NFCU

Discussion in 'Naval Academy - USNA' started by 697biling, May 3, 2017.

  1. 697biling

    697biling Member

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    Quick question. Would it be a wise idea to open a checking account on the application in the PTR? I only ask because my father suggested waiting for a few months before opening a checking account, while my mother thinks I should open one as soon as possible. I thought I'd come to the forum to seek advice from those who have actually been through this process. Any thoughts?
     
  2. momofmod

    momofmod Member

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    I don't have it in front of me but somewhere we read your paycheck is direct deposited to Navy Federal Credit Union....someone correct me if I'm wrong please. That's why my son went ahead and sent the banking stuff that was in the PTR to NFCU.
     
  3. NavyHoops

    NavyHoops Super Moderator 5-Year Member

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    I would open it. It's the one bank on the yard and a few ATMs also on the yard. Makes life easier.
     
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  4. Cerberi

    Cerberi Member

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    You choose your financial institution not the Navy

    NFCU is the most convenient but there are many that won't charge ATM fees
     
  5. Sandydesert

    Sandydesert Member

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    Last year at PPW, NFCU was running a promotion where if Parent opened an account, Parent would get $50.00 deposited to Parent account as a "welcome" , which could then be transferred to plebe's account if desired. I have no idea if they will be offering that same promotion this year.
     
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  6. usna1985

    usna1985 10-Year Member

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    Opening an NFCU account is a terrific idea for the reasons Hoops states. NFCU says that they serve where you serve, which is true. I've used them since PS. And, of course, having an NFCU account does not preclude you from having other bank accounts, should you so choose.
     
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  7. hopefulmom19

    hopefulmom19 Member

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    DD (class of 2019) opened an account with USAA - they are located right outside of the yard and are very easy to deal with. Her thought was down the road she could get car insurance thru them (I don't know if NFCU has this as an option) . She also recently shared that each of the two institutions offers a different "package" for the 2nd class loan. S
    ome mids use both NFCU and USAA.
     
  8. kinnem

    kinnem Moderator 5-Year Member

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    NFCU also has branches in Marine Corps bases, or at least in Jacksonville, NC and Quantico. I would expect them to be elsewhere.
    DS does all his business with USAA. He loves USAA and they do seem to have the best customer service I've ever seen.
     
  9. nuensis

    nuensis USNA 2016 5-Year Member

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    I would open the NFCU account. I have never been to a base that didn't have a NFCU, regardless of overseas location or service branch. In places without a Community Bank (Bank of America), NFCU provides currency exchange, usually at better rates than local banks. You also get paid a few days earlier with NFCU.

    USAA I've only seen in Annapolis and Norfolk. Couldn't even get to one at my HOR without driving two hours.
     
  10. NavyHoops

    NavyHoops Super Moderator 5-Year Member

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    To this day I still have both banks... as do most my friends. A lot of former USN and USMC folks do. I have the majority of my stuff with USAA to include car loan, mortgage, all my insurance, investments, etc. I have had a mortgage and car loans with NFCU over the years. They actually have had slightly better rates on many occasions. NFCU has branches as this point at nearly every large base in America regardless of service so it's nice to have something I can get to even though I don't have a Navy base near me. For convenience as a Mid, NFCU is nice, but pretty much everyone ends up with USAA also. NFCU allows you to pass on membership to family (not just kids like USAA). My siblings actually all use it and have used them for mortgages and car loans.
     
  11. Capt MJ

    Capt MJ 10-Year Member

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    Ditto me per Hoops' comments. I have both. Have found no need to go into a branch of either. USAA's ATM card allows you to use any ATM and rebates the fees up to an amount that I have never exceeded each month.

    NFCU will generally have better consumer loan rates than USAA Fed Savings Bank, because a CU is a dot.org (exempt from some dot.com things) and lending money is its core business. Its charter allows a larger membership eligibility than USAA's Association charter.

    You can't go wrong with either. Start with one, add the other later, figure out what works.
     
  12. ktnatalk

    ktnatalk Sailor. Shipmate. Parent.

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    Regarding NFCU:

    IMG_4622.PNG

    And use ATMs in any 7-Eleven for free, or get reimbursed using other ones:

    IMG_4623.PNG

    Extra benefits with NFCU early on: open a credit card to build credit worthiness early. NFCU gives you $1000 credit limit Plebe year; $2000 Youngster year; $3000 Second Class year and $4000 Firstie year. All with that under $1030 monthly basic pay all four years, while $100, $200 and $300 actual pay deposited into your account. Why use money other ways when you could learn financial discipline and building credit when you are 18 years old? Open a credit card and CANCEL the debit card (and minimize using the Yard Card whenever you can use a credit card) which provides less protection compared with a credit card. Open your NFCU credit card during PPW.

    Did we already say a branch is right inside Bancroft (across from the Midstore)?
     
  13. nolamomma

    nolamomma Member

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    NFCU is the way to go for sure. No down side as I see it.
     
