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Back door into Navy FCU
Old 09-23-2010, 01:02 PM   #1
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Back door into Navy FCU

From Fatwallet:
Assuming all members from USA Fed become part of NFCU, this should be an easy (and possibly very limited-time) method for anyone to join NFCU.

***************************

So is it worth the trouble for us satisfied Pen Fed customers to bother?
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Old 09-23-2010, 02:00 PM   #2
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Is NFCU better than PenFed?
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Old 09-25-2010, 08:08 AM   #3
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Is NFCU better than PenFed?
I use both. NFCU has been better for mortgages & HELOCs in the past and may someday be so again. PenFed has generally been better for CDs and was quickly worth the $20 membership fee.

The main reason I stick with NFCU is that I've had the account since 1978 and I've been terrified to change my pension direct deposit. However it's possible that I'll have my patience tested... our kid turns 18 next month and I'll be trying to decouple her accounts from mine.
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Old 09-25-2010, 12:44 PM   #4
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OK, just in case I ever want anything from Navy Fed, I just finished applying to USA Fed. We will see what happens.
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Old 09-25-2010, 06:08 PM   #5
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Originally Posted by Nova View Post
Is NFCU better than PenFed?
If you can only do one, PenFed is the way to go. NavyFederal is generally better for auto loans, but my experience is that PenFed is better for mortgages. Customer service is poor with NavyFederal, but there are far more branches of NavyFederal than PenFed, should you ever need to actually conduct a transaction in person.
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Old 09-25-2010, 07:17 PM   #6
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Cool. Thanks for the heads up Brew. I've often seen attractive deals at Navy but they are very strick about who can join.
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Old 09-25-2010, 10:55 PM   #7
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Brewer thanks for the tip I applied to USA Fed a few hours after your original post just waiting for confirmation.
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Old 09-27-2010, 07:38 AM   #8
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I read this on Fatwallet a few days ago, but reading this post last night made me get off the fence and I applied last night.

An interesting online application, IMO.

I've used PenFed for the last 8 years, and my SO is going over the insured limit on her IRA's in a few months, and was looking for a way to join NavyFed.

Thanks, Brewer.
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Old 09-27-2010, 02:25 PM   #9
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Nords,
For what it is worth, I went on the 'MyPay' website last month and moved my pension direct deposit from Wells to USAA. I went on line around the first or second week, and the Sept. check went to USAA. It was painless. However, I must confess, like you I had put it off for a lot of years.

Also, the MyPay site is the most difficult site to log onto I have ever come across!
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Old 09-27-2010, 03:09 PM   #10
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Not to hijack the thread - Okay, to hijack the thread - I've been wanting a local credit union here in HI and Brewer's "back door" might just be my way in.

Here's the hijack: I am still a member of two credit unions on the mainland (both, from my former employers). Additionally, I have a local bank here and yet another on the mainland. Is there any significant disadvantage to having multiple accounts like this? I can't think of any. There are some advantages having mainland accounts near where I still maintain ties including kids, family business, a car and tiny apartment. (e.g., I still maintain a deposit box with my mainland bank - obviously don't keep anything there I need here.)

Alternately, does it make sense to join a 3rd CU when I have most of the services of the other two available to me world-wide? I'm reasonably happy with my two CUs services, fees, etc. Still, there's something nice about being able to walk into a branch and cash a check or make a deposit, use a free ATM, use a notary's service, buy travelers checks, etc. All these services (and others) are available to me in one form or another, locally. Still I really like having a local CU.

Any thoughts on this subject?

Returning you now to our regularly scheduled thread.
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Old 09-29-2010, 10:56 PM   #11
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Brewer, it's official as of yesterday I have an account. Looking forward to 50 yrs of CD competition Penfed vs NFCU
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Old 09-30-2010, 07:05 AM   #12
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Originally Posted by HawkeyeNFO View Post
If you can only do one, PenFed is the way to go. NavyFederal is generally better for auto loans, but my experience is that PenFed is better for mortgages. Customer service is poor with NavyFederal, but there are far more branches of NavyFederal than PenFed, should you ever need to actually conduct a transaction in person.
I've been banking with NFCU since 1989. I joined NFCU when the only way you could become a member was joining overseas. I am also a member with Pen Fed. I do believe that NFCU is the largest CU in the world. My bill pay is through them and both mine and my wife's paychecks are directly deposited. I have to disagree with the poor customer service of NFCU and that is more than likely because I live in a military town (jax Fl) and have access to numerous NFCU branches. I will agree that for the most part you can do better on loans, CD rates, mort rates elsewhere.

Mike
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Old 09-30-2010, 09:00 PM   #13
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I've been banking with NFCU since 1989. I joined NFCU when the only way you could become a member was joining overseas. I am also a member with Pen Fed. I do believe that NFCU is the largest CU in the world. My bill pay is through them and both mine and my wife's paychecks are directly deposited. I have to disagree with the poor customer service of NFCU and that is more than likely because I live in a military town (jax Fl) and have access to numerous NFCU branches. I will agree that for the most part you can do better on loans, CD rates, mort rates elsewhere.

Mike
I have been an NFCU member since 1967. My experience is that the customer service is very good. (Although I have noticed that as NFCU has gotten larger over the years, the service is less "personal.") I live in an area where there are no military bases. Yet, we pay all our bills through NFCU's on-line bill paying service, we can withdraw money from some local ATM's with no fees and I have never had a check refused because it wasn't "local." I'm also a PenFed member and I agree that PenFed is better for some things (like CD rates). I suspect that over time, the relative advantages of NFCU vs. PenFed will swing back and forth. But unless something changes dramatically in the future, NFCU will be my primary "bank" forever.
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