Do you know anything about www.navyfederal.org? The navy federal credit union is more like a financial institution these days. The institution was established way back in 1933 and ever since then; it has grown from 7 members to 11 million members.
The vision statement of the company however since the time of its inception is to remain focused on serving its unique field of membership which is the military and their families.
The navy federal credit union was founded by 7 navy department employees who wanted to be of help to themselves and their co-workers in getting to their financial goals at the end of the great depression. These 7 individuals had a vision of a credit union that would help to offer loans with great and affordable rates with manageable terms.
With this, they wanted to encourage building financial security. And they did this by creating financial security by providing a safe place to deposit your savings and also earn dividends at the end of the day. With that being said and in order to achieve this, they pooled their money together and also invited other people to join.
And today what began as a small group of naval employees with the same goals has now grown to include offices and also enlisted men and women of all branches of the military, DoD employees, vets, and also their family members. The navy federal credit union today is very happy to continue to serve the unique needs of its 10 million member-owners.
Who Owns the Navy Federal Credit Union
Although this may sound simple, but it is not. On paper one would think that the navy or the military own this union, but it is not all that simple. The navy federal credit union is a member-owned union and it is not for profit. However, the union is exclusively created for serving the military, vets, and also their families. This means that each member of this union is an owner and not just a customer and each member has a vote on the way things play out in the union.
And since the union is not-for-profit, all surplus funds are returned to its members as dividends. Or they are used in offering reduced loan interests and improvements to the products and services offered by the union. This means that the navy federal union has great rates and offers lower fees and exclusive discounts.
Is the Navy Federal Union Safe
YES! The navy federal union is very safe, secure, and strong. The union is built on a social foundation and if you have been following me on this post, you should know this already. The union adheres to a strong code of ethics that is mainly focused on transparency and honesty in its products and service to its members. Also, it should interest you to know that the union adheres to a sound financial underwriting practice.
The national credit union administration (NCUA) which is a U.S. government agency helps insures its members that are saving up to $250,000 and IRA funds that are up to $250,000.
You must be a member of the military both on active duty or as a vet. A family member of a serving member of the military or a veteran is also eligible to join the union. Immediate family members eligible to join include;
- And children. This is inclusive of adopted and stepchildren.
How to Be a Member
To become a member of this credit union, you or a family member must have relations with the military, DoD, or the national guard. You can earn and even save up to an average of $352 or more every year by banking with the navy federal credit union.
To become a member, go to Navy Federal Membership Page. Click on the join now tab in the top right corner of the page and follow the on-screen instructions to become a member of the navy federal credit union.