Navy FCU is a Virginia-based federal credit union serving millions of members who are, or are related to, service members and employees with the Department of Defense. The credit union offers a range of depository banking and lending products, as well as business and investment services, and is considered the largest credit union in the world.
On its personal banking side, Navy Federal Credit Union offers checking, savings, Money Market, Certificate, and IRA accounts to serve consumers’ savings needs. A variety of checking account options offer flexibility and include accounts designed for active duty members, students, and members looking for higher interest returns. Navy’s active duty checking has no balance minimums, refunds ATM fees up to a certain amount, and gives free military-themed checks for the life of the account. The student checking differs from the basic checking account only by offering ATM fee refunds. Overdraft protection options are available on all of Navy’s checking accounts.
The credit union’s basic savings account has no monthly fees and a low initial deposit requirement. A savings account is automatically opened by the credit union when membership is granted. Money Market savings accounts offered by the credit union earn more than a basic savings account because of minimum balance requirements. There is also a Jumbo dividend rate for Money Market accounts with over $100,000 balances. Certificates and IRA Certificates are available in term lengths that range from 3 months to 7 years. Navy’s Special Certificate account earns a competitive rate of interest, but has a low maximum balance cap. Its standard Certificates and IRA Certificates have no maximum deposit caps. DepositAccounts.com has recognized Navy’s Certificates repeatedly in the past.
Navy FCU online banking offers a secure and convenient banking platform on which members can perform account management tasks like transferring funds, paying bills, ordering checks, and making loan payments. Free Direct Deposit makes it easy to seamlessly deposit paychecks and Navy’s mobile banking services provide remote deposit to make depositing any check quick and simple. Scan deposits can be accomplished via a scanner attached to a computer and are free for personal account holders, $1 per month for business account holders.
Navy FCU was originally established in 1933 as the Navy Department Employees’ Credit Union of the District of Columbia. After dissolving in 1947, the credit union was rechartered as a federal credit union and named Navy Department Employees Federal Credit Union, until transitioning to its current name in 1954. Today, Navy FCU is headquartered in Vienna, Virginia, and employs over 10,000 people who serve more than 4 million members. The credit union serves its members through numerous locations in states all across the country.
Membership in Navy Federal Credit Union is open to members of active duty Army, Marine Corps, Navy, Air Force, Coast Guard, Army and Air National Guard, Department of Defense Officer Candidate/ROTC, Department of Defense Reservists, retirees from military service, Department of Defense civilian employees and contractors and retirees, U.S. Government Employees Assigned to Department of Defense Installations. Military veterans who were honorably discharged are also eligible. Membership is also open to immediate family of current members or those eligible for membership.
See current membership details
I have been with Navy Federal for about five years. Simply put, I wouldn't go anywhere else. The customer service that NFCU provides is second to none and I've dealt with all the big banks in my years on earth. When you have a problem, they fix it. If you have a question, they answer it, or get the answer back to you right away. I don't think I'll ever go anywhere else, even when I live in a place that doesn't have an actual physical branch within driving distance.
I have banked with Navy Federal for about six years. In the past I have banked with many other large "banks", as opposed to credit unions, and my experience with NFCU as compared to those "big banks" is the difference between night and day. I cannot stress more strongly the superb level of customer service and personalized banking I get with my credit union. For example, even when my credit wasn't all that great, I could, with one phone call, get a bank line of credit to purchase a car. Amazing. They are very good to me and I will never stop banking with NFCU.
We have been with the Navy Federal Credit Union since the early 80's. My husband has been retired from the Navy in 1998 and we still use the Credit Union for our checking and savings account. Even though we don't have a physical location near us, we are able to do anything we need to either by internet or over the phone. They are always so helpful and accommodating! We especially love that we can take a picture of a check and send it to them and it's deposited in our account by the next morning! It's flawless! We highly recommend the Navy Federal Credit Union!
Should be zero stars.
I have been a member for over 30 years. I lost two jobs in 2011 and ended up having to short sale my home.
Even though NFCU accepted AND approved the short sale, NFCU hasn't reported my mortgage as PAID IN FULL and they ignore my inquires via phone and certified mail. The icing on the cake, NFCU has cancelled my CC with no prior notice - an account that I have had for 20 years without one, not one, late payment.
Guess who is moving to USAA? Bye, bye NFCU.
|Return on Assets - YTD||1.58%|
|Return on Equity - YTD||13.56%|
|Annual Interest Income||$0|
|Assets and Liabilities|
|Assets||Q2 2017vs Q2 2016||$82.04B$77.83B|
|Loans||Q2 2017vs Q2 2016||$61.22B$55.47B|
|Deposits||Q2 2017vs Q2 2016||$60.45B$53.42B|
|Equity Capital||Q2 2017vs Q2 2016||$9.55B$8.83B|
|Loan Loss Allowance||Q2 2017vs Q2 2016||$1.20B$1.00B|
|Unbacked Noncurrent Loans||Q2 2017vs Q2 2016||$572.5MM$476.4MM|
|Real Estate Owned||Q2 2017vs Q2 2016||$12.8MM$17.4MM|
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Rates for Navy Federal Credit Union are currently being reviewed.