How to Close a Navy Federal Checking Account?
Closing a bank account can seem like a daunting task, but it’s a simple process when you follow the right steps. Navy Federal Credit Union is a respected financial institution with a rich history of serving the United States Armed Forces and its families. If you have a Navy Federal checking account and wish to close it, this article will guide you through the process. We’ll cover the common reasons for closing a Navy Federal checking account, the procedure for doing so, and what you need to take with you to the bank.
Why Close a Navy Federal Checking Account?
Before we dive into the steps to close a Navy Federal checking account, it’s essential to consider the reasons for closing an account in the first place.
Reasons to Close a Navy Federal Checking Account
• Inactivity: If your account has remained inactive for an extended period, it may be dormant, and you may no longer need it.
• Transfer to another bank: You may have a new job, moved, or started using a new bank for your financial transactions.
• Fees and charges: If the account fees and charges outweigh the benefits, it might be wise to close and transfer to a more competitive option.
• No longer a member: Perhaps you’ve left the Armed Forces, and your ties to the Navy Federal Community are no longer applicable.
• Personal reasons: You may have personal circumstances that necessitate closing and consolidating your finances with another institution.
What You Need to Close a Navy Federal Checking Account?
To close a Navy Federal checking account, gather the following documents and information:
- Account numbers: You’ll need both your account number and Routing Transit Number (RTN).
- Identification: Government-issued ID such as a driver’s license, passport, or State ID.
- Current address: Your current home address or the address registered with the credit union.
Steps to Close a Navy Federal Checking Account:
Follow the instructions provided in this section to close a Navy Federal checking account at a branch or by mail:
Closing by Phone or Online
Call Navy Federal Member Services
- Dial: 1-888-503-7106 (Toll-free) or 1-703-209-7100
- Operating hours: Mon-Fri, 10 am-8 pm (ET)
When calling the member services, have all the required information ready:
- Account numbers and RTN
- Identification details
- Current address
The customer service representative will guide you through the process and validate your account information. This method typically takes 15-20 minutes.
Closing by Mail
Send a letter to Navy Federal Credit Union with the necessary information:
- [Account Number] RTN [Email Address]
- Clearly state your intention to close the account
- Sign the letter legibly
- Make sure to include a reason for closing the account, if applicable
Mail to:
Navy Federal Credit Union
Attn: Member Services
8200 Forbes Place
Mclean, VA 22151-2291
Closing by mail may take around 4-6 weeks, so plan accordingly. Make sure to keep an eye on your account’s status until it’s completely closed.
What to Expect After Closing a Navy Federal Checking Account
After closing your Navy Federal checking account, you can:
- Transfer to another institution: Set up direct deposit with your new bank and update your electronic payment settings.
- Review your credit score: Since closing an account typically doesn’t affect your credit score, you can ensure the status with all the reporting agencies.
- Consider opening a new Navy Federal account: If your service membership and criteria requirements aren’t fulfilled, you can still take advantage of competitive rates and services offered by Navy Federal.
What Happens to Your Outstanding Balance?
When you close your Navy Federal checking account, you’ll be asked how you’d like to proceed with any remaining balance:
- Transfer to another account: If you have another active account at Navy Federal or with another institution, your balance can be transferred easily.
- Bank draft or check: In this case, Navy Federal can mail you a check with your remaining balance.
- Donate to the Navy Federal Foundation: Choose to support the Navy Federal Foundation, which supports a variety of charitable causes related to education, healthcare, and disaster relief.
To summarize:
- Closing a Navy Federal checking account involves providing account numbers, RTN, identification, and current address.
- Contact Navy Federal Member Services at 1-888-503-7106 or 1-703-209-7100, or write to them through the mail.
- Your outstanding balance can be transferred to another account, drawn as a check, or donated to the Navy Federal Foundation.
By following this step-by-step guide, you can efficiently close a Navy Federal checking account while minimizing potential disruptions to your financial situation.
