How to Close a Navy Federal Savings Account?
Navy Federal Credit Union is one of the largest and most trusted financial institutions in the world, offering a range of financial products and services to its members. If you’re considering closing your Navy Federal savings account, whether it’s due to an unexpected change in your financial situation or a desire to consolidate your finances, the process is relatively straightforward.
Before You Close: Check the Fees
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Understand the Fees Involved
Before you take the step of closing your Navy Federal savings account, it’s essential to be aware of the fees you may be charged. Depending on your account type, you may be subject to:
• Early Account Closure Fee: A penalty for closing your account prematurely, which can range from $5 to $100 or more, depending on the type of account.
• Insufficient Funds Fee: A fee of $5 to $40 for withdrawing more funds from your account than you have available.
• NSF (Non-Sufficient Funds) Fee: A fee of $20 to $40 for overdraft protection.
To avoid any unpleasant surprises, review your Navy Federal account agreement and consider the potential fees associated with closing your account.
Closing your Navy Federal savings account typically involves the following steps:
Login to Your Online Account: Log in to your Navy Federal account online or through the Navy Federal mobile app to start the process.
- Click on ‘Close Account’: Locate the account you wish to close and click on the "Close Account" button.
Important: You will receive a warning message confirming your intention to close the account. Double-check to ensure you have selected the correct account before proceeding.
In-Person Visit: You can also visit a local Navy Federal branch and meet with a representative to discuss closing your account. It’s a good idea to bring the necessary documents (see below) and the account number.
Telephone: Contact Navy Federal’s customer service at (703) 209-8190 or (877) 947-4324 (Monday to Friday, 7:00 a.m. to 5:00 p.m. ET) to speak with a representative.
Additional Requirements for Closing a Navy Federal Savings Account
The following documents may be requested when closing your Navy Federal savings account:
• Identification: Valid government-issued ID, such as a driver’s license, state ID, or passport.
• Account Information: Your account number and social security number.
• Account Balances: Keep in mind that you must have a balance of zero or have sufficient funds available to cover any outstanding payments or debts.
Ways to Receive Your Settlement Funds
You have a few options to receive the funds from your closed account:
• Direct Deposit: Choose to receive a direct deposit into your active Navy Federal account or transfer the funds to another account.
• Check Mailing: Navy Federal can mail a check to you at your current address, which may take a few weeks to arrive.
Consider Alternative Account Options
Before closing your Navy Federal account, you may want to consider alternative account options with lower fees or better suited to your financial needs.
• Other Savings Account Options: Navy Federal offers a range of savings accounts with varying interest rates and features. You may wish to consider opening a different type of account.
• External Account: Look into opening an account with another financial institution that better fits your needs.
When to Close Your Navy Federal Savings Account
While you may have reasons for closing your Navy Federal savings account, consider the following potential consequences:
• Effect on Credit Score: Closure of a credit account (if linked) may temporarily affect your credit score.
• Potential Impact on Benefits: Certain benefits or rewards may be tied to your Navy Federal account.
• Financial Obligations: Ensure you meet any outstanding obligations or fees associated with your account, such as loans or debit card payments.
Conclusion
Closing a Navy Federal savings account is a straightforward process, but it’s essential to understand the implications and fees involved. Always review your account agreement, and consider alternative options for your financial needs. To ensure a smooth transition, carefully follow the steps above and seek assistance from a Navy Federal representative if necessary.
Summary: Key Points
• Review Navy Federal account agreement for fee information
• Understand your account type and associated fees
• Choose an appropriate method to close your account (online, in-person, or telephone)
• Provide necessary identification and account information
• Select from settlement fund options (direct deposit, check mailing)
By following these steps, you can close your Navy Federal savings account with ease and minimize potential issues.
Important Links:
- Navy Federal Credit Union: www.navyfederal.org
- Navy Federal Support Center: (703) 209-8190 or (877) 947-4324 (Monday to Friday, 7:00 a.m. to 5:00 p.m. ET)
Please note that closing an account may not terminate all related services or credits. Review your account specifics before making a decision to ensure you are fully prepared for the consequences. If you have any doubts, consult with a Navy Federal representative for personalized guidance.
