Who Can Join the Navy Federal Credit Union?
Navy Federal Credit Union is the world’s largest credit union, with over 10 million members and over $150 billion in assets. Founded in 1933, the credit union was originally established to serve the financial needs of the armed forces, but over time, it has expanded to include a wide range of eligible groups. In this article, we will explore who can join the Navy Federal Credit Union and why it’s a great choice for anyone looking for a financial institution that offers a wide range of products and services.
Eligibility Criteria
To be eligible to join the Navy Federal Credit Union, individuals must meet one of the following criteria:
- Active Duty, Reserve, or Retired Military: Anyone who is currently serving or has served in the military can join the Navy Federal Credit Union. This includes members of the Navy, Army, Air Force, Marine Corps, and Coast Guard, as well as Reserve and National Guard members.
- Military Family: Spouses of active duty, reserve, or retired military personnel are also eligible to join the Navy Federal Credit Union. Additionally, the children of eligible members, including step-children, foster children, and adopted children, may also join.
- Civilian Employees: Civilians who work for military-related organizations, such as defense contractors, are also eligible to join the Navy Federal Credit Union.
- Dependents of Military: The dependents of military personnel, including spouse, child, or ward, may also join the Navy Federal Credit Union.
How to Join
Joining the Navy Federal Credit Union is a straightforward process:
- Apply Online: Visit the Navy Federal Credit Union website and fill out an online application.
- Apply by Phone: Call the Navy Federal Credit Union membership hotline at (1-888-503-2265) and apply over the phone.
- Apply in Person: Visit a Navy Federal Credit Union branch and apply in person.
Membership Benefits
As a Navy Federal Credit Union member, you can enjoy a range of benefits, including:
- Competitive Rates: Navy Federal Credit Union offers competitive rates on deposit accounts, loans, and credit cards.
- Convenient Services: The credit union offers a wide range of services, including online banking, mobile banking, and branch locations across the country.
- Insurance Services: Navy Federal Credit Union offers a range of insurance services, including life insurance, auto insurance, and home insurance.
- Travel Services: The credit union offers special discounts and services for travel, including hotel reservations and rental car discounts.
- Investment Services: Navy Federal Credit Union offers a range of investment products and services, including individual retirement accounts (IRAs) and investment portfolios.
Types of Accounts
Navy Federal Credit Union offers a range of accounts, including:
- Share Accounts: These are the credit union’s main savings accounts, which offer competitive interest rates and require a minimum balance of $5 to open.
- Money Market Accounts: These accounts offer higher interest rates than share accounts, but require a minimum balance of $2,500 to avoid fees.
- Checking Accounts: Navy Federal Credit Union offers several types of checking accounts, including a free checking account and a premium checking account with additional features.
- Credit Cards: The credit union offers a range of credit cards, including cash back, rewards, and travel credit cards.
Loan Options
Navy Federal Credit Union offers a range of loan options, including:
- Auto Loans: The credit union offers competitive rates on auto loans, with terms up to 72 months.
- Home Loans: Navy Federal Credit Union offers a range of home loans, including fixed-rate mortgages, adjustable-rate mortgages, and government-backed loans like FHA and VA loans.
- Personal Loans: The credit union offers unsecured personal loans with terms up to 60 months.
- Student Loans: Navy Federal Credit Union offers a range of student loan options, including refinancing and consolidation loans.
Investment Options
Navy Federal Credit Union offers a range of investment options, including:
- IRAs: The credit union offers traditional IRAs, Roth IRAs, and rollover IRAs.
- Annuities: Navy Federal Credit Union offers fixed-rate annuities and variable annuities.
- Investment Portfolios: The credit union offers a range of investment portfolios, including stock portfolios and bond portfolios.
Fees and Charges
Like any financial institution, Navy Federal Credit Union charges fees and charges for certain services. These fees include:
- Membership Fee: $5 per year, waived for members who meet certain balance requirements.
- Monthly Maintenance Fee: $10 per month for checking accounts, waived for members who meet certain balance requirements.
- ATM Fees: $1 per withdrawal, $0.50 per balance inquiry, and $1 per deposit.
- Overdraft Fees: $20 per item, up to a maximum of $100 per day.
Conclusion
Joining the Navy Federal Credit Union is a great choice for anyone who meets the eligibility criteria. With competitive rates, convenient services, and a range of membership benefits, the credit union offers a wide range of financial products and services that can help you achieve your financial goals. Whether you’re looking for a place to save, a source of credit, or an investment option, Navy Federal Credit Union has something for everyone.
