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  4. Does NFCU Care What DA Readers Think?

Does NFCU Care What DA Readers Think?

rockies
  |     |   295 posts since 2018

As many on this site have voiced, I too am disappointed by the lack of competitive deposit products at Navy Federal Credit Union (NFCU). My once substantial balance has long since been redistributed to competitive brokers, banks and credit unions with nothing left at NFCU except for a small sum in several "insurance" certificates in case rates drop substantially. I wanted to quickly research where NFCU stands relative to other large credit unions and, decided that others here might be interested in what I found.

I used Ken's "Largest Banks and Credit Unions by Assets" site for my research. I filtered on Credit Unions Only.

https://www.depositaccounts.com/banks/assets.aspx?instType=cu&stateType=hq&state=

Interesting Facts about NFCU

- $166B in assets: more than the next 5 credit unions combined

- 22,802 employees: more than the next 7 credit unions combined

- 27.6M customer accounts: more than the next 9 credit unions combined

You might say "Hey Rockies, so what?"

Well, I guess my first observation is that the word "largest" is a huge understatement for NFCU. "Behemoth" or "Beast" seem more appropriate. And, so, a depositor gets a set of adequate services and products that reflect being the Behemoth in the market. It is clear that depositors who hold NFCU's $166B in assets are "satisfied enough" with their terms and rates to maintain their accounts.

And, I will point out, that NFCU grew its assets 3.36% vs. the prior year which amounts to about $5.6B. (Note this is while the next 3 largest credit unions lost assets vs. the prior year.) For perspective, that means in one year NFCU grew more than one entire Gesa Credit Union; more than one entire Connexus Credit Union; more than one entire Service Credit Union; more than one entire Langley Federal Credit Union.

So, why would NFCU change? I think it is fair to say that the average DA reader is not the primary customer target for NFCU. So, I suspect, the average DA reader is not heavily invested here.....and never will be.....except for the occasional mildly interesting point offer or the opportunity to use add-on/IRA accounts as "insurance".

So, as a community, we can continue to whine about NFCU, but, frankly, I do not believe NFCU cares too much about what we have to say.

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Answers
blazer9
  |     |   228 posts since 2019
rockies Probably not. But thanks for DA contributions.
But I do think they care for the service men and women getting Home Loans
and spouses having a dependable car while their ON DUTY in another country
or at SEA
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rockies
  |     |   295 posts since 2018
And, for this, I am very grateful.
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MY2CENTSWORTH
  |     |   436 posts since 2016
rockies, I'm not sure Navy or any other FI cares what is shared on this or any other blog for that matter. If they are successful as they seem to obviously be they aren't about to fix what isn't broken. They will likely continue to be utilized by those of us who appreciate the other benefits that any FI will offer from time to time to attract new customers, but Navy is no different than any other FI, in that they are in business to make money. We are all able to make the decision to do business with them based on our needs and their willingness to be competitive. 
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rockies
  |     |   295 posts since 2018
I agree with all of your comments......especially "they aren't about to fix what isn't broken". And, your observation that they will "be utilized by those of us who appreciate the other benefits that any FI will offer from time to time to attract new customers."

One observation.  If we don't think that banks and credit unions look at blogs like DA, take a look at RichardW's post within the last hour describing a successful request by American Express for DA to "archive" a previous post by RichardW.
https://www.depositaccounts.com/banks/american-express-national-bank.html#promo53444
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