t use Chase without glycerin tabs nearby. :disappointed:


#25

No worries, mate. I have never banked with Chase . . . and I never would. :wink:

All (roughly) twenty-four of my banking relationships, are with small to (relatively) midsize credit unions and banks. Speaking here relative to the gargantuan “too big to fail” sorts of banks, like Chase, B of A, Citi, and so forth.


#26

Back in the day when no one could monitor their accounts 24/7 how did we ever manage?


#27

The industry standards in this case are actually set by nacha. The result you describe doesn’t conflict with the industry standards.

I have had accounts at many institutions as well and I’m surprised you have not seen this happen at any of your other banks. In my experience (with both large and small banks) what you describe is the norm, not an outlier. ACH is an outdated system that still processes in batches.

Funny how people (not referring to anyone in particular) talk about how bad cryptocurrency is and it’s only use is for criminals because non-criminals would just use banks, but then go on to complain about how awful it is to move money around at banks and ask why we can’t just have instantaneous transactions.


#28

My experience is completely different. Setting aside excuses based on time zone, which are legitimate in my view, my poorest experience outside of NFCU is a credit union here in the east which sits on its hands and does not post ACH outcomes until about 10:30am of the day when the ACH hits. All other financial institutions post such transactions (roughly) by the opening of business, and oftentimes well prior . . . . . on the SAME day the ACH hits the bank or CU.

I also have nothing bad to say about financial institutions in other time zones. Without exception they are posting on the same basis as just mentioned, allowing of course for the later opening of business in time zones to my west when viewed by me here on ET.

Maybe it is the “big banks” which are not operating at the standard to which I have become accustomed over many years. I do not do business with “big banks” and really have neither knowledge of how they operate nor any interest whatsoever in them.


#29

What do you use 24 small credit union accounts for?

I can see having a large number of accounts if you’re AORing stuff with Chase, AMEX, Citi, etc, but 24 small credit union accounts… I’m perplexed as to what you’re doing there with those.


#30

[AoR – App-o-Rama aka applying for a bunch of credit cards on the same day in hopes of high success rate.]

Not AoR. I did not say the accounts were small. I said the financial institutions were small to medium size relative to the large, too-big-to-fail, NY banks.

Accounts themselves are kept active, in the case of CUs and at least one bank, because of difficulty of restarting things were I to close down. Some of the CU accounts were tough gets. At least one bank would not accept me today as a customer, only does business with me because I already am a customer. And it’s a great money maker, so I plan to remain a customer.

Also, commencing a few years ago, I went to a new money spreading strategy. Prior I had (what I today view as) too much wealth concentrated in too few financial institutions.

Finally, when a great CU CD deal comes along (not many of those lately) with time being of the essence, it really helps if you already are a member of that CU. This has happened to me more than once, to my benefit.


#31

Fair. Every once in a while I’ll get emails from my bank telling me to deposit x amount by 11am otherwise I’ll overdraft.


#32

A bit wistful this AM as my last NFCU CD of any substance passed quietly into maturity. There is nothing new for me at NFCU to replace this CD, or another one which matured earlier this month.

Remember a time, not all that long ago, when NFCU was the “place to be” for great CD rates; if you could get in! No longer.

I still have some sort of CD at NFCU. It only has a few bucks in it. I think it’s an add-on deal, bought as an insurance policy to counter possible declining interest rates . . . . . . which never materialized.

So as a practical matter there is nothing left aside from a checking account and a savings account from which ACH withdrawals are not permitted.

NFCU. How the mighty have fallen! :anguished:


#33

Man you guys giving me alot to think about now.


#34

I thought NFCU was more about their special CD deals (5% for a year, 3% for 6 months, etc on limited amounts of funds i.e $5,000) than about everyday good rates or at least that is what it seemed like since I started with them 6-7 years ago.

Did they used to have good rates on their regular/everyday products?


#35

Yes, NFCU does (or use to) have some nice short term cd’s. But now, regular savings rates are outsourcing those special NFCU CD’s.

I have 2 NFCU cd’s that mature in June, $50K 2%. The cd’s had a max of $50K. Now we see Northpointe savings 2.05% & other sites posting 2% savings.

So will NFCU come up will short term 3% rates?? Come on back w some great CD rates!!


#36

Thanks for the update.


#37

Has anyone here been able to find a pulse at NFCU? Any sign of life whatsoever?

NFCU was once a primo source of deals for rate chasers. That was then.

Now you hardly know NFCU exists!!

How the mighty have fallen. I wasted my time even starting this thread!


#38

Yes, NFCU is still alive. I have a CD that matures tomorrow.

True they haven’t had any good deals lately.


#39

NFCU has some good bonus offers on rewards cards.

Go Rewards has a 30,000 point bonus on $3000 spending in the first 90 days. That’s $300 or 10%, in addition to 3% restaurants, 2% gas, and 1% everything else. If you spend exactly $3000 you get at least 11% cash back.

Flagship Rewards has the 30,000 point offer, or $300 back for spending $3000 in the first 90 days plus 2 points per purchase, or 12% back for the first $3000. It’s a basic 2% card. However, it has an annual fee, waived for the first year, starting in the second year at $49.

Cash Rewards has $100 back for $1000 spending in 90 days. It’s a 1.5% cash back card, so you would get 11.5% back on the first $1000 spent.


#40

Any thoughts on this? Thanks!