Navy Federal Credit Union: Great Service
Written: Apr 13 '00 (Updated Jul 09 '05)
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Product Rating:
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Pros: Excellent customer service.
Cons: No drive thru window service
The Bottom Line: Great service, online banking compatable with Quicken and Money.
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| disartain's Full Review: Navy Federal Credit Union |
Membership
My husband has been a member since he joined the Navy, I became a member in 1993 when we married. The neat thing about this bank is you are a member for life even when you retire from the military. As long as you keep the required money in your savings account.
It took me awhile to get used to the difference in the names instead of checking it is sharchek account. The savings is called Share Savings.
I was also confused about withdrawing money at first, there was a slip for everything. Now this has gotten better. It has become more like other banks in the way withdrawals are handled.
Savings
To become a member you have to make a deposit of at least 5.00 and open a savings account. A balance of $5.00 must be in this account at all times. The savings rate has an annual percentage Yield of 3.30% on the funds in your account. Each month a statement arrives with all transactions and if you received a dividend it will show in the statement.
Checking
No deposit is required to open a checking account, it comes along with the savings account.
The checking account pays a percentage yield of 1.51% on all funds in checking. If you want checks you can get them free if only your name and address are used on the check. Buying the regular checks costs me 8.95 for 150 duplicate checks(what I use). You do not get cancled checks back just a statement.
Availability of banks
The main bank is Merrifield VA there is usually a branche in other states that have military installations. We have one branch in Charleston and two atm machines one at the Naval Weapons Station about 20 miles from me and one at the main branch which is also about 20 miles in the other direction.
ATM
If you use their Atm there is no charge, if you use another banks ATM Navy Federal charges you .75 cents. Finding other banks ATMS is not a problem you can use any bank that has a + sign.
Charges
A returned check is 10.00
To stop payment on a check is 6.00
To request a interim statement is 5.00
Customer Service
This is one of their biggest draws. Their customer service is excellent I have never had a problem with the people on the phone or at the bank. They are helpful, understanding. I had 6 checks bounce at one time because my husband made a deposit to savings instead of checking, I could not understand why they just didn't transfer the money to checking. The customer service rep, explained that by law they can only transfer 3 times from your account a month. You can go to the bank and transfer what you want but they can only do it the three times. This was an expensive lesson.
The other thing about the bank is on military paydays 1st and the 15th of each month there is a long line at the bank all inside. They have no drive thru window. I have learned if I have business their not to go on those days. They do have enough tellers on those days that the line moves quickly but there is still a line.
Most of the time we use direct deposit and don't have to worry about where we are when the money goes in. You can have bills drafted just like at other banks.
They have various loans and savings programs. The ones I have written about is regular savings and checking. One other thing I liked was we recieved a letter before the new year stating that if there were any problems they would deposit the amount of money that is usually deposited if the government had problems and did not come thru with the deposits. I don't know if any other banks did this but I felt very happy not to have this worry.
They have online access to your accounts that can be availed 24 hours a day and also telephone service 24 hours a day.
Recommended:
Yes
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Epinions.com ID:
disartain
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 in Pets, Home and Garden |
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Member: Diane Sartain
Location: Somewhere in SC
Reviews written: 374
Trusted by: 549 members
About Me:
Every day my children play is a good day. :)
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