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Can I use my Navy LOC to pay online bills?


dcook80
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/> I've had my Navchek since 2007, not used it once and it still remains at the original 15K limit. Unlike other PLOC's, Navchek is completely tied to your checking account. That means it cannot really be accessed unless your checking account is zero. Penfed's ploc doesn't operate this way, you can use it stand alone with no ties to your checking. I've periodically used Penfed's and other PLOCs by accessing funds for a day and paying it back the next to keep active and avoid closure. Navy's navchek is different however, given it's basically a back up checking account...so the risk of closure due to non use (at least in my case for sure) is not there...

I have checks that I can use if I want to use NavChek directly and not use what is in checking. I'm pretty sure all of them are set up to be used this way as well, both as overdraft protection and as a LOC that can be used seperately.

I have those checks too, but... Look at the routing and accounts numbers on those checks and compare them to your checks for the regular checking. They are identical. Your navchek account number and checking account number is the same. I'm fairly sure if you write a check from the loc stock, funds will be deducted from your checking account first before the loc limit gets utilized if need be...and up to the check amount.

This isn't correct. As long as you use a "real" NAVchek paper check, funds WILL be deducted from your LOC first regardless of your checking account balance. That is the whole point of having separate checks. ;)

 

Of course the account #'s and routing #'s are the same. The 2 accounts are tied together that way. But the system is set up to operate the way I described above. :good:

I'm not going to test it out, but I'd like to hear from someone who has done this. Having two separate check stock on the limits doesn't really confirm the fact that they are 2 lines because some bank's checking lines of credit operate as indicated about. It's possible that navchek does and that would be ideal. Often times that's the distinction between checking line of credit (they way navy is now selling this account) and free standing loc-line of credit. But if indeed you may access the navchek on its own, then that is ideal. Would like feedback from someone who has done it to confirm.

I just recently wrote two checks to purchase furniture and the funds were drawn directly from NavCheck while I had a positive balance on the account it is tied to.

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/> I've had my Navchek since 2007, not used it once and it still remains at the original 15K limit. Unlike other PLOC's, Navchek is completely tied to your checking account. That means it cannot really be accessed unless your checking account is zero. Penfed's ploc doesn't operate this way, you can use it stand alone with no ties to your checking. I've periodically used Penfed's and other PLOCs by accessing funds for a day and paying it back the next to keep active and avoid closure. Navy's navchek is different however, given it's basically a back up checking account...so the risk of closure due to non use (at least in my case for sure) is not there...

I have checks that I can use if I want to use NavChek directly and not use what is in checking. I'm pretty sure all of them are set up to be used this way as well, both as overdraft protection and as a LOC that can be used seperately.

I have those checks too, but... Look at the routing and accounts numbers on those checks and compare them to your checks for the regular checking. They are identical. Your navchek account number and checking account number is the same. I'm fairly sure if you write a check from the loc stock, funds will be deducted from your checking account first before the loc limit gets utilized if need be...and up to the check amount.

This isn't correct. As long as you use a "real" NAVchek paper check, funds WILL be deducted from your LOC first regardless of your checking account balance. That is the whole point of having separate checks. ;)

 

Of course the account #'s and routing #'s are the same. The 2 accounts are tied together that way. But the system is set up to operate the way I described above. :good:

I'm not going to test it out, but I'd like to hear from someone who has done this. Having two separate check stock on the limits doesn't really confirm the fact that they are 2 lines because some bank's checking lines of credit operate as indicated about. It's possible that navchek does and that would be ideal. Often times that's the distinction between checking line of credit (they way navy is now selling this account) and free standing loc-line of credit. But if indeed you may access the navchek on its own, then that is ideal. Would like feedback from someone who has done it to confirm.

I just recently wrote two checks to purchase furniture and the funds were drawn directly from NavCheck while I had a positive balance on the account it is tied to.

Excellent, that answers the question. The separate check stock and the one stating line of credit doesn't really confirm anything - basically it's a marketing perk for the customer. But your testing it out and the result of it being stand alone confirms it. Thanks for the info, I'm convinced :lol:

Edited by TrevorHere
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Thank you, BamaInvestor, for stating your experience!

