According to Wikipedia, the Navy Federal Credit Union also known as Navy Federal is a global credit with its headquarters in Vienna, Virginia in the United States of America, chartered and regulated under the authority of the National Credit Union Administration (NCUA). The Credit Union is the largest natural member or retail credit union in the United States, both in membership and asset size as of 2020.
The company has over 9.6 million members. As the largest credit union in America, the Navy Federal Credit Union provides a host of banking products like savings accounts, checking accounts, money market accounts, credit cards, and certificates.
Navy Federal Credit Union
The Navy Federal Credit Union provides products and accounts for the people who have served as a member of the military or who have worked in the defense department and the immediate family members of the people that are eligible. To become a member you need to open a savings account that requires a minimum deposit. Their rate is one of the best as you cannot find a better savings rate at online credit unions and banks.
The list below shows and explains the pros of the Credit Union;
- Large fee-free ATM network; the members of the Credit Union have access to thousands of fee-free ATMs.
- Competitive rates of certificates; there are five options of certificates available through the Navy Federal, and many do offer better rates than the ones at most national banks.
- No monthly fees on most of the savings and checking accounts; many of the deposit accounts through the Credit Union have no monthly maintenance.
The Cons of the Navy Federal Credit Union
Below are lists of cons;
- Low rates of interest compared with online banks; although some of the available rates may catch our interest, they still cannot compare with the top interest rates found at many online banks.
- Small branch network; even though the Credit Union is the largest credit union, the local number of local branches available is not spread widely as its members.
- Strict membership requirements; many of the known credit unions offer a way to make donations to charity organizations to be able to gain membership if you are not able to meet their other requirements. The Navy Federal doesn’t do that.
Things Navy Federal Credit Union Offers
As the largest American credit union, the Credit Union has a lot of banking products to offer they are listed below;
- Checking of accounts
- Savings account
- Credits cards
- Money market accounts
- Retirement savings account
- Education savings account
- Retirement certificates
- Mortgage loans
- Prepaid and gift cards
- Home equity loans and lots more.
How to Apply For the Navy Federal Credit Union
Once you are eligible to join the Credit Union is very easy. There are three ways you can apply they are listed below;
- Firstly you can apply online via this link; https://www.navyfederal.org/membership/become-a-member/.
- You can also fill out a membership application and submit it by email. For more information check this link; https://www.navyfederal.org/pdf/applications-forms/NFCU97.pdf.
- Lastly, you can apply in person at any of their local branches. For more information about their local branch click on this link; https://www.navyfederal.org/branches-atms/index.php.
From the above, you can choose the method that is most suitable for you to apply.
How to become a member of a Bank through the Credit Union
To be able to bank at the Navy Federal you need to be a member which is not open to everyone. To be a member you must be active duty, veteran, or retired member of the armed forces, which are listed below;
- Air Force
- Marine Corps
- Space Force
- Coast Guard
- National Guard
Families of military members, even minors are eligible to become members of the credit union too. The civilians that also worked for the Department of Defense are also eligible, including annuitants and retirees, and other select citizens are eligible.
Navy Federal Credit Union Customer Service
In case you are having issues with your login or signup, you can locate the navy federal credit union customer service. The question here is, how can I contact customer service?
Here is the answer: Yoh will have to visit the homepage of the navy federal credit union and click on the contact us link. Then it will redirect you to where you can get their phone number and email to chart them up. For quick access, get to this address, https://www.navyfederal.org/contact-us.html to reach them.
Phone Number for Navy Federal Credit Union
The phone number can as well be gotten from the customer service page. But if you think the process is long, you can click on this link here to get phone support from the navy federal credit union ASAP.
Can Anyone Open An Account At Navy Federal?
You are eligible to join only if you are a service member, veteran of any branch of the armed forces, or a department of defense employee.
Does Navy Federal Credit Union Use Zelle?
Yes, and it is easy. Just sign in to your account NFCU and select money, then send money with Zelle. Then accept the terms and conditions and enter your email address or U.S. mobile phone number to receive a one-time verification code.
How Much Money do You need to Open an Account at Navy Federal Credit Union?
The minimum deposit for navy federal requires when you become a member and open a saving account is just $5.
What Is The Limit Of Navy Federal Credit Union?
The daily credit limit is $1,000, which includes withdraws at NFCU proprietary ATMs, and manual cash at NFCU financial institutions.