Navy Federal Credit Union.

  |     |   2,889 posts since 2010

Sent my Roth IRA conversion from credit union to credit union by standard mail on Tuesday and saved the $25 they charged to do that. Navy Credit union has already put the check into my Roth IRA CD that you can have deposits added.

By having the conversion transferred from the traditional Ira to the Roth IRA savings and then having that money the next day put into a cashiers check made out to Navy as a Roth IRA transfer to the Roth IRA CD for the benefit of me Navy had done it quickly and correctly. I signed the check (not necessary) and said to Navy Credit union for me) Just another example of how efficient and quickly Navy Federal Credit Union does things and CORRECTLY.

I am so thankful that Ken gave his readers a heads up years ago that Navy was buying a credit union (I believe it was in California) and if anyone did not have an opening to join Navy that this was your opportunity. Again kudos to Ken. I only hope that he knows how much he has helped his readers.

My sister has had a CD check sitting on a desk for 3 weeks without being processed. I went in with her after they had insisted they had never received the check. Her desk had so much on it I don't know how she found anything. No in or out basket even. I found the check under the calculator while she was getting help to get my sister and I out of her office. I had told her that I had spoken to the person that distributed the mail. She remembered it because it was from another credit union and addressed personally to her. She kept insisting she never received it and the check was addressed to her personally. I found it still in the original envelope unopened just as her entourage were coming into her office. But no apologies from her. I had her back date the certificate the 3 weeks for the new CD at the higher rate for my sister. 

  |     |   942 posts since 2010
Ally6770, don't forget, when you move the money in an IRA yourself, rather than a custodian to custodian transfer, you have to file a bunch of paperwork. I know that has to be done, but I have never actually done it other than custodian to custodian, so can't tell you just what paperwork you need to file. (Also, I'm sure you know that you now have to pay your taxes on the entire amount converted.)
  |     |   2,889 posts since 2010
You just fill out the papers for the RMD and the Roth conversion. When the check is made out to the new credit union and with a Roth you have no other paperwork to do.  You do fill out the Roth conversion papers, etc. at the credit union that you convert it at. I have done this since we were able to do this. I do pay taxes on this amount and have more than enough taken out of SS and my pension, I also have taxes taken out of my RMD. Never on the Roth transfer. I do my custodian to custodian usually when I do a traditional IRA transfer. This CD will mature in Jan and I will most likely transfer that custodian to custodian. I did another transfer I believe last summer and that was done custodian to custodian. With traditional IRA's you can do one every 12 months. With Roths the laws are different. Thanks for looking out for me. Appreciate it!!!! The old credit union will send me the papers for my RMD and the conversion and I will use that when I file my taxes.
  |     |   3 posts since 2019
I've just had my membership reestablished with NFCU. I hope to max out the 3.50% APY,12 month, add-on, CD with a min of $50 and max of $3000. I am short of liquidity until mid January 2020, when many CD will mature at another CU, so I opened the CD with $50 which I paid over the phone with a credit card. The CD rep I spoke with was very nice and informative. I told him I wanted to make the addition payment of $2,950 asap when it becomes available. The CD rep said the fastest way to complete the payment was for me to call in and give the routing and account number from the CU holding the funds, which will then be in a checking account. This sounds to me like pulling an ACH by phone. Rep said the amount will be held for 2 nights then be posted to the add-on CD. Question to you all....does this sound like a safe way to move the money?
  |     |   47 posts since 2016
I am a member there and have done what you are describing quite a few times now. It's a little different that what I had been used to with other financial institutions, but it's quick and easy. They generally add the amount to your account immediately even before it is debited from your other credit union. Navy FCU seems to me to be a first class operation, but they have their own way of doing things. In my experience it is safe and I have never had any issues at all.
  |     |   241 posts since 2012
RollOver, it sounds like the rep was describing SpeedPay, which you can read about here, The effect is the same as if you were depositing a check. In fact, when doing SpeedPay, you'll have the option of specifying a check #. The key thing to note is the money must be coming from a checking account. It will be deposited in a liquid account at Navy, then transferred to your CD.
  |     |   942 posts since 2010
Yes, RollOver, SpeedPay is a special thing Navy Fed uses, and they credit the funds, and you start earning interest, when you initiate it, not when they finally get the money.

But make sure you are doing it via SpeedPay, don't use ACH instead, ACH will mean you have to wait for your money before you start earning interest. For one thing, no one there even mentioned SpeedPay to me when I was looking into things until after I had spoken with a number of people. Until then, only ACH had been mentioned. So specify SpeedPay, or you might not get that immediate credit. They told me SpeedPay is done from a special phone number for the "CD Department."

It sounds like no one mentioned "SpeedPay" to you, so they might not have been talking of it.

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