As a military member, you can find different benefits out there for you and your family because of your military service. When it comes to banking, you have a lot of choices, but Navy Federal Credit Union is made for service members and provide a lot of benefits from banking to buying a new car. Here is a little bit about Navy Federal Credit Union benefits and perks that may be available to you.
Navy Federal Credit Union 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.
Since they are a credit union, as a member you will become part owner and have a say in the future of the company. They will also pay out dividends.
They offer free checking accounts, and they also refund ATM fees up to $20 per statement period on their free active duty checking accounts. Their Free Active Duty Checking account was made for active duty life which is a huge plus.
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.
As far as deciding if Navy Federal Credit Union is right for you, that will depend on what you are looking for in a financial institution, what types of products you plan to use, and who you trust to keep your money safe. Just know that they will offer you and your family amazing benefits if you decide to go with them.