How to close navy Federal checking account?

How to Close Navy Federal Checking Account: A Step-by-Step Guide

Navy Federal Credit Union is one of the largest credit unions in the United States, serving over 8 million members worldwide. As a member, you may have multiple accounts, including checking accounts, savings accounts, credit cards, and loans. At some point, you may need to close a Navy Federal checking account due to various reasons such as relocation, job change, or simply consolidating your finances. In this article, we will guide you on how to close a Navy Federal checking account in a straightforward and hassle-free manner.

Why Close a Navy Federal Checking Account?

Before we dive into the process of closing a Navy Federal checking account, it’s essential to understand why you might want to do so. Here are some common reasons:

• Inactivity: If you have an account that’s been inactive for a while, it may not be worth keeping open, especially if you’re paying fees for maintaining the account.
• Fees: Some accounts may come with high fees, making it more expensive to maintain than it’s worth.
• Changes in your financial situation: Life events such as a job change, relocation, or a change in income may require you to re-evaluate your financial situation and consider closing an account.
• Consolidation: You may want to consolidate your accounts to simplify your financial management.

How to Close a Navy Federal Checking Account

Closing a Navy Federal checking account is a relatively straightforward process that can be done online or by visiting a branch. Here’s a step-by-step guide:

Option 1: Close Account Online

1. Log in to your online account: Go to Navy Federal’s website and log in to your online account using your username and password.
2. Access the account menu: Click on the "Accounts" tab and select "Account Options" from the drop-down menu.
3. Select the account you want to close: Choose the checking account you want to close from the list of available accounts.
4. Confirm account closure: Click on the "Close Account" button and confirm that you want to close the account.
5. Review and submit: Review the account information and submit the closure request.

Option 2: Close Account at a Branch

1. Visit a Navy Federal branch: Find a nearby Navy Federal branch and visit during business hours.
2. Speak with a representative: Let the representative know that you want to close a checking account.
3. Provide account information: Provide the representative with your account number and identification.
4. Confirm account closure: Confirm that you want to close the account and provide any additional information required.
5. Review and submit: Review the account information and submit the closure request.

What to Expect After Closing a Navy Federal Checking Account

After closing a Navy Federal checking account, you can expect the following:

• Account closure: The account will be closed, and any remaining funds will be transferred to another account or held in a dormant account.
• Check clearing: Any outstanding checks will be cleared, and the account will be debited accordingly.
• Account history: Your account history will be maintained, and you can access it online or at a branch.
• Membership eligibility: Closing a checking account will not affect your Navy Federal membership eligibility.

Frequently Asked Questions

• Can I close my account online?: Yes, you can close a Navy Federal checking account online by logging in to your online account and following the steps outlined above.
• Do I need to visit a branch?: No, you don’t need to visit a branch to close a Navy Federal checking account. You can do it online or over the phone.
• Will I receive a refund?: If you have any remaining funds in the account, they will be transferred to another account or held in a dormant account. You will not receive a refund.
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• Will closing my account affect my credit score?: No, closing a Navy Federal checking account will not affect your credit score.

Conclusion

Closing a Navy Federal checking account is a relatively straightforward process that can be done online or at a branch. It’s essential to understand the reasons why you want to close the account and to review the account information before submitting the closure request. By following the steps outlined above, you can close your Navy Federal checking account and maintain a simplified and organized financial situation.

Table: Navy Federal Checking Account Closure Options

Additional Tips

• Make sure you have sufficient funds in the account to cover any outstanding transactions.
• Review your account history and confirm that there are no outstanding transactions before closing the account.
• Consider consolidating your accounts to simplify your financial management.
• Keep your Navy Federal membership eligibility active to continue enjoying the benefits and services offered by the credit union.