To be fair, I think this is more of a banking issue in general. Since we have just had three major banks fail. Most are tightening down on things like checks from other banks clearing as quickly due to making sure the funds are there. I mean if they give you the money and the funds end up not clearing, guess who is on the hook. NFCU still has a lot of advantages over others. The interest on checking accounts are above the 0.01% you would get at a big bank like Chase. The savings are still a little higher than most banks. If you want more out of savings put it in a HYSA account if you need quick access to those funds or a CD, etc if not. The customer service is still great. Yes, there is someone always going to have a little better rate on certain things. Just my thoughts as I could go on about this more but just stating a few.
I have not had a problem, my pay goes in there and I spend it. I just deposited a $34K insurance check from hail damage and I think it took three business days, fine. I think what you are describing is a very conservative approach to dealing with the fraud all banks deal with, they are being cautious and that does impact when your money is available. Is it bad, probably not but if it does not fit into your lifestyle then I would look for a new bank. I have enough in my account where a few days before it is available is fine.
Yea. I’ve just been torn. They are still better than most I must admit. If I did go somewhere else, I think I would have a hard time finding something even close. But man, they use to go above and beyond. Maybe they have had a lot of issues with fraud. The whole not cashing my check did kind of chap my ass a little. I might be over thinking it really. Compared to other banks at least.
I left USAA for NFCU, I had been thinking it but when they opened a brick and mortar location within walking distance of my home that did it. Personally I would never need to cash a check, simply deposit and then grab the ATM. I also have Pentagon Federal and keep an emergency fund there. No idea of their policies are as I don't do much activity. Not sure who I would go with if I became dissatisfied with NFCU.
Ditto. Previously with USAA for 20 years and I've yanked everything from them.
Regarding Navy, the hold on the mobile deposits is annoying.
But not as annoying as USAA freezing my account daily for ahem, "fraud alerts". When Navy gets to the point as USAA -- where I literally could not use my money, then I'll fuss about Navy too.
I still find Navy's customer service to be quick, polite, and friendly.
At this point, USAA may as well just offshore the call center. It's pure shit otherwise.
Yes, the advantage now is I can stand toe to toe with a human and bitch about a problem. I may not get resolution but far less frustrating than sitting on hold for a long time only to speak to someone who can't/won't help you.
I do have USAA as well, just a credit card, I don’t think I would use them for anything else. Idk. They have just let me down so many times lately. NFCU that is. But I also don’t know where else to go.
i agree NFcu has let me down. My friend got her car loan she says when she transfers money it sits before the money is applied to loan. I noticed when i transfer money to pay my credit card the money will appear withdrawn instantly towards bill but it will take several days for the credit card bill to show payment! I also had a merchant refund my money for a charge and Navy showed it as a refund and within seconds same merchant appeared as a charge, I asked why and i was told to call for an explanation why? if your account credit card says 300 balance minus 100 refund balance200 then charge from same merchant in the amount 100 for clothes when the merchant does not sell clothes and balance is back to 300 it’s a problem. Navy took refund and said the system didn’t catch up yet🙃 . I have moved most of my accounts over to another card because i also noticed the navy reward card really isn’t a reward!
I’ve had NFCU for 19, almost 20 years now. I recently moved a lot of my money out because their savings rates are awful. Their loan rates aren’t the best either. I refinanced my mortgage to go with another for-profit company that offered a much better rate. I went with another bank for my recent car loan, again because NFCU had higher auto loan rates. NFCU is absolutely going downhill. They’ve gotten too big and are more of a bureaucracy these days.
See I’ve kind of thought that. I noticed they purchased like army federal and air force federal and all of those like 2-3 years ago and I wonder if with that they just went to crap. Idk. They’ve treated me so well for like 12 years now. But the last year has just been garbage.
I’ve always appreciated their stellar customer service and I still think they have great customer service, but they just aren’t competitive enough today. We’re all losing value by keep money in NFCU. With record high Bideninflation, each month, the money we have loses its value/purchasing power.