 

I had understood this to be the case for the NavChek which is why I applied for it in the first place. Then after I was approved, I was speaking with a CSR and as I explained what I was looking to do with the LOC in a couple of weeks, he stated that the money would come out of the checking account first and then draw from the line of credit. That made me pause and be thankful that I wasn't doing DD with NFCU. I was also confused on why they would do it that way, but it was their perogative. I still haven't received the promissary note, so I have been unable to read any docs on it yet. Now it sounds like I just got a CSR who wasn't rock solid on the NavChek product.

 

Either way, I will know what happens when I write a check from it in a couple of weeks. Hopefully my experience is the same as BamaInvestor's.

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/> I've had my Navchek since 2007, not used it once and it still remains at the original 15K limit. Unlike other PLOC's, Navchek is completely tied to your checking account. That means it cannot really be accessed unless your checking account is zero. Penfed's ploc doesn't operate this way, you can use it stand alone with no ties to your checking. I've periodically used Penfed's and other PLOCs by accessing funds for a day and paying it back the next to keep active and avoid closure. Navy's navchek is different however, given it's basically a back up checking account...so the risk of closure due to non use (at least in my case for sure) is not there...

I have checks that I can use if I want to use NavChek directly and not use what is in checking. I'm pretty sure all of them are set up to be used this way as well, both as overdraft protection and as a LOC that can be used seperately.

I have those checks too, but... Look at the routing and accounts numbers on those checks and compare them to your checks for the regular checking. They are identical. Your navchek account number and checking account number is the same. I'm fairly sure if you write a check from the loc stock, funds will be deducted from your checking account first before the loc limit gets utilized if need be...and up to the check amount.

This isn't correct. As long as you use a "real" NAVchek paper check, funds WILL be deducted from your LOC first regardless of your checking account balance. That is the whole point of having separate checks. ;)

 

Of course the account #'s and routing #'s are the same. The 2 accounts are tied together that way. But the system is set up to operate the way I described above. :good:

I'm not going to test it out, but I'd like to hear from someone who has done this. Having two separate check stock on the limits doesn't really confirm the fact that they are 2 lines because some bank's checking lines of credit operate as indicated about. It's possible that navchek does and that would be ideal. Often times that's the distinction between checking line of credit (they way navy is now selling this account) and free standing loc-line of credit. But if indeed you may access the navchek on its own, then that is ideal. Would like feedback from someone who has done it to confirm.

I just recently wrote two checks to purchase furniture and the funds were drawn directly from NavCheck while I had a positive balance on the account it is tied to.

Excellent, that answers the question. The separate check stock and the one stating line of credit doesn't really confirm anything - basically it's a marketing perk for the customer. But your testing it out and the result of it being stand alone confirms it. Thanks for the info, I'm convinced :lol:

 

 

Thank you, BamaInvestor, for stating your experience!

 

I had understood this to be the case for the NavChek which is why I applied for it in the first place. Then after I was approved, I was speaking with a CSR and as I explained what I was looking to do with the LOC in a couple of weeks, he stated that the money would come out of the checking account first and then draw from the line of credit. That made me pause and be thankful that I wasn't doing DD with NFCU. I was also confused on why they would do it that way, but it was their perogative. I still haven't received the promissary note, so I have been unable to read any docs on it yet. Now it sounds like I just got a CSR who wasn't rock solid on the NavChek product.

 

Either way, I will know what happens when I write a check from it in a couple of weeks. Hopefully my experience is the same as BamaInvestor's.

 

I just want to clarify that I used the NavCheck checks with "line of credit" printed on them...not a standard check as I normally don't use checks for any transactions.

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/>Thank you, BamaInvestor, for stating your experience!

 

I had understood this to be the case for the NavChek which is why I applied for it in the first place. Then after I was approved, I was speaking with a CSR and as I explained what I was looking to do with the LOC in a couple of weeks, he stated that the money would come out of the checking account first and then draw from the line of credit. That made me pause and be thankful that I wasn't doing DD with NFCU. I was also confused on why they would do it that way, but it was their perogative. I still haven't received the promissary note, so I have been unable to read any docs on it yet. Now it sounds like I just got a CSR who wasn't rock solid on the NavChek product.

 

Either way, I will know what happens when I write a check from it in a couple of weeks. Hopefully my experience is the same as BamaInvestor's.

