What is the Federal Credit Union of the Navy?

Navy Federal Credit Union (NFCU) was created in 1933 and became one of the largest backup cooperatives 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 US Department of Defense (DOD) and their families. Originally named the Loan Association of Employees of the Navy Department, membership was available to employees of US Navy and naval officers only in Washington D.C., area. In 1954, membership spread to all navy employees and later to those who are in active service. At the moment, the financial institution has changed its name to the Federal Credit Association of the Navy.

Until 1962, NFCU became one of the largest cooperative credit unions in the world. Until 2011, more than three million members are growing, NFCU is one of the primary providers of financial services for the Association of the US Army. Federal Cooperative Navy of NavyIt has branches and ATMs around the world, usually located on or around the US military facilities, with the main office located in Virginia.

In 2003, the Maritime Federal Credit Union expanded its membership not only to employees and active members of the Navy and Maritime Choir, but also to Navy suppliers. In 2008, NFCU began offering membership to any active member or employees of the US Army, Air Force and all DOD employees, including civilians working on military installations. Each family or member of a person eligible to use the Federal Cooperative Cooperative of the Navy is also authorized to open an account. Once the account is open with NFCU, the person is considered a member for a lifetime, even if he leaves the DOD if the account is maintained in good condition.

NFCU is operated by Kauremd Governors, which are chosen by members of the Cooperative Backup. Each member has in kaŽdé election allowed one vote and is entitled to part for the other funds created by the Federal Credit Union of the Navy. These funds, which would be considered a profit in a traditional bank, are used to finance lower interest rates for members and maintenance of branches; Once these needs are met, any further profit is distributed to each member through dividends.

Navy Federal Credit Union offers all the financial services that most banks provide, including control accounts, savings accounts, credit cards and credit lines. NFCU also provides its members of domestic and automobile loans at a lower interest rate than most traditional financial institutions. The Federal Credit Union also provides personal loans, financial advice and investment options.