Banking Tips and Tricks: Navy Federal
I decided to create a series of emails called Banking Tips and Tricks due to the overwhelming response I received when I mentioned underutilized Navy Federal services on twitter. You will receive 4-5 emails about tips and tricks when using a specific financial institution.
Some of these you may have already known about some you may not have been aware of.
Let's get started!
TIP #1 - UNLIMITED AMOUNT OF CHECKING AND SAVINGS ACCOUNTS FOR FREE
I like to separate my money and allocate all of my money into different bank accounts. Navy Federal is perfect for this because you can open an unlimited amount of checking and savings accounts for free. After opening your initial member savings account for $5.00 all other accounts are free. It takes a few minutes to open up new accounts online, but I prefer to call them so I can let them know if I don't want a debit card with the new checking account. I talk about why money allocation and money separation is important in my book. If you want to learn more you can check my book Financial Starter Kit HERE .
TIP #2 - E-CHECKING ACCOUNT HAS $10.00/MO ATM REBATE
Navy Federal's E-Checking account gives you a $10.00 per month rebate if you withdraw money from out-of-network ATMs. This allows you the peace of mind of not worrying about ATM fees a few times a month. If you currently have a regular checking account you can call Navy Federal and have them convert the account to an E-Checking account free of charge.
TIP #3 - CREDIT CARDS MINIMUM CREDIT LIMIT OF $10,000
Navy Federal offers Visa Signature credit cards. Visa Signature cards have a minimum credit limit of $5,000. So even if you have minimal to no credit, if approved Navy Federal will usually give you a minimum of $10,000 credit limit. Navy Federal is known to give credit limits largely based on your debt to income (DTI) ratio, so the higher your DTI the lower your limit. If you happen to get a non Visa Signature card it is due to your credit profile. Here are the cards that are Visa Signature cards: Cash Rewards card, Flagship Rewards card, and Platinum Card.
TIP #4 - WITHDRAW FROM 7-ELEVEN ATMS FOR FREE
Navy Federal allows you to withdraw from 7-Eleven ATMs for free. 7-Elevens are pretty much everywhere, so this gives you easy access to cash. 7-Eleven has recently changed its ATM maximum transaction amount to $200, so if you want more than $200 you have to do multiple transactions. Each transaction will be free so don’t worry about conducting transactions back to back. Some people view this as an inconvenience but I don’t mind.
TIP #5 - MAKE DEBIT CARDS IN BRANCH
If you need a new debit card due to it being lost, stolen, damaged, etc you can head into a local branch and have a new card made right on the spot. Go into the front desk and let them know you need a new debit card. It takes them between 5-15 minutes to make the card depending on how busy they are.
TRICK #1 - CHECKING LINE OF CREDIT UP TO $15,000 FOR EACH CHECKING ACCOUNT
Navy Federal allows you to make a Checking Line of Credit (CLOC) for every checking account that you have. This account can be used for overdraft protection and you can write checks from this account. They will send you a checkbook when you open your CLOC. I don’t recommend adding a CLOC to your debit card accounts. With scamming being so high you don’t people to have access to $15,000 if your card or account is compromised. I suggest that you make a new checking account with no debit card before opening your CLOC.
TRICK #2 - HOMEBUYERS CHOICE LOAN 0% DOWN PAYMENT CONVENTIONAL LOAN NO PMI FOR FIRST TIME HOME BUYERS
In my opinion this is the best first time home buyer loan available . The Navy Federal Homebuyers Choice loan has 30 year loan Interest Rates as low as 4.375% , $0 down payment is required, no private mortgage insurance is required which saves you about $200/mo on your loan, and it is a fixed rate. Even if you already purchased a home you can use take advantage of this loan by refinancing up to 97% of your home's value. If you want to find out more information about this loan you can read more about it on Navy Federals website HERE.
TRICK #3 - REFER AN UNLIMITED AMOUNT OF MEMBERS
Navy federal often offers referral incentives and when these incentives are sent out you are able to participate each time. It is an easy way to make extra money when the incentive is available . Keep in mind that Navy Federal is cracking down on members referring people who should not be given access, so use wisely .
TRICK #4 - ELIGIBLE FOR NAVY FEDERAL IF YOU LIVE WITH NAVY FEDERAL MEMBER
An easy way to gain Navy Federal Eligibility is if you live with a Navy Federal member. Navy defines someone living with a member as having mail sent to the address and paying for a utility bill. It is really easy to have mail sent to someones house and let's say you pay a cheap utility that they have for a month or so. Boom you are now eligible. That's to be on the safe side, but I haven't heard of them actually verifying paying for a utility. You can take a look at the eligibility page HERE.
TRICK #5 - EASIEST WAY TO GET A NAVY FEDERAL ACCOUNT IS THROUGH A REFERRAL
Find someone who is a Navy Federal member and have them refer you. You have a good chance you becoming a member because when the referrals are available Navy receives a large influx of applications it is hard for them to check them all. Just be careful though and hopefully, they don't close your account.
Hopefully, you found these tips and tricks useful. Stay tuned for the rest of the emails in my Banking Tips and Tricks Series.