Just fyi, my checks for the LOC did not come until about 2 weeks after it was activated.

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I'm not going to test it out, but I'd like to hear from someone who has done this. Having two separate check stock on the limits doesn't really confirm the fact that they are 2 lines because some bank's checking lines of credit operate as indicated about. It's possible that navchek does and that would be ideal. Often times that's the distinction between checking line of credit (they way navy is now selling this account) and free standing loc-line of credit. But if indeed you may access the navchek on its own, then that is ideal. Would like feedback from someone who has done it to confirm.

You have! I've done exactly this several times over on both my personal and my joint NAVchek. And it's been confirmed countless times by many others here on CB. The ONLY reason why i wrote the NAVchek paper check in the 1st place was because I knew that was the only way to access my LOC, since I had plenty of funds in checking and it was inconvenient to go to a branch not to mention much harder.

 

It is very unique how NFCU handles this account. Believe me, regardless of the numbers on the bottom of the checks being the same, the processing dept. KNOWS the difference and does not touch your checking account funds. And while I don't like or even understand the recent name change, nothing has ever changed about how this checking OD/LOC works at least to my knowledge. It really isn't confusing or complicated either. If you don't have any money or not enough, NAVchek will cover any amount up to your CL. Or if you want you can write a special NAVchek, call, or visit a branch to directly access the LOC side of NAVchek, up to the CL of course.

 

Maybe it would help to think of this as THREE accounts, but all tied together?

  • Checking
  • Overdraft Protection of a Revolving Credit Line
  • Revolving LOC

 

You don't have to believe me of course! But I definitely have done this multiple times (writing NAVcheks to access LOC while I still had a positive balance in checking). It posts flawlessly to LOC everytime! :good:

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@BamaInvestor - Thanks for the clarification. My understanding had always been to use the specific "Line of Credit" checks to access the LOC, not any of the personal checks. So I will be sure to not confuse the two.

 

 

@mendelssohn - Hmmmm, thanks for the heads up. I was hoping to have them by the beginning of August, but will work with whatever timeframe they come.

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/> Thank you, BamaInvestor, for stating your experience!

 

I had understood this to be the case for the NavChek which is why I applied for it in the first place. Then after I was approved, I was speaking with a CSR and as I explained what I was looking to do with the LOC in a couple of weeks, he stated that the money would come out of the checking account first and then draw from the line of credit. That made me pause and be thankful that I wasn't doing DD with NFCU. I was also confused on why they would do it that way, but it was their perogative. I still haven't received the promissary note, so I have been unable to read any docs on it yet. Now it sounds like I just got a CSR who wasn't rock solid on the NavChek product.

 

Either way, I will know what happens when I write a check from it in a couple of weeks. Hopefully my experience is the same as BamaInvestor's.

Just fyi, my checks for the LOC did not come until about 2 weeks after it was activated.

And, I believe you must request them or they'll never come.

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/> Thank you, BamaInvestor, for stating your experience!

 

I had understood this to be the case for the NavChek which is why I applied for it in the first place. Then after I was approved, I was speaking with a CSR and as I explained what I was looking to do with the LOC in a couple of weeks, he stated that the money would come out of the checking account first and then draw from the line of credit. That made me pause and be thankful that I wasn't doing DD with NFCU. I was also confused on why they would do it that way, but it was their perogative. I still haven't received the promissary note, so I have been unable to read any docs on it yet. Now it sounds like I just got a CSR who wasn't rock solid on the NavChek product.

 

Either way, I will know what happens when I write a check from it in a couple of weeks. Hopefully my experience is the same as BamaInvestor's.

Just fyi, my checks for the LOC did not come until about 2 weeks after it was activated.

And, I believe you must request them or they'll never come.

 

I got my checks shortly after I opened account without requesting. They came in a discreet manilla envelope.

Edited by BamaInvestor
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I'm not going to test it out, but I'd like to hear from someone who has done this. Having two separate check stock on the limits doesn't really confirm the fact that they are 2 lines because some bank's checking lines of credit operate as indicated about. It's possible that navchek does and that would be ideal. Often times that's the distinction between checking line of credit (they way navy is now selling this account) and free standing loc-line of credit. But if indeed you may access the navchek on its own, then that is ideal. Would like feedback from someone who has done it to confirm.

