The Navy Federal Credit Union has been in existence since 1933 and now claims a membership of roughly three million members. Membership is open to all Navy personnel – whether enlisted or civilian employees – as well as those who work for companies that are in a contractual relationship with the Navy or any of its branches. As a matter of fact, joining is so easy that anyone who is a family member or a household member of a Navy member may join up and then invite their family members to join as well.
The Navy Federal Credit Union offers basic savings and checking options. At this time there are four checking choices, all of which are offering dividends, and none of which require a minimum amount to open the account. The e-checking account does not carry a fee if it is funded with a direct deposit; otherwise the privilege will cost $5. Flagship checking carries a fee of $10 if the balance ever falls under $1,500. There is no monthly fee associated with campus checking and every day checking.
Savings account options are plentiful with the Navy Federal Credit Union, and you will be wise to educate yourself on all the options – such as money market savings, share certificates, and also IRAs and estate management tools – and do some goal setting before committing to any of them!
What sets apart the Navy Federal Credit Union from several competitors is the fact that there is a specific family zone that seeks to serve those with kids and college bound teens and where children will have the opportunity to put their fiscal knowledge to the test and also learn a trick or two.
Online account access at this credit union is comparable to that of many others; it offers transfers from one financial institution to another while also permitting you to access free web bill pay options. You may apply for a host of financial products and of course will have access to all of your account data. Yet perhaps the most helpful of all departments is the small business account section where a specifically designed line of financial products makes opening, maintaining, and growing your small business a snap.
It is largely forgotten that membership in the Navy Federal Credit Union is not limited to active duty military personnel and instead those who might have joined as a family or household member will appreciate the ability to take advantage of these fiscal products and also the tips with respect to paying taxes and insuring the business.
Branches of the Navy Federal Credit Union are plentiful: most all coastal cities will offer branch access, while ATMs are available worldwide for immediately needed cash transactions. Keep in mind that deposits cannot be made through an ATM, but for those who have chosen “direct deposit” this will not present a problem.
All in all, this is the kind of fiscal institution that takes serving its members with information quite serious. In addition to the foregoing, individuals are empowered to explore choices and options open to them, weigh the cost of several financial products against the forecast benefits, and then decide for themselves if this is the right way to go. Vastly different from a standard bank that is in the market of selling fiscal goods, this credit union is of help also to those who are transitioning either into the Navy or are coming out of the Navy and need a bit of help planning for the future.