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Info about Navy Federal Bank
 

Who ever uses Navy Federal Bank savings account to withdrawal for paypal this might happen to you.

I just got a letter from Navy Federal that they don't accept deposits from paypal into any savings account, but they do accept payments into checking with any mismatched name. The letter just states that their saving accounts are "non-transaction accounts". I called one of the customer service rep and she confirmed it and explained it to me.

The weird thing is that I made a small transfer of $66 and it went through. The small verification amount to verify bank account also went through and those 3 transactions are still in the account. The customer rep said it might be returned to paypal, she just doesn't know unless I call Paypal, which I am not drunk enough to do.

I think I will continue using this savings account if it works but only use checking from now on. She said I can open many more checking accounts if I wanted.

I will keep this updated if the savings does not work out. Other banks that accept mismatched deposits don't have this problem with their savings.

Well, most savings accounts are not meant for day-to-day transactions. This is no surprise.

I know but I have used other savings from other banks, BOA, the old wells fargo, and I never received anything like this and never had any issues.

I know that is what checking accounts are for but I preferred to have 2 accounts, savings and checking, to use to withdraw from paypal.

Savings accounts work just fine for most banks, but this is a credit union. Credit unions are a lot different than banks. I'm surpised at the specific information that Navy Federal gave you about using checking accounts only for paypal.. They even mentioned mismatched names?

Most banks don't care about mismatch names. When you have a business merchant account, your deposits come in under that business name, most banks don't care. Only smaller banks (online only bank accounts) care about stuff like this.

I haven't had any issues with my NFCU checking account and PayPal. The attached savings account hardly gets used.

keep in mind that a US savings account is just that, for saving. savings accounts are regulated by the govn. to only allow 6 withdrawals/transfers out of the account per month otherwise they are considered a checking account. banks by law have to close any account that continues not to follow these regulations.

this comes in to play if you are trying to withdraw small amounts to stay under the radar and then transfer that money into a checking account for later use.

ive been trying to send the money to the savings accounts and then every friday transfer to checking. keeps me under that 6 trans limit

No way would I use NFCU for any mismatched names for depositing reasons.

NFCU is much to valuable to have them catch onto this and shut you down.

I use NFCU but on a real account, nothing stealth.

I would never risk their services for deposits because they just have too much to offer to attempt losing them.

Watch out for Savings withdrawal limit
 

Just need to remember the Federal banking rule/law which only allows 6 online withdrawals from a Savings account per statement-cycle/month. After 6 you will be charged a ridiculous transaction fee for each withdrawal (Wells Fargo swallowed $40 one month before I read the fine print). :doh: