Navy Federal Credit Union
Would it surprise you to know that Navy Federal Credit Union is the largest credit union in the world? It is. Even more surprising is how this huge institution got started. It was 1933, and times were rough. Seven civilian Navy employees got together and formed a sort of savings club. Each of them pledged $10, which was two weeks pay at the time. They pooled their money to start a “savings club,” the forerunner of today’s Navy Federal Credit Union. That modest venture has now grown into the largest credit union in the world with assets of 25 billion dollars. Not bad for a $70 start!
Navy Federal Credit Union is still going strong today. Membership requirements are broad-based, and many who are not associated with the military will qualify for membership, as will their family members. In other words, there’s an excellent chance you and your family may qualify for membership. Check at http://www.navyfcu.org to see if you may join. And why should you join if eligible? Well, credit unions are unlike commercial financial institutions you may see in your town. Those are businesses for profit. But just like that long ago seven-member club, today’s Credit Unions are not-for-profit and are geared to serve their members, not to profit from the needs of their members.
Consider just a few of the offerings the Navy Federal Credit Union offers its 2.4 million members. How would you like to attend a home buying seminar to assist you through this often confusing process? Sounds like a worthwhile class to attend, doesn’t it? Would it surprise you to know that this class is not only free to members, it actually comes with a $250 coupon members may later use toward a mortgage loan application fee should they decide to purchase a home within 6 months of attending the seminar? Not only do you gain valuable information you need, you are even paid for learning it. What if you already own a home? Consider one of the many other financial seminars offered by Navy Federal. Are you nearing retirement? They have a seminar for that. How about planning for minimizing that tax bite or researching the possible need for long term care for a family member? Remember, the Credit Union is not-for-profit, so you can rest assured that the information communicated to you in these seminars is not slanted to sell you particular investment instruments or plans. It’s actually there to assist you in many, many areas of your life at all stages of your life.
What if you actually are in the military? There’s no better place to go to assist you in planning for life events which may have to do with your military service. There is actually a comprehensive section on “What to do Before You are Deployed.” Information will be provided to you and your family to handle deposits and payments automatically. Navy Federal can also be accessed from any surface ship and from any naval installation. There’s a free bill paying service you may want to look into if you make at least three payments a month. Navy Federal also offers services all of us hope never to have to use, but which can protect and support your family in times of crisis. These include setting up power of attorney in the event of death or disability. There are a million other details deploying service men and women need to consider even down to helping with checklists for vehicle registration and maintenance and where the fuse box is located in your home. Amazing isn’t it, that all this could be available in one place? But it is.
Navy Federal also keeps its members up to date on ways to protect their assets. Did you know there are “phishing” schemes out there attempting to target many of us and separate us from our own money? Phishing is a new word to most of us. Those engaged in phishing scams target people just like us and attempt to fool their victims into divulging personal information which can then be used to dip into existing credit union or bank accounts, or to open new fraudulent accounts using the victim’s information. Phishing is a form of financial and identity fraud, and Navy Federal is on top of it. They recently issued a “Phishing Alert” to warn members that a fraudulent email is being circulated, and that it claims to have come from Navy Federal Credit Union. It invites potential victims to click on a link to “renew” member services. It also asks the unsuspecting victim for his or her social security number and other personal identifying information. Of course, this is electronic robbery in action. Navy Federal reminds its members NEVER to respond to any such email. This one is particularly troubling since it includes the Navy Federal Credit Union logo and actually looks quite credible.
With branches of Navy Federal Credit Union as far flung as its 2.4 million members, there is sure to be a site near you. Take a look at their web site for a complete list, and for the membership requirements. Whether you are looking for a car loan or a checking account, a bill-paying service, or an education, Navy Federal Credit Union can meet your needs. And imagine---all this from seven people who got together decades ago and pooled $10 each to help one another in times of need.Find detailed consumer information for NAVY FEDERAL CREDIT UNION