Wednesday, March 22, 2023

Navy Federal Credit Union Benefits

Must read

Becoming A Member Of Nfcu

Money Minute – Navy Federal | Military Benefits

Every credit union has different membership requirements. For most of them, its if you live, work, or worship in the city or county limits of the credit union. For some of the larger credit unions, they have expanded their membership requirements and have made it more accessible. Of all of the credit unions, Navy Federal probably has the most ways you can be eligible to become a member, but they dont let just anyone in.

Some of the ways you can qualify to become a member of NFCU are:

  • Active Duty military
  • Be a contractor to U.S. Government Installations
  • Retired DoD employee
  • Or be a family member of one of the above
  • Apart of the Delayed Entry Program

One of the interesting parts of NFCU is their family membership requirements. They offer more lenient requirements than most credit unions. Most of them limit it to immediate family, but NFCU expands on those. They allow:

Who Is Navy Federal Credit Union Best For

Navy Federal Credit Union is a full-service credit union offering a wide range of products and services. Its a good fit for customers who:

  • Are part of the armed forces or related to someone who is a member
  • Want a full-service credit union for all of their banking needs
  • Are looking for simple bank accounts that earn interest

Should You Consider Opening An Account At Navy Federal Credit Union

Navy Federal Credit Union members enjoy low rates and fees on banking products and loans. They can also earn discounts that can add up to big savings over time, similar to offerings from other .

If you have friends and family who also qualify for membership, you can earn some decent cash by referring them to the credit union. Just make sure that the financial products, loans and banking services meet your needs.

contributed to the reporting for this article.

Information on promotions is accurate as of Sept. 7, 2022. Additional requirements may apply. Offers and terms are subject to change.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

All information about the Navy Federal More Rewards American Express® card has been collected independently by GOBankingRates. The Navy Federal More Rewards American Express® card is not available through GOBankingRates.

Recommended Reading: Hilton San Francisco Union Square

About Navy Federal Credit Union

At the end of the Great Depression, a group of seven Navy Department employees founded Navy Federal Credit Union. Their goal was to create a place where they and their co-workers could save or borrow money and work toward individual financial goals. Today, credit union membership is open to members of all branches of the military.

Navy Federal Credit Union has more than 11.7 million members. The credit union has more than $160 billion in assets and 349 branches around the world.

Navy Federal Credit Union Loan Specifics

Navigating the VA Loans Process

Navy Federal Credit Union mortgage rates are a reflection of the institutions identity. As a devoted to working with military families, it is able to offer relatively low rates and provide a variety of mortgage options that require either zero or small minimum down payments.

Because Navy Federal is a you must pass through its entry requirements to become a member. In simplest terms, individuals who are members of the armed forces, veterans, civilian employees of the U.S. Department of Defense , or family members of those in any of these groups are eligible. If youre unsure if you qualify, Navy Federal provides an eligibility wizard to help you get started.

People who qualify for joining Navy Federal Credit Union gain access to a variety of consumer-friendly loan types, including:

You May Like: Coast Central Credit Union Crescent City

Rewards Cards For Retired Military Members And Spouses

Some military credit card benefits arent limited to active-duty servicemembers. You could be eligible for certain military-related credit cards if you are:

  • No longer on active duty
  • Retired from the military
  • The spouse or immediate relative of a military member

These credit cards are offered by military-affiliated credit unions such as USAA, PenFed, or Navy Federal Credit Union.

A good example of two military-affiliated cards are the Navy Federal More Rewards American Express Card and the USAA Cashback Rewards Plus American Express Card. Both of these cards provide cash-back rewards for everyday spending.

The card from Navy Federal offers 3 points per dollar spent on supermarkets, gas stations, commuting expenses, and restaurants, plus 1 point per dollar spent on everything else.

The USAA card gives you 5% cash back on the first $3,000 you spend on military bases and gas, 2% on the first $3,000 you spend on groceries per year, and 1% on all other purchases.

Which Military Members Qualify For Scra Perks

The SCRA covers most members of the military, including:

  • Active-duty members of the Army, Navy, Air Force, Marine Corps, and Coast Guard
  • Active-duty members of the Reserves
  • Any member of the National Guard mobilized under federal orders for more than 30 consecutive days
  • Active-service commissioned officers of the Public Health Service, or the National Oceanic and Atmospheric Administration

For most military members, your SCRA protections start the day you enter the military. These benefits apply to auto loans, mortgages, other installment loans, and even some student loans.

Unfortunately, benefits arent automatic. For example, to get the 6% active-duty interest-rate cap, youll have to do a little extra work by sending your creditors a written notice and a copy of your active-duty orders.

Don’t Miss: Augusta County Federal Credit Union

Mla Interest And Fee Benefits

Where the SCRA provides protection for debts incurred prior to active duty, the MLA caps interest rates on new loans taken out after starting your service.

Under the MLA, most types of consumer loans are capped at a 36% interest rate, including finance charges and many fees.

