Navy Federal Credit Union is the world’s biggest credit union counting in excess of 3 million members and holding a massive $35 billion asset portfolio. Navy Federal is based in Vienna, Virginia, but has a member base all over North America. Like all credit unions set up for the benefit of people within a community, the Navy Federal Credit Union is faithful to its members. This is reflected in its membership guarantee: “Once a member, always a member”.
Navy Federal Credit Union’s History
The Navy Federal Credit Union as known today was formed in 1933 under the name of the Navy Department Employees Credit Union of the District of Columbia. Originally you had to be an employee of the US Navy and a member of the Federal Employees Union in order to be come a member of the credit union itself.
In 1947 the Navy Department Employees Credit Union of the District of Columbia was recreated as a Federal credit union and subsequently renamed as the Navy Department Employees Federal Credit Union, whereby it opened up its membership to all US Navy employees (both civilian and military) in Washington DC.
In 1954 the Navy Federal Credit Union opened up its membership to include any employee of the US Navy regardless of their status: Navy Federal extended its membership to include enlisted personnel as well as the officer classes. By the early 1960s, Navy Federal had grown to become the biggest credit union in the world, a title it continues to hold today.
Going into the 2000s. Navy Federal opened its doors to other potential members, extending its offer to workers that interface with the US Navy, such as Naval contractors. This policy was activated again in 2008 when Navy Federal changed its membership criteria to include active, reserve and retired personnel from the Marines, Air Force, Navy and Army.
Navy Federal Credit Union Membership Eligibility
Individuals can apply to be a member of the Navy Federal Credit Union if they fall into one of the following categories:
- Active and retired uniformed members of the Navy, Marine Corps, Air Force and Army.
- Active and retired uniformed members of the reserve Navy, Marine Corps, Air Force and Army.
- Active and retired National Guard personnel (Air and Army).
- Annuitants of all the above forces.
- Department of Defence Personnel in Officer Candidate Programs – i.e. midshipmen and cadets from the US Military, US Naval, Coast Guard, US Air Force and US Merchant Marine Academies.
- Department of Defence civilian personnel.
- Department of Defence contract workers working at US Government sites.
- Employees of the US Government working at Department of Defence locations.
- Family members of Navy Federal Credit Union members.
Navy Federal Financial Services
Navy Federal offer the following services to its members: savings and checking accounts, loans, mortgages, credit cards, investment, insurance, retirement services and commercial services.
Branches and ATMs
Navy Federal Credit Union has branches throughout North America. Most branches offer members the following services: Mortgage and equity lending services, Personal loan applications, Payments and deposits (cash and non-cash), Cash services, American Express® Travelers Cheques, Visa® cash advances and Navy Federal ATMs located on site or nearby.
Members are entitled to use Navy Federal ATMs with a CUCARD® or Visa® Check Card for no fee. Navy Federal ATMs allow you to make balance enquiries, cash withdrawls of up to $400 per day, loan payments, deposits and money transfers between Navy Federal CU accounts.