According to Wikipedia, the Navy Federal Credit Union is 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.
Navy Federal Credit Union 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.
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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 Pros of the Navy Federal Credit Union
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.
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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
- Certificates
- 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 to 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;
- Army
- Air Force
- Marine Corps
- Navy
- 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.
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