Navy Federal Credit Union, abbreviated as navy federal, is a prominent credit union in the United States in terms of the number of members yet is among the most reliable financial institutions. Established for the purpose of providing financial services to the Navy, acting for its members, veterans and their families, it has expanded its activities, offering different services. For instance, when it comes to NAVY Federal Credit Union Banking, you will not miss a savings account, a loan or an investment product. In this article, I am going to explain all the things you should know about it, including its services, advantages, and its position among the plethora of financial companies.

General Information about Navy Federal

Often known as the world’s largest credit union, Navy Federal credit union was established in 1933 was established to fulfill the roles of a financial institution to Navy people. It grew offering services to all the branches of the military and their families and the veterans over the decades. Currently, it is situated in Vienna Virginia; however, it has extended its operations in several states in the US and has opened branches as well as ATMs. The credit union has been noted for its focus on individual clients so that when offering a service or a product, the credit union’s aim is to offer the members the best services and products which they would require in the financial sector.

Membership and Eligibility

Navy Federal has some features that would be crucial with any traditional bank, not least of which is membership as a central organizational principle. Navy Federal Credit Union is actually a not-for-profit financial institution, hence, it is duty-bound to work for the benefit of its customers, not for shareholders. It requires certain criteria for one to join this organization. Typically, membership is open to:

Military personnel who are on service, pension or veterans of military service.

Civilian employees of department of defense (DoD)

Spouses, children, parents and siblings of theaters meeting the criteria

By restricting membership to the Navy and Marine Corps active duty, retired, reserve, and civilian personnel and their families, this means that navy federal can concentrate on the particular financial requirements of military families because they are in a position to understand their products and aviation services needs much better.

Offered Products and Services by Navy Federal

Below is a list some of the products and services offered by Navy Federal to meet the different needs of their clients: These include:

1. Savings and Checking Accounts

Navy Federal provides anyone with a variety of savings and checking accounts which have good interest rates and low charges. Navy Federal has its fundamental checking account known as navy federal Free Active Duty Checking that targets the active-duty military personnel without any service charge or any charges on ATM.

2. Loans and Mortgages

Some of the loans available at navy federal include personal loans, car loans and home mortgages. Consequently, most of it’s mortgage choices are especially popular among its clients because of their reasonable interest rates and flexible conditions. With the VA Home Loan, they have a program aimed at helping the veterans through the purchase of homes through loans that have no down payment and little closing costs.

3. Credit Cards

Navy Federal credit cards available include the Navy Federal Visa Signature Credit Card and the Navy Federal Visa Platinum Rewards Credit Card among others, that come with features like rewards programs, low interest rate and balance transfers. One of the best credit cards that they have is the Navy Federal Cash Rewards Card, the card that offers cash back on purchases.

4. Investment and Retirement Planning

Navy Federal also has investment services as well as retirement services. Clients can apply for the IRA or make use of several investment products which could assist to fund an individual’s financial future. For those Navy Federal members who are still unclear on the type investment options that they should choose, the credit union offers to help its members in the process, by providing them with financial advisors.

Great Facts About Navy Federal:

To this effect, Navy Federal stands ready to support the military families as they go through these difficulties. This existence can be rather financially very unpredictable from deployment to relocation and it tries to make it all settled. The credit union has special programs for its valued clients including the Deployment Assistance Program offered at Navy Federal. In the same manner, it offers resolutions in financial literacy, hence allowing members to make smarter decisions in their finances.

And Now Let’s Know with Great Precision the Benefits of Banking with Navy Federal

Below are various advantages of using Navy Federal rather than the typical land banks more so to military persons and their kin. Some of the key advantages include:

1. Fewer Charges and Improved Interest rates

Navy Federal being a not-for-profit organization, means that it has an added advantage because it has lower fees and better interest rates in loans and savings accounts than the for-profit organizations. As opposed to typical financial institutions that have an objective of making a profit for the shareholders, it rewards its members with more rewards and less costs in relation to loan rates.

2. Excellent Customer Service

Navy Federal is famous for having excellent customer support that takes time to help its members because they know the challenges that military families go through. When it comes to enquiring about a loan or when one is in need of financial assistance, it credit union’s customer service care is present to offer a hand.

3. Accessibility

Navy Federal’s branches are situated in strategic areas, close to military installation bases besides having a lot of ATMs, thereby allowing the members to access their accounts easily. Also, the mobile application and internet banking facilities enable the members to perform their financial activities anywhere in the world.

4. Tailored Financial Products

Navy Federal has its products’ financial services with military families in mind. For instance, there is a Military Choice Mortgage that has provisions which include no down payments, no acquisition of a PMI, and a lower credit score qualification than average mortgages.

Navy Federal compared to the Traditional Banks

The major difference between navy federal and the traditional banking institutions is that; it is a member based organization. It is a credit union, which implies that it is a non-profit organization that is owned by the members and this makes it easier for this company to offer its members lower interest rates and reduced fees. Singly, the conventional banks are those which were owned by the shareholders and they have to focus more on the returns that they have to provide to the shareholders rather than the benefits that they can have to provide for its users.

The final one is that it offers services that are adjusted to the military personnel and military members only. Other companies that operate more conventional banks may also offer a similar service but they lack expertise when it comes to the military families` experiences of deployment or move from one place to another.

You might be wondering, how can I become a Navy Federal Member: How to Join the Navy Federal Credit Union

Joining Navy Federal is not a difficult thing to do so long as one meets the requirements to join the credit union. To join this firm, you can apply online or you have to go to one of the branches. Once your membership is approved you can open accounts for the products that it offers in their services.

Conclusion

Navy Federal Credit Union can be tagged as one of the major financial institutions that focuses its activities on providing services for the military. Given the wide product & services portfolio, strict policy in delivering customer satisfaction and commitment to serving the military families, it is absolutely a different breed amongst all the banks. No matter whether you are in search of Checking Account, Mortgage or Investment, it provides all the necessary tools and services to its clients.

Therefore, Navy Federal credit union association is not only a credit union but a partner for the military personnel and their dependents. This way, it helps its members to feel more confident while going through their financial lives. If you happen to become one, getting to be a member of Navy Federal could very well be one of the most financially-savvy things you would do.