Checking Account

How to Open a Navy Federal Business Checking Account

The Navy Federal Credit Union is one of the best credit unions in America that serves the armed forces. The institution serves the Navy, Marine Corps, Army, Air Force, Coast Guard, veterans, DoD & their families. Members can open Navy Federal business checking accounts that they can use for their daily transaction needs. A checking account helps you to access your money any time of the day. It usually comes with a debit card that you can use to access cash from an ATM. 

Credit unions are a little bit different from banks in that members run the institutions. Unlike banks, members are the core decision-makers. Banks are unusually business-oriented and have various avenues of making profits. Credit unions have the aim to uplift the members financially. The Navy Federal Credit Union has the purpose of assisting members in growing financially. As a member, you can apply for loans according to your overall contributions.

The Navy Federal Business Checking Account is an interest-earning account with fewer fees and dedicated customer service access. You can access the union’s services any time you need help with various issues. The account offers unlimited free electronic transactions. Moreover, the account has no monthly cap on cash deposits. However, the accounts are only for the  Navy Federal members. Today, you will see the process of opening a Checking account.

How to open a Navy Federal Business Checking Account

Before opening the Navy Federal Business Checking Account, you need a Business Membership of the credit union. You will thus need to be an individual member with a good standing account. Moreover, you will need to deposit $100 in your account when opening.

Opening of the account is either online or at a branch.  You can find an application form when you visit the credit union’s website and you must complete it before going further. You can then call customer care at 1-877-418-1462 and get assistance to open the account or visit a local branch.

You also need to indicate the kind of business you would like to open. You can open a sole proprietorship, an LLC, or a corporation, and you are good to go. However, you need to understand that the Navy Federal Business Checking Account is best for small business owners.

Once you have opened your account, you can then apply for a Navy Federal Credit Union personal loan after a while. You also need to have good banking practices to ensure that you do qualify for bigger limits.

You also require information about you and your business, plus your employer identification number, the nature of your business, legal business name, and estimated annual revenue.

You also require a Social Security number or passport number. You will receive a call from the Navy Credit union once the account is ready for use. You will also get a welcome gift with more information about your account.

Does the Navy Federal Credit Union Business Checking account have any fees?

navy federal business checking account

Once you open the checking account, you will not need to pay any monthly fees. The APY for the account is 0.01% with a $0 minimum balance. Therefore, the checking account is easy to maintain as it is less costly.

What are the advantages of the Navy Federal Business Checking Account?

Various benefits come with the Navy Federal Business Checking Account. They include the following.

  • You get unlimited fee-free electronic transactions.
  • The account offers you up to 30 fee-free non-electronic transactions per month and then 25 cents per item.
  • It does not charge monthly fees whatsoever. The Business Plus Checking account charges $8, while Business Premium Checking charges $20 per month.

You can see the advantages that the Business Checking Account has over the others.

How does the Navy Federal Business Checking Account work?

The operation of the account is not so different from others. First of all, the account earns you interest so that your money does not stay dormant. After a specific duration, you will realize that you have earned a substantial amount of money for your various financial needs.

However, the account requires you to maintain a minimum daily balance of $1,500 to earn interest. The account also allows you to do unlimited fee-free electronic transactions. Small scale business owners can get free educational and financial resources to run their businesses effectively. Therefore, this makes it one of the best credit unions for small businesses.

How do I qualify for an account with Navy Federal?

To qualify for an account with Navy Federal Credit Union, you must fall into any of the following categories.

  • Active, retired, or veteran service members of the armed forces (Army, Marine Corps, Coast Guard, National Guard Navy, Air Force, or Space Force) of America.
  • Former and the current employees and retirees of the Department of Defense, Contractors, assigned to Department of Defense and U.S. government installations, and U.S. government employees assigned to Department of Defense installations.
  • Family or household members of any of the above groups

Apart from belonging to the above groups, you will also need to have the necessary documentation. There is no way you will succeed in opening an account with the credit union if you lack the Social Security Number and Identification document ( Passport, Government ID card, or driver’s license).

What other types of accounts can I get at Navy Federal Credit Union?

Apart from the Navy Federal Business Checking Account, there are other options that you can opt from the credit union. They include the following.

1) Business Plus Checking account

The Business Plus Checking account allows you to benefit from the company’s financial services if you have a big company that cannot rely on the Navy Federal Business Checking Account. Remember that I indicated that the Navy Federal Business Checking Account is most suitable for small businesses,

You get higher transaction limits and unlimited signers when you opt for the Business Plus Checking. Big businesses have large volumes of transactions, and thus such an account will make sense. The dividend rate for the account is 0.05%.

However, unlike the Navy Federal Business Checking Account (which has no monthly fee), the Business Plus Checking has a monthly fee of $8 that you must pay to continue enjoying the institution’s services. There is no way you can avoid the laid-down monthly fee.

You will also get unlimited electronic transactions, 50 non-electronic transactions, and 25 cents per transaction over the limit.

2) Premium Business Checking

Now, if your business has more extensive needs, then this kind of checking account will make sense to have. Furthermore, the account is suitable for those people who would like to earn higher dividends on their balances. The figure lies between 0.35% and 0.45%, depending on the amount of your balance.

With the account, you will get unlimited signers. However, the account has a higher monthly fee compared to the Business Plus Checking. You have to part with $20 every month to keep the account running. However, that is nothing compared to the numerous benefits that you can receive from the account. 

Another advantage of this account is that you can quickly eliminate the monthly maintenance fees when you maintain a daily minimum of $5,000. The account also gives you unlimited electronic transactions, 100 non-electronic transactions, and 25 cents per transaction over the laid down limit.

How do the three types of checking accounts compare?

The table below gives you highlights on what you can get from the various business accounts. Have a look.

Account Features Best for APY
Business Checking No monthly service fee. Two signers New businesses. Limited cash flow activity 0.01%
Business Plus Checking A monthly service fee of $8. Unlimited signers Growing businesses. Multiple owners.Steady banking activity 0.01%
Business Premium Checking A monthly service fee of $0 or $203. Unlimited signers Mature businesses. Large transaction volumes. Higher deposit balances. Multiple owners $0-$9,999:0.35%. $10,000-$24,999:0.40%. $25,000 & over: 0.45%

On top of the various account types, the Navy Federal Credit Union remains one of the best credit unions for personal loans with low-interest rates.

Does the Navy Federal Business Checking Account offer a debit card?

You can get a debit card for your checking account to carry out various kinds of transactions. The GO BIZ Debit Card gives you multiple advantages to run your business effectively. The card has numerous benefits, which include the following.

1) Zero liability

When someone makes transactions with your debit card, you will not be liable for the amount of money used. However, you must report on time about losing your card to benefit from the zero liability policy.

2) Contactless, tap-to-pay technology

There is no need to carry cash to transact in various places since you can pay using the card. During this time of Covid’19, the card becomes very handy since you will avoid cash, which is the disease’s main spreaders.

3) Visa® Travel Accident Insurance

It is crucial to have insurance for various life issues. The card covers you if you get into an accident when you travel.

Bottom line

Navy Federal Credit Union is among the largest credit unions in the US. Only members of the Active retired or veteran service members of the armed forces, the related employees, and their family members can join the credit union.

The Navy Federal Business Checking Account is one of the best products you can get at the Navy Federal Credit Union since it has zero monthly fees, among other advantages.

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