How to Close a Navy Federal Account
As a member of the Navy Federal Credit Union, you may find yourself in a situation where you need to close your account. Perhaps you’re switching to a different financial institution, consolidating your finances, or simply no longer need the account. Whatever the reason, closing a Navy Federal account can be a straightforward process if you follow the right steps.
How to Close a Navy Federal Account
Before you begin the process of closing your account, make sure you have the following information readily available:
- Your account number
- Your member ID number
- The reason for closing the account (optional)
Option 1: Close the Account Online
To close your Navy Federal account online, follow these steps:
- Log in to your Navy Federal online banking account
- Click on the "Accounts" tab
- Select the account you want to close
- Click on the "Close Account" button
- Confirm the account closure by clicking "Yes"
Option 2: Close the Account by Phone
To close your Navy Federal account by phone, follow these steps:
- Call Navy Federal’s Member Service Center at 1-888-842-6328 (Monday-Friday, 7:00 AM-10:00 PM ET)
- Tell the representative you want to close your account
- Provide the representative with your account number and member ID number
- Confirm the account closure by answering "yes" to the representative’s questions
Option 3: Close the Account in Person
To close your Navy Federal account in person, follow these steps:
- Visit a Navy Federal branch or a shared branching location
- Bring the necessary documents, including your account number and member ID number
- Tell the representative you want to close your account
- Confirm the account closure by signing a closure form
Important Considerations
Before closing your Navy Federal account, consider the following:
- Fees: Navy Federal may charge a fee for closing an account. Check your account agreement or contact Navy Federal to determine if any fees apply.
- Outstanding balances: Make sure you have paid off any outstanding balances on your account before closing it.
- Services: If you have automatic payments or direct deposits set up, you’ll need to update these services with your new account information or cancel them.
- Records: Keep a record of your account closure, including the date and method of closure.
What Happens After Closing the Account
After you close your Navy Federal account, you can expect the following:
- Account closure: Your account will be closed, and you will no longer be able to access it.
- Assets: Any assets in your account will be transferred to your new account or cashed out, depending on your instructions.
- Debt: Any outstanding debt will be paid off, and you will no longer be responsible for paying it.
- Credit reporting: Navy Federal will report the account closure to the credit reporting agencies.
Conclusion
Closing a Navy Federal account can be a straightforward process if you follow the right steps. Whether you’re closing the account online, by phone, or in person, make sure you have the necessary information and consider the important considerations before proceeding. By following these steps, you can ensure a smooth and hassle-free account closure process.
Additional Resources
- Navy Federal Credit Union: www.navyfederal.org
- Navy Federal Account Closure Form: www.navyfederal.org/forms/account-closure-form.pdf
Table: Navy Federal Account Closure Options
| Option | Description | Requirements |
|---|---|---|
| Online | Close account through online banking | Account number, member ID number, and confirmation |
| Phone | Close account by calling Member Service Center | Account number, member ID number, and confirmation |
| In Person | Close account at a branch or shared branching location | Account number, member ID number, and signed closure form |
Bullets: Important Considerations
• Fees: Check your account agreement or contact Navy Federal to determine if any fees apply
• Outstanding balances: Pay off any outstanding balances before closing the account
• Services: Update automatic payments or direct deposits with new account information or cancel them
• Records: Keep a record of account closure, including date and method of closure
