Navy Federal Credit Union was founded at the end of the Great Depression by 7 Navy Department employees who wanted to help themselves and their co-workers reach their financial goals. They envisioned a credit union that would offer loans with affordable rates and manageable terms. They wanted to encourage building financial security by providing a safe place to deposit savings and earn dividends. So they pooled their money and invited others to join.
In 1954, the credit union changed its charter again to open membership to Navy and Marine Corp officers everywhere, regardless of geographic location, and changed its name to Navy Federal Credit Union. Eventually, membership was opened to enlisted personnel as well.
By April 1962, the credit union reached a milestone, becoming the biggest credit union in the world, a distinction which it still holds today. In 1977, the credit union moved into its current headquarters in Vienna, Virginia, eventually undergoing several major expansions of its facility there.
Navy Federal offers the typical suite of account services offered by most financial institutions, including savings accounts, checking accounts, debit cards, IRA accounts, home equity lines of credit, and certificates. The savings product is named “Share Savings” to reflect the fact that a member’s initial savings deposit ($5.00) literally represents their share of ownership in the credit union.
Navy Federal also offers members consumer loans (including personal loans, auto loans, and student loans), credit cards, mortgages and home equity lines of credit, and digital banking as well as some small business services, such as PPP loans. Navy Federal’s CUSO, Navy Federal Financial Group, offers more extensive investment services and related supports, financial planning, and insurance.
Due to the nature of its membership, which includes actively deployed military personnel in every time zone, Navy Federal maintains 24×7 operations at its three contact centers in Vienna, Virginia, Winchester, Virginia, and Pensacola, Florida, its largest contact center, as well as round-the-clock online banking services.
According to en.wikipedia.org. Source of photo: internet