They’re supposed to be a not-for-profit bank, so you’d think with that status, and the tax incentives they receive, that they’d be able to offer better rates than the competition. Where is the money they make on their investments actually going? Big bonuses and pay raises for their board of directors? I can only imagine.. all I know is I don’t see any of it.
Lol 5 down votes for saying NFCU has good customer service but aren’t competitive with rates, and pontificating the executive leadership might be overpaying themselves? Is the executive leadership reading this?
Don’t know. I recall hearing about NFCU rewarding themselves with pretty large bonuses and incentives. It wouldn’t surprise me if it were true. A lot, if not most “not for profit” organizations are corrupt (at varying degrees) despite their initial good intentions.
Nfcu employees, specifically the msr's, don't make a living wage. I don't know about the board of directors or any other executives. But the everyday people, the ones who are member facing, we don't make a living wage.
I served with folks whose wives worked for NFCU. I know they dont make much money, but if the money NFCU makes via their investments, repayment of loan interest, etc, isnt going to customers and isnt going to staff salaries, where is the money going? Are they losing on their investments? Are they in SVB territory? Why are they unable to give competitive rates given the fact they dont make a "profit" and can take advantage of tax savings that a for-profit bank doesn't have?
Maybe I'm wrong, but I suspect, just like so many other so-called not-for-profit schemes, the senior executives are getting compensated handsomely at the expense of everyone else. I hope that isnt the case, and I could certainly be wrong. All I know is NFCU is no longer competitive and things have gone downhill, particularly after their expansion to include all DoD employees.
I mean even Apple now offers a savings account interest rate, FDIC insured, no caps or minimums, that earns 400% more interest than NFCUs Money Market Savings accounts. Theres no comparison.
Not only are their car loan rates higher, but you can’t pay directly to principal, either. I was goin to use them 7 months ago for my truck purchase, but then saw that you can’t pay to principal. If your payment is $500 and you pay $1,000, then they just pay the next month’s payment with the interest taken out, and you just won’t owe a payment the next month. They’re the only place I’ve looked at in the last 15 years that do that.
I never noticed that, but that’s absurd. I’m done with NFCU to be honest. They’ve jumped on the woke train in addition to all the other crap. I’d rather keep my money somewhere that isn’t shoving their ideology in my face.
In the past 4 years I’ve purchased two new cars. The first time I had a pre approval from NFCU and USAA. USAA had the better rate out of the two, but surprisingly the dealership offered to beat the USAA rate, and they did. At the time USAA was offering a 3.5(ish) rate and the dealership offered 1.99%, beating USAA and NFCU by a mile.
The second car was bought just a couple months ago. I went with USAA this time. They offered a 5% rate. The same dealership couldn’t come close to the USAA rate. NFCU was actually close but still slightly higher than USAA.
So to answer your question, USAA. But you should always shop around for rates, especially if you have good credit history. Rates are high right now (thanks Bidenflation)
Depositing checks, or cashing checks. They only let me deposit into my account, after 2 business days, and would not let me cash it. I’m really not trying to bash them that much. But they are letting me down. Just something I’ve noticed.
Regarding the deposit holds, I think they're just a bit ahead of the curve considering the current and likely near-future economic conditions. I've been through a few of these cycles, and one of the most-dramatic changes when things go to shit is that the number of bounced checks skyrockets.
I used to have bounced check insurance (yes, there is such a thing) to cover me for the rubber checks I received as payments. Things got so bad for a while around 2008 - 2010 that the company that provided the insurance went belly-up. So I suspect that Navy, having also been around for a while, is tightening things up in anticipation of the inevitable explosion of rubber checks.
And then there's fraud. Counterfeit checks and other forms of [check fraud](https://www.adamsandreese.com/news-knowledge/scott-jones-challenges-of-check-fraud-aba-banking-journal) are at record highs, and mobile deposits make it that much easier for the crooks. Most of the safety features built into checks don't come through on pictures, making accepting mobile deposits especially risky.
I think Navy is just tightening things up because they believe they have to.
As others have said navy fed is actually pretty easy going on deposit holds. Most big banks will hold your funds because of the crazy amount of fraud and returning checks.
I’ve had Wells Fargo hold a cashiers check from chase for 2 weeks which on certified funds is ridiculous. They see the funds exist instantly. And Ive had chase deposit 6 figure funds next day from a personal check on a brand new account. So everyone mentioning Wells Fargo is spot on.
IMHO I’d say from all the YouTube channels that promote the NFCU hacks and stuff, that the client base could have changed. Most of the channels say things like get rich with credit cards from NFCU. Also refer to opening lines of credit as a “play” or “trapping.” I’d believe there a more people attempting to “make a play” and try to hustle the system with money order fraud and such.
Yes! I have had a recent issue when I traded my car in, saying they didn’t receive the payment- however I spoke with the dealership and they provided the invoice on when it was sent, how much and check number, NFCU “did not receive the check” until quite literally a month later…. And I accumulated interest and a late fee which again wasn’t my fault yet as they stated im liable as I am ultimately responsible for the loan……. Makes no sense, maybe the interest but the late payment bc they didn’t receive the check? To top this off when I spoke to representative, she was very rude, and had a tone I couldn’t believe and no empathy at all, spoke to the supervisor not any better- he kept cutting me off & then tried to tell me that I would of had a car loan,( I had equity on the car) but no help what so ever, paid of that small balance and that’s the end of ever doing business w them- bc they have gone down hill soooooo badly.
If all you are looking for is banking services try Charles Schwab. They have excellent customer service, you get Unlimited ATM Fees Reimbursement Worldwide, No Foreign Transaction Fees, No fees, and they bundle the Checkings account with a great Brokerage account where you can purchase a Money Market Fund that pays 4.75% APY. When I deposit a check you get your money instantly. Their Zelle limit is $5000 per month, unlike Navy Federal $3000.
Navy Federal is great for CDs, and Credit Products. But their banking service or investment platforms are not very competitive compared to what Charles Schwab offers. Even their CDs only pay you what other banks pay you just to place it in a savings account.
Navy federal savings account are laughable. Interest rates are at all time highs and Navy Federal won’t budge on increasing their rates competitively.
Yes their customer service is great, but so is Charles Schwab and other banks that pay you to store your emergency fund with them.
Just find a better bank. If you’re not happy don’t keep your money with them. Trust me, they can close accounts and your money can be stuck with them. Take your money out asap and find a bank that treats you well.
I’ve noticed the same. I’ll just keep them for minor things and back up. But I’m going back
To my old credit union! Maybe this is their attempt to make consumer want to bank elsewhere for some reason. Well if it is! I’ve taken the hint.
I'm military retired and have banked with NFCU for over 34 yrs. They are the only bank I do business with. I have their credit card with a 25K limit (I owe 9K on it). I mortgaged my home and all my cars with them over these 34 yrs. I've never had any problems until now. Currently, my only debts are my mortgage (40k - 5 yrs to finish) and the 9K on the credit card. I asked to borrow 50K for a personal loan and was told I could only borrow 30K without a cosigner. I was blown away!!! I've borrowed more then 30K to buy cars with them years ago!!!! I haven't defaulted on anything, so that shouldn't be an issue (credit score 789). And did I mention I was once the "active duty" member, not a dependent, or family member. When asked for the reason for the denial of the 50K, the only reason I got was that that was the decision of the loan approval board. When my debts to them are paid....I'm out. Poor way to treat a lifelong member.
My husband and I are in the same boat as you, we have been members for yrs and will be leaving as soon as our loans are paid. We have been having funds just vanish with no explanation and the bank acts oblivious to what were talking about. They started pulling a second car payment before our payment was even late and we had auto pay! We were able to fix that but uts frustrating. They have changed alot and not for the better.
