Pulling Money Out Of Navy Federal

Aggie | Jun 6, 2019 | 28 posts since 2019

Navy Federal savings account is a non transaction account. Do you need to open a checking account to withdraw funds from a maturing CD.

Post an answer

Answers

RickZ | Jun 6, 2019 | 218 posts since 2010

If you are looking to ACH the funds out, which is what assume you want, then you will need to open a checking account. Navy has a Free Everyday Checking account with no minimum balance and no monthly fees.

Sylvia | Jun 6, 2019 | 389 posts since 2012

At maturity, I have money transferred to checking, which I then pull out using external account. You can also request a wire transfer or check sent by mail. Their fee of $14 is pretty reasonable for an outgoing domestic wire. This is a good summary of your options for getting out money, https://www.navyfederal.org/account-management/transfers.php (see "Transfer Funds From My Accounts") available through Navy.

Sylvia | Jun 7, 2019 | 389 posts since 2012

ACH withdrawals are possible through Navy, just not practical due to their major limitations: (1) can’t be from your savings account, (2) receiving account must be personal checking, (3) $5K daily limit, (4) two to three business day execution. https://www.navyfederal.org/account-management/ach.php

I find it far easier to use an external account with more liberal terms to pull out funds.

Nick11 | Jun 9, 2019 | 5 posts since 2017

Since I have their free checking, I was just planning on having my matured CD deposited there and writing a check to my local bank. Don't want to pay a wire fee. Is there a problem with that?

Aggie | Jun 6, 2019 | 28 posts since 2019

Thanks for the answers. This really helps me decide how to proceed.

paoli2 | Jun 6, 2019 | 2,641 posts since 2011

I have to do this in the coming weeks but even though we have a Navy checking which the matured CDs will go into, I was told my only option is to call and request a Wire out of the funds to our local checking account. They cannot do an ACH for some reason. Our only other option was to get the check by mail which we didn't want. So the Wire out is the way I hope to go when the date arrives.

CTM | Jun 6, 2019 | 179 posts since 2010

P2 (and others) -

I looked at my Navy Federal checking account to find the ACHs over the last year.

I have pulled to Alliant CU, Comenity Direct and Bank of the West. One of pulls to Alliant was for their inbound limit of $ 100K, so you have at least one data point for the size of an ACH that should work.

aiasantha | Jun 6, 2019 | 5 posts since 2018

Same story on my side. I even went above $100K with Ally and CIT. Both push and pull
were done overnight.

RickZ | Jun 6, 2019 | 218 posts since 2010

I agree, an ACH pull is the easiest. But additionally, since it's in a checking account, you could just write a check out of that account and deposit it elsewhere.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.