What is Navy Federal Credit Union?
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Navy Federal Credit Union is a not-for-profit, federally chartered credit union that serves the military, the Department of Defense, their families, and the civilians who work for the Defense Department. As one of the largest credit unions in the United States, Navy Federal Credit Union provides financial services to its members through a network of branches and ATMs worldwide.
Founded in 1933 as the Naval Aviation Credit Union, Navy Federal Credit Union was created to serve the financial needs of naval aviation personnel and their families. Over the years, the credit union grew and expanded its services to include other members of the military, as well as civilians who work for the Department of Defense.
In 1953, Navy Federal Credit Union officially became a federal credit union, allowing it to expand its membership to include anyone with a connection to the Navy, Marine Corps, and Coast Guard. Today, Navy Federal Credit Union is one of the largest financial institutions in the world, with over 9 million members and assets exceeding $130 billion.
Membership Benefits
So, who is eligible for Navy Federal Credit Union membership? In addition to military personnel, veterans, and their families, membership is also extended to:
- Immediate family members (spouses, parents, parents-in-law, siblings, and children)
- Retirees and survivors of military personnel
- Department of Defense (DoD) employees and contractors
- Some federal employees
- Some veterans
By becoming a member of Navy Federal Credit Union, you’ll enjoy a range of benefits, including:
• Competitive interest rates: Navy Federal Credit Union offers competitive interest rates on its deposit accounts, including certificates, savings accounts, and checking accounts.
• Low fees: The credit union has minimal fees and no monthly maintenance fees for most accounts.
• Convenience: With a network of branches and ATMs worldwide, you’ll have access to your accounts whenever and wherever you need to.
• Reward programs: Navy Federal Credit Union offers various reward programs, such as its flagship rewards program, Navy Cash Rewards.
• Home and auto lending: Navy Federal Credit Union offers mortgages, home equity loans, and auto loans with competitive rates and terms.
• Insurance products: The credit union offers a range of insurance products, including life insurance, auto insurance, and travel insurance.
• Education and research: Navy Federal Credit Union provides financial education and resources to help its members manage their finances effectively.
Types of Accounts and Services
Navy Federal Credit Union offers a range of accounts and services to its members, including:
| Account Type | Description |
|---|---|
| Checking accounts | Navy Federal Credit Union offers several checking accounts, including the e-Checking and the Active Duty Checking |
| Savings accounts | The credit union offers various savings accounts, including the Jumbo Savings and the Super Savings account |
| Certificates | Navy Federal Credit Union offers certificates with competitive rates and terms |
| IRAs | The credit union offers Individual Retirement Accounts (IRAs) with competitive rates and tax benefits |
| Business accounts | Navy Federal Credit Union offers business accounts and services for small businesses and entrepreneurs |
Online and Mobile Banking
As a member of Navy Federal Credit Union, you can access your accounts and services online or through the Navy Federal Credit Union mobile app. With online and mobile banking, you can:
• View account balances and transactions
• Transfer funds between accounts
• Pay bills online
• Check statements and history
• Deposit checks remotely
• Manage direct deposit
• View credit reports and scores
Conclusion
Navy Federal Credit Union is a unique and valuable resource for military personnel, veterans, and civilians who work for the Defense Department. With its not-for-profit model, the credit union focuses on providing competitive rates and services to its members, while also giving back to the military community. By becoming a member of Navy Federal Credit Union, you’ll gain access to a range of benefits, services, and resources that can help you achieve your financial goals.
Additional Tips:
- Apply online: You can apply for a Navy Federal Credit Union membership online, which is typically faster and easier than in-person applications.
- Check eligibility: Before applying, make sure you’re eligible for Navy Federal Credit Union membership. You can check the credit union’s website for more information on eligibility requirements.
- Take advantage of benefits: As a member of Navy Federal Credit Union, make sure to take advantage of the credit union’s many benefits, including competitive interest rates, low fees, and reward programs.
Overall, Navy Federal Credit Union is a fantastic option for anyone looking for a credit union that caters specifically to the military community and offers a range of valuable services and benefits. By joining Navy Federal Credit Union, you’ll be taking a step towards achieving financial stability and security.