Moreover, the act prohibits creditors from:

  • Requiring you to go through mandatory arbitration
  • Requiring automatic withdrawals from your paycheck to get a loan
  • Charging you a prepayment penalty if you pay all or part of a loan early

Amazing Benefits Of The Navy Federal Credit Union

How to Find a Job You Love with Amazing Benefits: Navy Federal Winchester Careers

ByPat Caymus | Submitted On November 11, 2006

There are many amazing benefits to being a member of the Navy Federal Credit Union.

The Navy Federal Credit Union, which has over 2.5 million members, is regulated by the largest credit union in United States – the NCUA . It has been helping many men and women for over 70 years.

The membership of the Navy Federal Credit Union is limited to all Navy personnel including active duty marine and navy, reservists, civilian employees, retired or annuitant. The Union also caters to contractors assigned to U.S. government sites, all civilian and military members of the U.S. government, as well as the family members of the members.

The Navy Federal Credit Union offers a variety of services to its members, including checking amounts, loans, share savings and consumer credit cards. The Navy Federal Credit Union boasts one of the most extensive online services in the financing industry.

Focusing primarily on its members’ interest and needs, the Navy Federal Credit Union could benefit you in many ways.

1) Money management options – The Navy Federal Credit Union focuses on money management programs that could support the needs of its members. They offer free checking accounts with a free debit card.

2) The Navy Federal Credit Union offers free debit card products – the Navy Federal’s CUCARD® and Visa® Check Card.

Recommended Reading: Nc State Employee Credit Union

Navy Federal Credit Union Membership Criteria

Before you can take advantage of Navy Federal promotions, you have to apply for membership. Membership is open to the following service members:

  • Air Force, Army, Coast Guard, Marine Corps, National Guard, Navy and Space Force active duty members
  • Members of the Delayed Entry Program
  • Department of Defense officer candidates
  • Department of Defense reservists
  • Veterans and retirees of the armed forces

Military family members may apply for membership. Department of Defense civilian employees, retirees and contractors may also qualify for Navy Federal Credit Union membership.

Nfcu Loans And Credit Cards

  • Home Equity Loans
  • Motorcycle, Boat & Leisure Vehicles

Navy Federal credit card options are typical of what you might expect from any credit card program rewards, cash back options, and variable APRs. What makes these cards different than some commercial cards?

No annual fees. There are three levels of credit card service with the lowest interest rates reserved for those who qualify for the NFCU Platinum card.

Auto loans are offered for both new and used vehicles, and there is also a refinance option. What some military members may be interested in here? Motorcycle, boat, and leisure vehicle loans.

Why are these NFCU loans particularly helpful? Because some military members and veterans find out the hard way that VA mortgage loans are not available for houseboats, Recreation Vehicles , campers, and other vehicles that can technically act as a dwelling but have no permanent foundation.

A VA loan cannot be used to buy a house boat or RV because they cannot be classified or taxed as real estate. Thats where the NFCU Motorcycle, Boat & Leisure Vehicles loan comes in.

And while were discussing VA mortgages, Navy Federal offers them in addition to some other home loan programs with similar features in some case . Home loan options include:

Home loans arent the only lending choices you have. Navy Federal offers student loans with the following basic terms:

You May Like: Western Union Nearby My Location

Newest Navy Federal Promotions Bonuses Offers And Coupons: September 2022

Navy Federal Credit Union offers financial services for active and retired members of the military and certain government employees, plus their families. In the event youre considering joining the , check out its current promotions before you open a new account.

Banks regularly offer promotions to attract new customers. They really want your business and are willing to pay you hundreds if you open an account. You can use this cash to boost your savings a useful commodity in the current economy.

These promotions were picked because they represent the best Navy Federal bonuses currently available. Take a look you may just find one you cant pass up.

Jobless Claims Fall Unexpectedly As Federal Reserve Continues To Fight Inflation

Navy Federal Credit Union Visa Signature Flagship Rewards Credit Card ...

The number of Americans filing new claims for unemployment benefits fell last week, showing widespread layoffs remain low despite a surge in technology-sector job cuts that has raised fears of an imminent recession.

The weekly unemployment claims report from the Labor Department on Thursday, the most timely data on the economys health, suggested the labor market remained tight. That, together with strong retail sales growth in October, will keep the Federal Reserve on track to continue raising interest rates, though at a slower pace amid signs inflation is starting to subside.

This is a testimony to how tight the labor market remains, said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Va.

Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 222,000 for the week ended Nov. 12, the Labor Department said on Thursday. Economists polled by Reuters had forecast 225,000 claims for the latest week.

There has been an increase in layoffs in the technology sector, with Twitter, Amazon and Meta, the parent of Facebook, announcing thousands of job cuts this month. Companies in interest-rate sensitive sectors like housing and finance are also letting workers go.

Don’t Miss: Texell Credit Union Temple Tx

Navy Federal Customer Service

Navy Federal members have access to a wide range of support options from the credit union. Phone support is available 24 hours a day, seven days a week, with options for domestic and international callers:

  • Domestic: 888-842-6328
  • International: 703-255-8837

Other support options include chat, email, mail, and social media channels.