You have! I've done exactly this several times over on both my personal and my joint NAVchek. And it's been confirmed countless times by many others here on CB. The ONLY reason why i wrote the NAVchek paper check in the 1st place was because I knew that was the only way to access my LOC, since I had plenty of funds in checking and it was inconvenient to go to a branch not to mention much harder.

 

It is very unique how NFCU handles this account. Believe me, regardless of the numbers on the bottom of the checks being the same, the processing dept. KNOWS the difference and does not touch your checking account funds. And while I don't like or even understand the recent name change, nothing has ever changed about how this checking OD/LOC works at least to my knowledge. It really isn't confusing or complicated either. If you don't have any money or not enough, NAVchek will cover any amount up to your CL. Or if you want you can write a special NAVchek, call, or visit a branch to directly access the LOC side of NAVchek, up to the CL of course.

 

Maybe it would help to think of this as THREE accounts, but all tied together?

  • Checking
  • Overdraft Protection of a Revolving Credit Line
  • Revolving LOC

 

>You don't have to believe me of course! But I definitely have done this multiple times (writing NAVcheks to access LOC while I still had a positive balance in checking). It posts flawlessly to LOC everytime! :good:

 

Good to know, thanks! :good:

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  • 3 weeks later...

I'm curious what kind of rate people tend to get approved for with the NavChek. I see the lowest advertised rate on the site is 13.99%. I've got a Flagship card at 14.49%, and the lowest advertised is 9.99%. Something tells me the LOC would be at a higher rate than my card?

 

The only use I would have for something like this is to PIF my rewards card. I love shoving everything I can onto the rewards card and PIF at the end of the month, but this could be cool if you wanted to make a big purchase and still earn rewards and then throw it on here for a few months to stretch out the payments. Wouldn't work so well unless it was a low rate.

 

I do have a low rate card with another CU that has no rewards so if I wanted to carry a balance, that's my card of choice, but it'd be cool to have a low cost LOC available so I didn't miss out on rewards.

 

Heh...

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I always use my navcheck and for the past year I'm always -negative balance on my checking that's what navcheck is for the back up if you don't have enough money in your checking navcheck will cover I use the whole amount every month 15k navyfed doesn't seem to care if you max it out as for me. But I always pay in full every month.

Why pay fees (13.9%) since do not need loan/are PIF in any case? Imagine they love it though...

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Unless it was a dire emergency, why would you use the LOC if interest starts from the moment you tap the funds? Why not put this on a CC and have the grace period, then PIF?

 

I used mine because I had never used it and it does report, so I wanted it to show some usage. The interest turned out to be negligible for me. I used about $900 worth with the intention of PIF and it looks like its only cost me about $12, if I'm calculating correctly. The only thing I didn't like is that I can't see the actual charges by name if they come out of the LOC as an overdraft from my checking. It says so in my checking but in the LOC it just shows the amount and the date. I have to sit and match them up if I really want to know, but I really don't care, just a note. The Loc checks show up so I can click on them just like in checking.

 

I really like having it though. It helps fill in the blanks between pay periods if necessary, very nice!

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Unless it was a dire emergency, why would you use the LOC if interest starts from the moment you tap the funds? Why not put this on a CC and have the grace period, then PIF?

 

I used mine because I had never used it and it does report, so I wanted it to show some usage. The interest turned out to be negligible for me. I used about $900 worth with the intention of PIF and it looks like its only cost me about $12, if I'm calculating correctly. The only thing I didn't like is that I can't see the actual charges by name if they come out of the LOC as an overdraft from my checking. It says so in my checking but in the LOC it just shows the amount and the date. I have to sit and match them up if I really want to know, but I really don't care, just a note. The Loc checks show up so I can click on them just like in checking.

 

I really like having it though. It helps fill in the blanks between pay periods if necessary, very nice!

 

I guess it would make sense to use it to show usage or to keep it from closing for non-use. You might have tried a $1 Amazon gift card for yourself, though... :) And as for the blanks in between pay periods, I still think a cc with a grace period serves you better, as long as you PIF, if you face that situation.

 

I'm allergic to paying interest, sorry. :grin:

Edited by cv91915
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