Navy Federal Credit Union

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.

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