Credit Loan

Navy Federal Credit Union

History

Navy Federal Credit Union has been around for the past 75 years. It was started in January, 1933 under the name of the Navy Department Employees' Credit Union of the District of Columbia (NDCU). In 1954, the scope of membership was expanded to include all the Navy employees irrespective of their geographical location. It was given its present nomenclature Navy Federal Credit Union. Navy Federal created a landmark in 1962 when it became the largest credit union in the world and it continues to hold this distinction till to date. The guiding motto of the Navy Federal Credit Union is: Not for profit, not for charity, but for service.

Present Membership

As of now the membership of the Navy Federal consists of all the departments of the Navy-DON- personnel irrespective of their rank and location. The members include active duty Navy and Marine Corps, Reservists, civilian employees, retired or annuitant, DON contractors and all the wings of the U.S. Navy. The memberships include grandparents, parents, spouses, siblings, children adopted, foster, stepchildren and household members. The Union has 124 branches and 315 proprietary ATMs around the world. It has a staff of over 5,000 employees.

Organization

Navy Federal is governed by a board of governors which is elected by and from the members of the Union. The members of the credit unions are not just customers, they are the owners. They control the credit unions. Each member has one vote. Only the members can use the services of the credit union.

Directors on the governing body, members of the credit committees and the supervisory committees are elected from the volunteer representatives of the credit unions.

Credit unions are non-profit bodies. The surplus funds are returned to the members as dividends, loans at reduced interest rates and are also used for service improvements.

Credit Unions also assist the members to gain economic independence irrespective of their incomes and educate them in financial matters and current events. They cooperate with each other across the world. The driving force of the Credit Union is the concern for the welfare of the members.

Financial Services

The Navy Federal Credit Union provides a large range of financial services to its members. Effort is made to tailor customized services to suit the individual needs and life styles of both men and women members. The Credit Union also provides the normal financial services of a typical banking institution. The services provided include savings accounts, checking accounts, IRA accounts, and certificates of deposit. The savings account is called 'Share Savings' as it represents the member's initial savings deposit of $5 which is their share of membership of the Union.

Besides this the Navy Federal Credit Union provides its members an array of loans, credit cards, mortgages, home equity loans, small business services, investment services, brokerage and real estate settlement services. The members can access the customer support services online round the clock. There are call centers as well as online services. You can change your job, your employers, leave the military, move, emigrate, retire, get married or be divorced; you never have to leave the Navy Federal. "Once a member, always a member."