17 years with the same credit union...happily a member!
Written: Nov 24 '04 (Updated Jan 06 '06)
|
Product Rating:
|
|
| Customer Service: |
 |
|
| Web Site Experience: |
|
|
| Web Site Load Time: |
 |
|
|
Pros: All the necessary banking services offered at locations worldwide
Cons: Stingy with mortgages for long time customers
The Bottom Line: Happily a lifetime member with my children as members also! You cannot go wrong with the low or no fee offered by a credit union!
|
|
|
| thriftymommy's Full Review: Navy Federal Credit Union |
I originally opened my first checking and savings account with Navy Federal Credit Union (NFCU) during boot camp some 17 years ago in Orlando, Florida (time is flying by!). At that time, direct deposit was encouraged but paper checks were still the norm. I have happily merged accounts with my husband, opened accounts for our children, opened a line of credit, obtained credit cards, obtained vehicle loans, and opened a home equity line of credit for some minor repairs on our home.
Who can open an account
Nowadays, with the shrinking military numbers and dwindling customer base, NFCU has made it possible for NFCU members to invite their family members to open accounts and extended their member base by opening membership up to on-base personnel such as federal contractors and Department of Navy personnel instead of keeping the NFCU ranks open only to military members. With life long memberships (which all credit unions offer), the desire to maintain an account with NFCU has grown stronger.
Product and Services
NFCU offers competitive rates for all vehicle, education, and home loans and credit cards, savings accounts, CD's, IRA's, and 529 plans. They offer the same account types offered by non-credit union banks (checking, savings, education savings account, free online Web Bill Pay service) at a small discount to members.
They also have money orders, bank drafts (free to NFCU members: request a bank draft and have them send it through Fedex for $3.50 overnight; you can't beat that price anywhere!). Western Union Money grams, Internation and domestic wire transfers and automatic wire transfers (ACH) are other services availalbe. I order my checks through them for $14.50 for 500 duplicate checks.
NFCU also offers deals on services such as an extra discount on Dell computers, Equifax credit services at a discount, Enterprise rent-a-car buyer's program, American Express vacation packages, a Member Move program($50 rebate for using their services and closing on a home located through this program...very helpful while on active duty and transferring to a new area), and TurboTax on the web discounts. They have other services such as direct deposit allotments and pre-deployment web bill pay services for the military member who is being deployed as well: their main focus is on the military member.
Fees
I wanted to add to my review the normal fees that banks charge to hold your money. NFCU charges $1 now for using another bank's ATM. Checking is free with a $20 return check fee (either you bounced the check or someone bounced one to you). Most of the NFCU credit cards have no annual fees. You will probably never pay any application fees with any loan through NFCU. For the most part, if you can think of a bank fee, NFCU is either reduced or eliminated altogether.
Customer Service
Well, let's say I've had better. Whenever I walk into the branch, there are only two tellers. Even on military paydays (the first and the fifteenth of the month), it seems every branch I have ever been (at least 100 different branches) to has only two tellers working. Also, the loan counselors and managers seem scarce whenever I have needed assistance.
NFCU does have toll free telephone numbers for all their different services but don't try to call during the day; the lines are busy constantly but they have now instituted a callback system where you leave your phone number and they call you back within fifteen minutes.
Online Services
I bank online with NFCU's easily navigated website. I use the NFCU website for everything from wire transfers, web bill payment services, and money management. Free Visa Checkcard and $1 fee for out of network ATMs (usually everyone I use) make it convienient to continue my banking with NFCU.
Location
There are twelve worldwide branches and twenty three states that have NFCU branches. Not all the branches offer the same services. There are no drive-up tellers at NFCU. You can make deposits after hours into the NFCU ATM. The hours are Monday through Friday from 0930 to 1700 (5PM) at all branches; closed all federal holidays and usually the days after.
For me, living in New Jersey offers only two NFCU branches: one is thirty minutes away and the other is one and a half hours away from my house. I end up mailing my deposits to their main branch is Merrifield, Virginia and waiting about five days for the deposit to be recorded.
To utilize an NFCU branch located on a military base, you must provide proper military or civilian employee identification in order to enter the base. If you are military or retired military (like me), you already have the required Department Of Defense decals and military identification card that allows you access to the base. If you are not military or a base employee or discharged from the military without retiring, you will need to gain a base pass from security. This may become problematic for those who do not wish to have their vehicles searched and their identification scrutinized.
Minimum Balances
NFCU allows members to maintain their checking and savings account with only a $5 balance. This is very nice especially when your children decide to use almost every dollar in their account for that new video game.
Overall Impressions
I have tried non-credit union banks but always return to NFCU. They have supported us (except for our mortgage) during our entire married life and before. I have all our accounts with them and turn to them for every financial need. NFCU has been supportive during all of our deployments and now in my retirement.
NFCU Mission statement:
"For more than 70 years, Navy Federal has provided financial products and services to our members. We currently serve over 2 million Department of the Navy active, retired, reserve, civilian and certain contractor personnel, including members of their families.
Driving that service is a commitment to our vision, which states:
Navy Federal Credit Union will perform with such excellence that all present and potential members will choose Navy Federal Credit Union as the preferred source for their primary lifetime financial services.
You can leave the military, change employers, move, retire, get married—you never have to leave Navy Federal. Your membership is a foundation to last a lifetime.
Once a member, always a member." www.navyfcu.org
Recommended:
Yes
|
|
|
|
Epinions.com ID:
thriftymommy
|
|
Member: April
Location: Home of the Hindenburg Disaster, NJ
Reviews written: 90
Trusted by: 51 members
About Me:
The number of people below the official poverty thresholds numbered 36.1 million in 2005.
|
|
|
- Add to My Yahoo!: 
- Add to Google Homepage: 
© 1999-2009 Shopping.com, Inc.