Sorry To See Bad Comments On Navy Credit Union.

Ally6770 | May 4, 2024 | 4,307 posts since 2010

I have a small traditional and Roth IRA there.

I transfer a portion of the traditional IRA in Dec to a Roth

savings near the end of Dec when I find out how much my income and interest for the year then the first or 2nd week of Jan they let you put it in an existing Roth IRA CD you have with them and if the rates go higher they in the past have let you get the higher interest. It is very convenient and when they mature I leave a little there to do it again when the CD's get near the limit I take some out and move it some place else.

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w00d00w | May 4, 2024 | 360 posts since 2012

not sure what bad comments are being referenced here. i'm guessing the common one would be "rates not among the leaders anymore," but that could be said about most banks/CUs at various points in time. i do recall NFCU allowing CDs to be redeemed early without penalty when the pandemic was in full force in the US. that's exemplary behavior from a bank/CU as far as I'm concerned.

Ally6770 | May 5, 2024 | 4,307 posts since 2010

I was referring to the comments under the site of Navy Federal Credit Union on this site and others with their customer service.
I have always been treated politely and fairly and many times they have gone out of their way to be most helpful during the many years that I have been a customer.

Ratesaver | May 6, 2024 | 187 posts since 2013

i just rolled over a cd with them online after receiving a email to do simply for lack of a better word and update it with the same number and it went through without a problem. This was new to me with keeping the same cd number with a new closeout date. Different as it kept the same prior cd opening date... Their customer service was excellent as I did stop in at the West Point branch within the last wk. and checked on everthing.

racecar | May 10, 2024 | 628 posts since 2014

Navy does have some TERRIBLE policies, and dealing with them can be like pulling teeth -- I've had to deal with their cr*p multiple times through the years, but they also occasionally have decent specials and a good policy or two, so I use them very carefully.

I won't rehash the many "bads" with Navy, but in the "good" column, esp when talking about Roth IRAs, as you are: (1) They usually let you add to existing IRA CDs from mid-Jan to mid-April of each year, (2) though they do not waive the early withdrawal penalty for Roth CDs the way a few CUs will, at least the EWP won't eat into the principal, (3) dividends earned are easy to take out at any time, and (4) at least as of now, they don't charge to transfer IRA funds to another institution, as many other places do.

HollyHolly | May 10, 2024 | 89 posts since 2015

Navy Fed is the most professional credit union I have ever dealt with. Their customer service is first rate. Their representatives on the phone know what they are doing. They never drop the ball (unlike many of the other credit unions I have dealt with). You never have to follow up with Navy Fed. If you give instructions once, they follow them. Their rates have lagged recently, but as soon as they come back, I am coming back to Navy Fed.

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