Navy Federal Credit Union (NFCU) is a non-profit banking institution owned by its members, providing financial services to US Department of Defense employees and their families. Founded in 1933, it has grown to become one of the largest credit unions in the world, with over three million members. NFCU offers a range of financial services, including checking and savings accounts, credit cards, loans, and investment options. Membership is open to employees and active duty members of the Navy, Marine Corps, Army, Air Force, and all Department of Defense employees, as well as their families.
The Navy Federal Credit Union (NFCU) was created in 1933 and has grown to become one of the largest credit unions in the world. As with other credit unions, NFCU is owned by its members and is a non-profit banking institution. It provides financial services to members and former members of the United States Department of Defense (DoD) and their families.
The NFCU was founded by seven members on January 17, 1933, in response to the Great Depression. Originally named the Navy Department Employees Credit Union, membership was available to United States Navy employees and naval officers in the Washington DC area only. In 1954, membership was extended to all employees of the Navy, and subsequently to those in active service. At this time, the financial institution changed its name to Navy Federal Credit Union.
In 1962, the NFCU became one of the largest credit unions in the world. Growing to over three million members by 2011, the NFCU is a leading provider of financial services to members of the US military. The Navy Federal Credit Union has branches and ATMs around the world, typically located on or around U.S. military installations, with its headquarters located in Virginia.
In 2003, the Navy Federal Credit Union expanded 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 active duty member or employee of the U.S. Army, Air Force, and all Department of Defense employees, including civilians working on military installations. Any family member or family member of a person who is eligible to use the services of the Navy Federal Credit Union is also entitled to open an account. Once an account is opened with NFCU, a person is considered a life member even if they leave the DoD, as long as an account is maintained in good standing.
The NFCU is managed by a board of directors elected by the members of the credit union. Each member has one vote in each election and is entitled to a portion of the extra funds carried by the Navy Federal Credit Union. These funds, which would be considered useful in a traditional bank, are used to finance lower interest rates for members and branch maintenance; once these needs are met, any additional profit is distributed to each member through dividends.
The Navy Federal Credit Union offers all 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 Navy Federal Credit Union also provides personal loans, financial advice and investment options.
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