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
NFCU just added a 33 month add on CD. $1000 minimum and can deposit up to 100,000 during the term. Interest rate is 2,60% not the highest but competitive based on the term. I think it is a good hedge against a rapid interest rate decrease. It doesn't seem likely but it is very hard to determine the direct of interest rates.
I have been a customer of NFCU for some time and have never had a problem with receiving the correct interest or found that any of their disclosures were not being followed.
Customer Service always very helpful so I do not understand why you would have any problems with NFCU.
I would give them a FIVE STAR RATING
Becoming a member and joining was a breeze. Then it went off the rails. I wanted to get the 17 month CD and I wanted to make it a joint CD. I'd have to fund the CD, and they use Western Union speed pay for that, not the normal ACH from one bank to another. That was odd to me and then I'd have to mail in a form to make it joint and another form to add a POD. I asked if I could mail a check for the CD along with the paperwork for the CD, POD, and joint owner all at one time. I could, BUT it all goes to different departments so it does not all happen at the same time. Was told that I could send in the POD form now to cover any future accounts with them and then all $ would be covered in the event of my death. Problem is I'd want to make my husband the POD until the CD was open and then I'd want him the joint owner with a different POD. At that time I'd have to try and change the POD also. Decided that it was too much trouble for me at this time. They were all very nice but it's an extremely odd process.
I had a IRA CD maturing this week and checked account today. They put the funds in my regular savings account, not into my IRA Share account.
I had instructions that show on their site to have it mature into IRA Share Acct. Called today and said they can't correct until Tues. I asked why not on Mon.
Said it takes until Tues. Never should have happened and they take no responsibility for their big mistake.
Last CD I ever purchase at Navy Fed.
Checked my account this morning before calling, and they changed my Maturity Instructions to "Close into my Regular Share Account". I took a screenshot on Saturday showing my maturity instructions say " Close to IRA Share Account". Called them this morning and the guy asked "the back office" what is going on. Back Office said that I changed the maturity instructions, even though I have a screenshot to prove it.
Overall | |
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NCUA # | 5536 |
Year Chartered | 1947 |
Employees | 20278 |
Primary Regulator |
Profit Margin | |
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Return on Assets - YTD | 1.05% |
Return on Equity - YTD | 6.57% |
Annual Interest Income | $1.70B |
Assets and Liabilities | ||
---|---|---|
Assets | Q1 2022vs Q1 2021 | $160.4B$144.5B |
Loans | Q1 2022vs Q1 2021 | $96.75B$88.36B |
Deposits | Q1 2022vs Q1 2021 | $135.4B$120.2B |
Equity Capital | Q1 2022vs Q1 2021 | $25.00B$24.26B |
Loan Loss Allowance | Q1 2022vs Q1 2021 | $1.83B$0 |
Unbacked Noncurrent Loans | Q1 2022vs Q1 2021 | $794.5MM$700.5MM |
Real Estate Owned | Q1 2022vs Q1 2021 | $0$9.2MM |
Rates for Navy Federal Credit Union are currently being reviewed.