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Pulling Money Out Of Navy Federal

Aggie
Aggie   |     |   21 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.



Answers
Sylvia
Sylvia   |     |   192 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.
RickZ
RickZ   |     |   72 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
Sylvia   |     |   192 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
Nick11   |     |   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
Aggie   |     |   21 posts since 2019
Thanks for the answers. This really helps me decide how to proceed.
paoli2
paoli2   |     |   2,568 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
CTM   |     |   113 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
aiasantha   |     |   1 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
RickZ   |     |   72 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.


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