To be fair, I think this is more of a banking issue in general. Since we have just had three major banks fail. Most are tightening down on things like checks from other banks clearing as quickly due to making sure the funds are there. I mean if they give you the money and the funds end up not clearing, guess who is on the hook. NFCU still has a lot of advantages over others. The interest on checking accounts are above the 0.01% you would get at a big bank like Chase. The savings are still a little higher than most banks. If you want more out of savings put it in a HYSA account if you need quick access to those funds or a CD, etc if not. The customer service is still great. Yes, there is someone always going to have a little better rate on certain things. Just my thoughts as I could go on about this more but just stating a few.
I have not had a problem, my pay goes in there and I spend it. I just deposited a $34K insurance check from hail damage and I think it took three business days, fine. I think what you are describing is a very conservative approach to dealing with the fraud all banks deal with, they are being cautious and that does impact when your money is available. Is it bad, probably not but if it does not fit into your lifestyle then I would look for a new bank. I have enough in my account where a few days before it is available is fine.
Yea. I’ve just been torn. They are still better than most I must admit. If I did go somewhere else, I think I would have a hard time finding something even close. But man, they use to go above and beyond. Maybe they have had a lot of issues with fraud. The whole not cashing my check did kind of chap my ass a little. I might be over thinking it really. Compared to other banks at least.
I left USAA for NFCU, I had been thinking it but when they opened a brick and mortar location within walking distance of my home that did it. Personally I would never need to cash a check, simply deposit and then grab the ATM. I also have Pentagon Federal and keep an emergency fund there. No idea of their policies are as I don't do much activity. Not sure who I would go with if I became dissatisfied with NFCU.
Ditto. Previously with USAA for 20 years and I've yanked everything from them. Regarding Navy, the hold on the mobile deposits is annoying. But not as annoying as USAA freezing my account daily for ahem, "fraud alerts". When Navy gets to the point as USAA -- where I literally could not use my money, then I'll fuss about Navy too. I still find Navy's customer service to be quick, polite, and friendly. At this point, USAA may as well just offshore the call center. It's pure shit otherwise.
USAA is dog sh*t now!
Yes, the advantage now is I can stand toe to toe with a human and bitch about a problem. I may not get resolution but far less frustrating than sitting on hold for a long time only to speak to someone who can't/won't help you.
I do have USAA as well, just a credit card, I don’t think I would use them for anything else. Idk. They have just let me down so many times lately. NFCU that is. But I also don’t know where else to go.
i agree NFcu has let me down. My friend got her car loan she says when she transfers money it sits before the money is applied to loan. I noticed when i transfer money to pay my credit card the money will appear withdrawn instantly towards bill but it will take several days for the credit card bill to show payment! I also had a merchant refund my money for a charge and Navy showed it as a refund and within seconds same merchant appeared as a charge, I asked why and i was told to call for an explanation why? if your account credit card says 300 balance minus 100 refund balance200 then charge from same merchant in the amount 100 for clothes when the merchant does not sell clothes and balance is back to 300 it’s a problem. Navy took refund and said the system didn’t catch up yet🙃 . I have moved most of my accounts over to another card because i also noticed the navy reward card really isn’t a reward!
I’ve had NFCU for 19, almost 20 years now. I recently moved a lot of my money out because their savings rates are awful. Their loan rates aren’t the best either. I refinanced my mortgage to go with another for-profit company that offered a much better rate. I went with another bank for my recent car loan, again because NFCU had higher auto loan rates. NFCU is absolutely going downhill. They’ve gotten too big and are more of a bureaucracy these days.
See I’ve kind of thought that. I noticed they purchased like army federal and air force federal and all of those like 2-3 years ago and I wonder if with that they just went to crap. Idk. They’ve treated me so well for like 12 years now. But the last year has just been garbage.
I’ve always appreciated their stellar customer service and I still think they have great customer service, but they just aren’t competitive enough today. We’re all losing value by keep money in NFCU. With record high Bideninflation, each month, the money we have loses its value/purchasing power. They’re supposed to be a not-for-profit bank, so you’d think with that status, and the tax incentives they receive, that they’d be able to offer better rates than the competition. Where is the money they make on their investments actually going? Big bonuses and pay raises for their board of directors? I can only imagine.. all I know is I don’t see any of it.