  14. NavyHoops

    NavyHoops Super Moderator 5-Year Member

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    Man, when I got my first CC at NFCU it was $500 for a Mids! It was a great way to build credit as a young adult.
     
  15. ktnatalk

    ktnatalk Sailor. Shipmate. Parent.

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    And gasoline was probably under $1 per gallon then too... (okay, I need to tread carefully...) but I digress! :D
     
  16. TexMex2022

    TexMex2022 Member

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    I know this is an old post but still relevant. I recently had a problem with USAA which requires I open a new account. I could reopen a USAA account which seems like the consensus given USNA nearly mandates a NFCU account anyways. However I may be missing the point of have accounts with the two institutions.
     
  17. 22bravo

    22bravo Member

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    A few points for those new to USAA and NFCU, and echoing some points made above and responding to the original post:

    - In a nutshell, if you're going to pick ONE, I'd recommend NFCU, and I'd open the account as soon as you are eligible.
    - You do not have to use USAA banking services to be eligible for car/home/renters/life insurance through them.
    - For many years, my family has shopped mortgages, car loans, credit card rates, etc. and has always sought information from both of these banks. It is telling that at car dealerships, we often get an immediate response when we disclose we're considering financing through NFCU -- the dealership immediately says they can't compete with NFCU rates. Although it may not be true always, our experience has been that NFCU has offered the best interest rates for auto loans (beating USAA). However, when shopping for mortgages, neither NFCU or USAA has ever been able to meet the interest rates we've found through brokers. Bottom line, both of these banks offer some exceptional rates and services. We absolutely love NFCU.
    - If you are opening a credit card, I recommend the NFCU Signature Flagship rewards card -- accumulated points can be used for many things (hotel stays, airline flights, etc.). If you are paying your card off monthly, it's a easy way to earn "free" rewards. Start earning these rewards right away -- they add up. After many years of exploring other rewards programs, we keep coming back to this one.
     
  18. Imboden

    Imboden Member

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    I've had USAA forever for insurance. They are great. Glad to hear folks having a good experience with NFCU. If DS goes USNA, it was recommended to me (by a Navy friend) that he sets up an NFCU checking account. More ATM options with NFCU, such as being able to use it at any 7-eleven. Plus the ATM location on the Yard. If he goes USAFA, I'll have to figure that one out - I don't know many Air Force folks.
     
  19. Capt MJ

    Capt MJ 10-Year Member

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    Similar to NavyHoops, I have both USAA and NFCU, with bank accounts at both. With more products at USAA, I do the majority of my banking there, using the phone app for most transactions. Pay bills, shift money into investment accounts (internal and external), etc. I go into the local NFCU branch maybe a few times a year - to get cash in specific denominations for holiday tips to various service professionals we use, umm, guess that was it for 2017. But I like having a brick-and-mortar just in case. I use any ATM I come across as needed while traveling, because USAA reimburses all monthly ATM fees up to a certain amount, which I have never come close to exceeding - thus, no ATM fees. I have to do a bit more checking to find NFCU in-network ATMs. There are always plenty of NFCU ATMs near military bases.

    Both have competitive cashback and points reward credit cards. Both are deployment-friendly and understand OCONUS challenges.

    NFCU has caught up to USAA’s mobile platforms. NFCU gave me my first credit card without batting an eye; this was in the days when some banks and stores still required a father, husband or adult brother to co-sign for any woman who wanted a credit card or loan, regardless of her earned income. As a nod of loyalty, I have maintained accounts there.

    NFCU, as a dot-org credit union, is almost always going to have better consumer loan rates for auto and property loans, because lending money at low rates to its members is the core mission of a CU. The USAA Bank is a dot-com, and is saddled with more costs to lend than a CU. I have gotten all auto loans at NFCU.

    Mortgages - though I always checked with both, I always found better rates elsewhere. The last two mortgages and refi’s, we have used a USNA ‘76 grad and retired officer who is well regarded in the Annapolis area as an independent mortgage broker who’s an ace with VA loans and minimal fees. He’s word of mouth on the “grad circuit,” though you can find him in the back of SHIPMATE, along with a few other grads in the same business.

    Both USAA and NFCU offer various retail discount programs, home buying/selling services with rebates on realtor commissions, etc.

    A credit union can broadly set the terms of its membership and expanded eligibility. USAA is a chartered association with specifically designated eligibility groups.

    Both have provided excellent support to me since the start of my military service. Everyone finds the right combination of what works for them.
     
  20. Capt MJ

    Capt MJ 10-Year Member

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    See my note above. USAA reimburses ATM fees up to a certain monthly amount, any ATM, any network. I’ve never exceeded it. Complete freedom. If your DS goes to USNA, a NFCU app will come in the PTR (Permit to Report) packet. Or, he takes USAA banking info to I-Day, and his pay direct deposit is just as easily set up that way.
     
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