Navy Federal Credit Union- 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
Navy Federal Credit Union
The Credit Union is the largest natural member or retail credit union in the United States, both in membership and asset size. So as the largest credit union in America, the Navy Credit Union offers a host of banking products like savings accounts, money market accounts, credit, and also checking accounts.
To become a member you need to open a savings account that needs a minimum deposit. Their rate is one of the best as you can’t find better savings rates at online credit unions and banks.
The Pros and Cons of the Navy Federal Credit Union
Pros
Below shows and explains the pros of Credit unions:
- No monthly fees on most of the savings and checking accounts; many of the deposit accounts through the credit Union have no monthly maintenance
- Another Pro is that members of Credit unions have access to thousands of fee-free ATMs.
- There are five options of certificates available through the Navy Federal, and many do provide better rates than the ones at most national banks.
The Cons
- Strict membership requirements: many of the known credit unions provide a way to make donations to charity organizations to be able to gain membership if you are not able to meet their other requirements.
- Also, low rates of interest compared with online banks: Though some of the available rates might catch, 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 branches available is not spread largely as its members
Things Navy Federal Credit Union Offers
As the largest American credit union, the Credit Union has a lot of banking products to provide they are listed below:
- Savings accounts
- Credits cards
- Checking of accounts
- Money market accounts
- Education savings accounts
- Retirements savings accounts
- Home equity loans
- Prepaid and gift cards
- Mortgage loans
- Certificates
- Retirements certificates
How to Apply
There are three ways you can apply once you are eligible to join the Credit Union which is quite easy, all you have to do is is follow the steps below;
- You will have to apply online via this link https://www.navyfederal.org/membership/become-a-member/
- Now you will fill out a membership application and submit it via email.
- And lastly, you can apply in person at any of their local branches.
How to Become a Member of a Bank Through the Credit Union
For you to be able to bank at the Navy Federal, you need to be a member which is not open to all. However, to be a member, you must be an active-duty veteran or retired member of the armed forces. Below is the list of how to become a member:
- Army
- Navy
- Air Force
- Space Force
- National Guard
- Coast Gaurd
- Marine Corps