Navy Federal does give members online and mobile access, which arent options at many credit unions. Members can check balances, make payments, transfer money, and order checks from almost anywhere.

Alexa Cut Costs Amazon Begins Layoffs At Devices Services Units

The layoffs have so far not been evident in official data. Unadjusted claims dropped 6,101 to 199,603 last week. Claims in California, the epicenter of the technology job cuts, rose by only 302 last week. Big decreases in claims were reported in Florida, Georgia, Kentucky, Indiana and Texas, offsetting notable increases in Minnesota and North Carolina.

Economists say businesses outside the technology and housing sectors are hoarding workers after difficulties finding labor in the aftermath of the COVID-19 pandemic. With 1.9 job openings for every unemployed person in September, some of the workers being laid off are probably finding new employment quickly.

Economists at Goldman Sachs dismissed worries that the technology layoffs were flagging an imminent recession in a note this week. They argued that technology job openings remained well above their pre-pandemic level. They also noted technology-sector layoffs have not historically been a leading indicator for deterioration in the overall labor market.

Announced tech job cuts have frequently spiked without a corresponding increase in cuts in other sectors and have otherwise been a coincidental indicator, they wrote.

You May Like: Homewood Suites By Hilton Washington Dc Noma Union Station

How To Bank Through Navy Federal Credit Union

To bank at Navy Federal requires membership, which isnt open to everyone. To become a member of Navy Federal, you must be an active duty, retired, or veteran member of the armed forces, which includes:

Family members of military members, including minors, are eligible to become members of the credit union, too. Membership is also an option for the Department of Defense civilians, including retirees and annuitants, and other select citizens.

You can apply for a membership only on the Navy Federal website or by calling 888-842-6328. Youll need to have personal information on hand to verify your identityincluding your Social Security number, driver’s license, or other valid IDas well as a credit card or bank account routing number to fund your Navy Federal account.

If youre someone who is eligible for membership, Navy Federal Credit Union offers enough accounts and services to meet most banking needs. Its a full-service credit union that rivals national banks. If you prefer a credit union to a bank, Navy Federal may be the best place to keep your savings. Its not for everyone, though, especially if you dont qualify for membership. Despite its size, it still doesnt have enough local branches to offer in-person services to all of its members. You may find better rates on most deposit accounts at an online bank.

Free Active Duty Checking

Money Minute – Consolidating Card Balances

Free Active Duty Checking comes with a decent APY and dividend rate, offering you advanced access to your military pay, rebates on ATM fees, and free customizable checks.

This checking account is an excellent choice for active-duty military in comparison with competitors, and the account comes with no monthly fees. It also comes with all the standard benefits of a Navy Federal checking account, like ATM access, a debit card, online banking, direct deposit, and mobile banking.

Recommended Reading: How To Avoid Western Union Fees

List Of Nfcu Benefits

  • Unofficially, NFCU stands for Navy Federal Credit Union and was originally incorporated in 1933 as the Navy Department Employees Credit Union of the District of Columbia.
  • They have gone through many changes over the years and were only open to Navy personnel until 2008 when they opened up to the entire Department of Defense, to include members of the Army, Navy, Marine Corps, and Air Force as well as civilian personnel within the Department of Defense. In 2013, they were also opened to the Coast Guard.
  • Navy Federal has 7.5 million members and is the largest natural member or retail credit union in the United States.
  • They are open to all service members, to include the national guard and reserves, DOD Officer candidates, veterans, retirees, annuitants, DOD civilians, as well as family members. These include grandparents, parents, spouses, siblings, children, grandchildren, and household members.
  • They offer a lot of similar services that USAA does, including banking, special offers, and loans. However, compared to USAA, they tend to have more generous loan terms as well as more physical bank locations.
  • They also offer perks and discounts, military pay advances, and easy direct deposit.

RELATED: Navy Federal Pay Dates

As you can see, there are many Navy Federal Credit Union benefits and perks just for joining. When choosing where to bank, keep these things in mind as you are trying to decide where it would be best to go.


Membership Has Its Perks

Navy Federal can help you take your banking to the next level with exclusive membership perks and discounts focused on what service members, retirees, and veterans need the most.

ByMeredith Mathis | Published Feb 25, 2022 4:09 PM

With financial security comes some obvious perks saving for a family getaway or a down payment on a home or vehicle. Navy Federal Credit Union puts your needs first by helping you earn and save money on services and products that help you meet your goals. Their impressive membership program caters to the unique needs of active military members, retirees, and veterans at every phase of life. Membership is free, and Navy Federal makes it easy to join so you can start enjoying the benefits right away. Here are our top six perks to Navy Federal membership:

1. Active Duty Checking. personnel as well. Perks of Active Duty Checking include up to $240 in annual ATM fee rebates, no monthly service fees or balance requirements, and free personalized checks. Additionally, all checking accounts with Navy Federal include access to 30,000 ATMs nationwide, monthly dividends, and convenient online banking, which includes mobile deposit right from your phone.

Navy Federal Credit Union is federally insured by the NCUA.

Don’t Miss: Best Credit Union For Home Loans

More articles

Popular Articles