For transfers originated at Navy Federal, there is no limit on the number of funds transfers you can make from your checking account per day. You may only originate ACH transfers at Navy Federal from your checking account. When you originate an ACH transfer at another financial institution, Navy Federal places no limitations on the dollar amount of received ACH transfers, and Navy Federal does not charge fees for received transfers. MMSAs may receive ACH credits and debits in accordance with the limitations set forth in the MMSA agreement. Please note that your Navy Federal savings account may only receive ACH credits. Navy Fed’s Electronic Funds Transfer Agreement and Disclosure reads in part, Navy Fed has restrictions on ACH debits from its savings account. If you plan to pull funds from Navy Fed using the ACH service of another institution, you should consider opening either the Money Market Savings account or one of Navy Fed’s checking accounts. There is a 21 calendar day grace period following maturity before the Share Certificate automatically renews. Once the funds are received, a Certificate can be opened using the online application, which allows you to specify that funds be pulled from that Navy Fed account.Īn easy way to access maturing Navy Fed Certificate funds is to have the funds transferred to any existing Navy Fed checking, savings or Money Market Savings account (MMSA). An ACH transfer initiated by another institution may be the quickest way to get the funds into your Navy Fed liquid account. When opening a Navy Fed Certificate online, the easiest way to fund a Certificate is probably is through a transfer from an existing Navy Fed checking, savings, or Money Market Savings account. Early Withdrawal PenaltyĪs stated in Navy Fed’s Certificates brochure, the Early Withdrawal Penalty reads as follows:Ĭertificates with a term greater than one year: Forfeiture of all dividends on the amount withdrawn for 180 days or since the date of purchase or renewal (whichever is less). Many thanks to all the DA readers who posted/commented on this latest NavyFed promotion. As one of my colleagues said in a somewhat oddball metaphor, “focusing on the 3% is not seeing the forest for the trees.” Let’s say rates keep rising and during the 20 month term you could have averaged 5% on that $1k instead of 3%. The 20-month Certificate Special is definitely a useful placeholder that can be considered a low-rate insurance policy. Begs the question: what/when will NFCU up their MM rates and long term CD rates, both of which have lagged miserably? Interesting that this is only available for 2 weeks. While not a great rate, it does provide another $1K placeholder. A recurring theme in the comments is disappointment in the 3.00% APY, but I think an insightful comment by DA reader, carolynwo, is worth considering. In the past few days, there were three Forum posts about the 20-month Certificate Special by DA readers, CTM, cando, and MY2CENTSWORTH, with a variety of comments added by about 15 DA readers. While the 20-month Certificate Special offers a rate 30 bps lower, the balance cap has been increased by $150k.
The 20-month Certificate Special was added just as the 33-month Special Certificate (3.30% APY, $1k/$100k deposit) was removed from Navy Fed’s product line.
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