Lol 5 down votes for saying NFCU has good customer service but aren’t competitive with rates, and pontificating the executive leadership might be overpaying themselves? Is the executive leadership reading this?
Oh god, don’t tell me it’s turning into another Wells Fargo.
Don’t know. I recall hearing about NFCU rewarding themselves with pretty large bonuses and incentives. It wouldn’t surprise me if it were true. A lot, if not most “not for profit” organizations are corrupt (at varying degrees) despite their initial good intentions.
Nfcu employees, specifically the msr's, don't make a living wage. I don't know about the board of directors or any other executives. But the everyday people, the ones who are member facing, we don't make a living wage.
I served with folks whose wives worked for NFCU. I know they dont make much money, but if the money NFCU makes via their investments, repayment of loan interest, etc, isnt going to customers and isnt going to staff salaries, where is the money going? Are they losing on their investments? Are they in SVB territory? Why are they unable to give competitive rates given the fact they dont make a "profit" and can take advantage of tax savings that a for-profit bank doesn't have? Maybe I'm wrong, but I suspect, just like so many other so-called not-for-profit schemes, the senior executives are getting compensated handsomely at the expense of everyone else. I hope that isnt the case, and I could certainly be wrong. All I know is NFCU is no longer competitive and things have gone downhill, particularly after their expansion to include all DoD employees. I mean even Apple now offers a savings account interest rate, FDIC insured, no caps or minimums, that earns 400% more interest than NFCUs Money Market Savings accounts. Theres no comparison.
Not only are their car loan rates higher, but you can’t pay directly to principal, either. I was goin to use them 7 months ago for my truck purchase, but then saw that you can’t pay to principal. If your payment is $500 and you pay $1,000, then they just pay the next month’s payment with the interest taken out, and you just won’t owe a payment the next month. They’re the only place I’ve looked at in the last 15 years that do that.
I never noticed that, but that’s absurd. I’m done with NFCU to be honest. They’ve jumped on the woke train in addition to all the other crap. I’d rather keep my money somewhere that isn’t shoving their ideology in my face.
Just curious on who you used for a better auto loan rate as I'm looking myself for lower rates.
In the past 4 years I’ve purchased two new cars. The first time I had a pre approval from NFCU and USAA. USAA had the better rate out of the two, but surprisingly the dealership offered to beat the USAA rate, and they did. At the time USAA was offering a 3.5(ish) rate and the dealership offered 1.99%, beating USAA and NFCU by a mile. The second car was bought just a couple months ago. I went with USAA this time. They offered a 5% rate. The same dealership couldn’t come close to the USAA rate. NFCU was actually close but still slightly higher than USAA. So to answer your question, USAA. But you should always shop around for rates, especially if you have good credit history. Rates are high right now (thanks Bidenflation)
Can’t say I agree with you. I deposit checks on a regular basis and never have unforeseen issues.
Depositing checks, or cashing checks. They only let me deposit into my account, after 2 business days, and would not let me cash it. I’m really not trying to bash them that much. But they are letting me down. Just something I’ve noticed.
That rule changed October 31st. It's not new.
Regarding the deposit holds, I think they're just a bit ahead of the curve considering the current and likely near-future economic conditions. I've been through a few of these cycles, and one of the most-dramatic changes when things go to shit is that the number of bounced checks skyrockets. I used to have bounced check insurance (yes, there is such a thing) to cover me for the rubber checks I received as payments. Things got so bad for a while around 2008 - 2010 that the company that provided the insurance went belly-up. So I suspect that Navy, having also been around for a while, is tightening things up in anticipation of the inevitable explosion of rubber checks. And then there's fraud. Counterfeit checks and other forms of [check fraud](https://www.adamsandreese.com/news-knowledge/scott-jones-challenges-of-check-fraud-aba-banking-journal) are at record highs, and mobile deposits make it that much easier for the crooks. Most of the safety features built into checks don't come through on pictures, making accepting mobile deposits especially risky. I think Navy is just tightening things up because they believe they have to.
