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Navyfed Now Allows ACH Debits From Savings Accounts

racecar
  |     |   628 posts since 2014

For what it's worth...

As most long-time NavyFed members know, NavyFed is notorious for NOT allowing funds to leave a Navy savings account via ACH.

Apparently that has now changed as of early Oct 2024.

Now, according to multiple CSRs (including a supervisor), though you can't do it from Navy's end, Navy WILL now allow withdrawals via ACH if the request is initiated from the other FI's end. Apparently there was an internal email to NavyFed employees notifying them of this (dated Oct 7, 2024) but Navy being Navy, there was nothing in writing any CSR could point me to.

In the past, you had to have either a checking account or a Money Market Savings account (yes, MMAs worked too) for Navy to allow funds requested from another place to leave via ACH -- but not from "normal" (non-MMA) Navy savings accounts. (More accurately, Navy's system would at first "allow" it, but then within 24-48hrs Navy's system would always claw the funds back).

But apparently that's now changed. Now, as long as the ACH is initiated from the other end, Navy will allow ACH debits from their normal savings accounts to go through (and not be clawed back afterwards).

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mffarrell
  |     |   95 posts since 2018
I have been transferring money from my Navy checking account to other FIs for years, so I am not exactly sure what you are talking about. If it your main savings account OK, but when my CDs mature, I have the settled funds transfer to my checking account, then transfer from another FI.
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