Wednesday, September 22, 2010 - 5:01 AM

USA Federal To Merge Into Navy Federal - Impact To Navy's FOM?

Navy Federal Credit Union (0 stars) - Details

Navy Federal Credit Union of Vienna, VA, and USA Federal Credit Union (USA Fed), based in San Diego, CA, announced today that they have agreed to merge operations. The Board of Directors of each institution has approved the merger. The newly combined credit union will begin joint operations under the Navy Federal banner projected to be October 1, 2010 pending regulatory approval by National Credit Union Administration, (NCUA).

If Navy Fed adds USA Fed's field of membership to its own, that could be good news for many. That's because USA Fed's FOM allows membership via the Prime Meridian Association, an association that anyone can join. Navy Fed's FOM requires some form of military connection which blocks many people from joining.

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,904

1. Friday, September 24, 2010 - 5:25 AM

I have more info on this merger and how this can be a chance for people to join Navy Federal in this blog post.

Another useful article on this merger with a history of USA Fed's financial problems is this Credit Union Finds Merger Partner by the San Diego Business Journal (thanks to the reader who provided this link)

KenBDG4,048 posts since
Nov 29, 2009
Rep Points: 106,904

2. Tuesday, September 28, 2010 - 10:32 AM

Since USA Fed CU has been inundated with applications in the past week, it is good that they are part of the Credit Union Service Center. Funds presented to a CUSC location are immediately transferred to a participating member (such as USA Fed CU). No waiting for a check to clear, etc. All you need is the Routing number for USA Fed CU (322271041) and your account number. Your personal check presented at the CUSC becomes instant $$$ in your USA Fed account.

Alan32 posts since
Jun 7, 2010
Rep Points: 156

3. Tuesday, September 28, 2010 - 2:44 PM

I started an application on 9-24. I get to the second page and to sign and whatever the document is will not download. Not sure what the trouble is and neither do they. I have to print screen and send it to them and still no solution. Said they have had nothing but problems.

rosie43122 posts since
Jan 16, 2010
Rep Points: 383