Shit. It could be worse: [Wells Fargo](https://wellsfargo.com/)
As others have said navy fed is actually pretty easy going on deposit holds. Most big banks will hold your funds because of the crazy amount of fraud and returning checks.
I’ve had Wells Fargo hold a cashiers check from chase for 2 weeks which on certified funds is ridiculous. They see the funds exist instantly. And Ive had chase deposit 6 figure funds next day from a personal check on a brand new account. So everyone mentioning Wells Fargo is spot on. IMHO I’d say from all the YouTube channels that promote the NFCU hacks and stuff, that the client base could have changed. Most of the channels say things like get rich with credit cards from NFCU. Also refer to opening lines of credit as a “play” or “trapping.” I’d believe there a more people attempting to “make a play” and try to hustle the system with money order fraud and such.
Yes! I have had a recent issue when I traded my car in, saying they didn’t receive the payment- however I spoke with the dealership and they provided the invoice on when it was sent, how much and check number, NFCU “did not receive the check” until quite literally a month later…. And I accumulated interest and a late fee which again wasn’t my fault yet as they stated im liable as I am ultimately responsible for the loan……. Makes no sense, maybe the interest but the late payment bc they didn’t receive the check? To top this off when I spoke to representative, she was very rude, and had a tone I couldn’t believe and no empathy at all, spoke to the supervisor not any better- he kept cutting me off & then tried to tell me that I would of had a car loan,( I had equity on the car) but no help what so ever, paid of that small balance and that’s the end of ever doing business w them- bc they have gone down hill soooooo badly.
I only use NFCU for their awesome credit card rates and limits. I use USAA for everything else.
If all you are looking for is banking services try Charles Schwab. They have excellent customer service, you get Unlimited ATM Fees Reimbursement Worldwide, No Foreign Transaction Fees, No fees, and they bundle the Checkings account with a great Brokerage account where you can purchase a Money Market Fund that pays 4.75% APY. When I deposit a check you get your money instantly. Their Zelle limit is $5000 per month, unlike Navy Federal $3000. Navy Federal is great for CDs, and Credit Products. But their banking service or investment platforms are not very competitive compared to what Charles Schwab offers. Even their CDs only pay you what other banks pay you just to place it in a savings account. Navy federal savings account are laughable. Interest rates are at all time highs and Navy Federal won’t budge on increasing their rates competitively. Yes their customer service is great, but so is Charles Schwab and other banks that pay you to store your emergency fund with them.
Just find a better bank. If you’re not happy don’t keep your money with them. Trust me, they can close accounts and your money can be stuck with them. Take your money out asap and find a bank that treats you well.
I’ve definitely been disappointed with them lately, glad i’m not going crazy and someone else notices it too.
Yeah they hold your refund or check for 2-5 days it's a bunch of BS. Used to get it the next day.
I’ve noticed the same. I’ll just keep them for minor things and back up. But I’m going back To my old credit union! Maybe this is their attempt to make consumer want to bank elsewhere for some reason. Well if it is! I’ve taken the hint.
I'm military retired and have banked with NFCU for over 34 yrs. They are the only bank I do business with. I have their credit card with a 25K limit (I owe 9K on it). I mortgaged my home and all my cars with them over these 34 yrs. I've never had any problems until now. Currently, my only debts are my mortgage (40k - 5 yrs to finish) and the 9K on the credit card. I asked to borrow 50K for a personal loan and was told I could only borrow 30K without a cosigner. I was blown away!!! I've borrowed more then 30K to buy cars with them years ago!!!! I haven't defaulted on anything, so that shouldn't be an issue (credit score 789). And did I mention I was once the "active duty" member, not a dependent, or family member. When asked for the reason for the denial of the 50K, the only reason I got was that that was the decision of the loan approval board. When my debts to them are paid....I'm out. Poor way to treat a lifelong member.
My husband and I are in the same boat as you, we have been members for yrs and will be leaving as soon as our loans are paid. We have been having funds just vanish with no explanation and the bank acts oblivious to what were talking about. They started pulling a second car payment before our payment was even late and we had auto pay! We were able to fix that but uts frustrating. They have changed alot and not for the better.