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. Membership is also open to immediate family of current members or those eligible for membership.
See current membership details
It is important to read between the lines with many of the negative comments on here. Most were delinquent on accounts. Some didn't understand deposit holds that apply to all banks. I know I have been extremely pleased with the service I've received at NFCU since 1962, and so have all my acquaintances. They do care for military personnel. They are one of the two premier financial institutions serving the military.
I don't know about these other people, but I know that all the experiences I have had at Navy Federal have been 5 stars. They answer questions, helped me clean up my credit, are friendly and customer orientated. This institution doesn't charge for your checking or savings accounts, they help you save money, they send account alerts when spending habits change, I can get a new CC or check card right at the branch, no waiting, no costs. They now have a program to get a personalized, prepaid gift card at my branch.....NO CHARGE. I have done the big name banks, they charge for EVERYTHING, and treat you like a criminal for wanting any help. Navy Federal is the best, thank you.
I've been a member with Navy Federal since birth. Throughout my banking experience, they've always been willing to help me with questions I've had regarding how I can improve my financial status through their services. Most recently, an associate convinced me to transfer a good chunk of my savings into a Money Market Savings Account, and so far, I've been extremely pleased with the results. NFCU's savings rates beat pretty much all of the competition. They even offer checking accounts with great interest rates! Plus, I can tell that NFCU operates with my best interest in mind, because they offer zero maintenance fees on all of my current accounts. I plan to stick with NFCU for the rest of my life, because I'm convinced that they will continue to provide the best service to me and my family.
Navy Fed is a mixed bag. Their normal banking is pretty poor (bad policies, mishaps, mistakes, corrections take weeks to get corrected) and while I personally would never recommend anyone get a checking account or loan there, (you're just asking for trouble), they DO offer three things worth looking into if you qualify for membership:
(1) Occasional CD specials (if it's not a special, their rates are only so-so, but a few times a year they come out with pretty good specials. You just have to catch them, they don't seem to let members know.
(2) If you have an IRA CD with them (IRA CDs only), they're one of the few institutions that lets you add funds to it during the term (usually for a few months out of the year). For instance, if you want to make your allowed contribution every year and you have a 5-year CD, you can still do so by adding to it during the allowed months they let you do so (most other places won't let you add to a CD, even if it's an IRA CD).
(3) Credit Cards: one of the few good things about NavyFed. Their cards are all chip enabled, have NO foreign transaction fee, and for rewards cards, you can choose from a rewards card that gives you points (travel/restaurants, etc), or a cash-back VISA card, that gives you 1.5% back on everything across the board (no different amounts for different catagories). The rewards show up within days, and you can immediately put it into your savings account. Not quite totally fee-free as PenFed's Promise VISA card is... and I'm one of those people who pay their card off every month, (so I haven't really noticed how good/bad their policies are for those who don't pay them off every month), but they certainly do have some credit cards worth looking at. (If you want a lower APY, like any institution, don't get a rewards card, get the basic card). I recently changed my main credit card usage from another credit union's VISA to NavyFed's cashback VISA, and have been happy with it, and will keep it as my main card (using it all the time -- a lot) as long as NavyFed keeps the features as they are.
So that's it. A mixed bag. Remember, you don't have to have everything under one roof. Find someplace else for your savings/checking/loan business, but if you want good credit card and CD offerings, NavyFed can be a good place to look.
|Return on Assets - YTD||1.5%|
|Return on Equity - YTD||13.03%|
|Annual Interest Income||$1.97B|
|Assets and Liabilities|
|Assets||Q2 2016vs Q2 2015||$77.83B$69.88B|
|Loans||Q2 2016vs Q2 2015||$55.47B$49.74B|
|Deposits||Q2 2016vs Q2 2015||$53.42B$47.13B|
|Equity Capital||Q2 2016vs Q2 2015||$8.83B$7.33B|
|Loan Loss Allowance||Q2 2016vs Q2 2015||$1.00B$846.5MM|
|Unbacked Noncurrent Loans||Q2 2016vs Q2 2015||$476.4MM$386.2MM|
|Real Estate Owned||Q2 2016vs Q2 2015||$17.4MM$20.0MM|
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