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Navy Federal Credit Union (NFCU) is a not-for-profit banking institution owned by its members, providing financial services to members and former members of the US Department of Defense and their families. It offers a range of financial services, including home and auto loans, personal loans, and investment options. Membership is open to Navy and Marine Corps employees, Navy contractors, and all Department of Defense employees, including civilians working on military installations, as well as their family and household members.
The Navy Federal Credit Union (NFCU) was created in 1933 and has grown to be one of the largest credit unions in the world. As with other credit unions, NFCU is owned by its members and is a not-for-profit banking institution. Provides financial services to members and former members of the United States Department of Defense (DoD) and their families.
The NFCU was started by seven members on January 17, 1933, in response to the Great Depression. Originally named the Department of the Navy Employees Credit Union, membership was available to US Navy employees and naval officers in the Washington DC area only. In 1954, membership was expanded to all Navy employees, and later to those on active duty. At this time, the financial institution changed its name to Navy Federal Credit Union.
By 1962, the NFCU had become one of the largest credit unions in the world. Growing to more than three million members by 2011, the NFCU is one of the leading providers of financial services to members of the US military. The Navy Federal Credit Union has branches and ATMs around the world, often located on or around US military installations, with its main office located in Virginia.
In 2003, the Navy Federal Credit Union extended its membership not only to employees and active duty members of the Navy and Marine Corps, but also to Navy contractors. In 2008, the NFCU began offering membership to any member or active duty employee of the US Army, Air Force, and all Department of Defense employees, including civilians working on military installations. Any family member or household member of a person eligible to use the services of the Marina Federal Credit Union is also entitled to open an account. Once an account is opened with NFCU, a person is considered a member for life, even if they leave the Department of Defense, as long as an account remains in good standing.
The NFCU is governed by a board of governors elected by credit union members. Each member is allowed one vote in each election and is entitled to a share of the additional funds made by the Navy Federal Credit Union. These funds, which would be considered earnings at a traditional bank, are used to finance lower interest rates for members and for branch maintenance; Once these needs are met, any additional profit is distributed to each member through dividends.
Navy Federal Credit Union offers all of the financial services that most banks provide, including checking accounts, savings accounts, credit cards, and lines of credit. NFCU also provides home and auto loans to its members at a lower interest rate than most traditional financial institutions. The Marina Federal Credit Union also offers personal loans, financial advice and investment options.
Smart Assets.
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