Navy Federal Credit Union is one of the best credit unions in the United States. The institution serves the members working or who have worked in the military and their close family members. Its headquarters are in Vienna, Virginia, United States. It started on March 13, 1933, about 89 years ago. The union operates worldwide since its members usually scatter all over the world for various missions and have about 350 locations in the US. We shall look at the Navy Federal credit union wire transfer later.
Navy Federal Credit Union has grown over the years to be among the major financial institutions in the US. The February 2022 statistics show that the company had over USD 153.5 Billion in total assets. Also, in the same month, statistics showed that it had approximately 11,200,000 members and 20,800 employees across the country. It has a subsidiary named Navy Federal Investment Services (NFIS) (CUSO).
You can get various services from the Navy Federal Credit Union. They include checking, consumer loans, mortgages, credit cards, online banking, investment, certificates of deposit (CDs), money marketing account, IRA, and ESA. Usually, most services offered in credit unions resemble those you can get from banks. The only difference is that banks are profit-oriented while credit unions’ aim is to uplift members financially. That is why they charge low-interest rates on their loans and lines of credit.
How to get started with the Navy Federal Credit Union account?
Like any other financial company, the credit union requires you to open an account to enjoy various services. You must present certain documents before creating an account. The following are some of the documents you should present.
- Social Security Number.
- Current home address.
- Driver’s license or government ID.
- Credit card or bank account to fund your credit union account.
- Email address.
- Phone number.
Since you will be opening an account online, a bank account is vital to add money immediately. Remember, you can make an instant transfer with routing and account number using Zelle. Thus, you will be able to add money to your account from the word go. Once you have all those, the next thing you should check is whether you are eligible.
You might be seriously looking for a credit union but only to discover that you do not qualify to join Navy Federal. You can open an account if you are a current or retired serving officer of the armed forces.
Also, you can join the union if you are a close family member or household member, Department of Defense personnel, or carry out duties directly related to the military service. In that case, you are also eligible to apply. The good thing with the Navy Federal is that service members in all military branches are eligible for membership. They include;
- Active-Duty members of the Army, Air Force, Marine Corps, Coast Guard, Navy, National Guard, and Space Force
- Delayed Entry Program (DEP)
- DoD Reservists
- DoD Officer Candidate/ROTC
- Veterans, retirees, and annuitants
How to open a Navy Federal Credit Union account?
You will need to visit the Navy Federal Credit Union website and provide the necessary information to open your account. The first thing the institution will take you through is the eligibility test. You cannot continue if you are not eligible. You will see various statements, including the following, and you have to select the one that matches your case.
- I am serving/have served in the military
- I’m related to a Navy Federal member.
- I live with a Navy Federal member.
- I’m a DoD employee or contractor.
- I’m a US Government employee assigned to a DoD installation.
- I have a close family member who serves or served in the military.
- I’m eligible through a Select Employee Group (SEG).
After selecting the right choice, you will tick either of the two options.
- I’m currently serving or retired.
- I’m a veteran.
After that, you will select the branch of the military you are affiliated with from the list and tap continue. That can be any of the following;
- Air Force
- Marine Corps
- Coast Guard
- Space Force
Once you hit the Continue button, another page opens, requiring you to select what describes you best. Choose any of the following and tap Continue.
- Regular Active Duty
- Reservist or National Guard
- Retired, Still Employed
- Officer Candidate
- Military Academy
- Retired/Receiving Annuity
After that, you can provide your status, including any following.
- Warrant Officer
Next, tap Continue and provide your rank, which can be any of the following.
- ENS – Ensign
- MIDN – Midshipman
- LTJG – Lieutenant Junior Grade
- OC – Officer Candidate
- LT – Lieutenant
- LCDR – Lieutenant Commander
- CDR – Commander
- CAPT – Captain
- RDML – Rear Admiral (lower half)
- RADM – Rear Admiral (upper half)
- ADM – Admiral
- VADM – Vice Admiral
If you selected the necessary options as per the requirements, you are eligible to apply. After that, you will agree to authorize the union to obtain various details about you, including reports during your army membership. You can select the “Agree, Continue” button to proceed to the next stage. The next page will require you to enter your personal and referral details. You should fill out the details to proceed, then hit Continue.
You should choose the type of account you want. We have checking, savings, certificates of deposits, CDs, and the money market, among others. And by the way, you can transfer money from one bank to another immediately to another Navy Federal account for free.
How does the Navy Federal Credit Union work?
Navy Federal Credit Union is a member-owned and not-for-profit credit union exclusively serving veterans, the military, and families. The members are the owners and not just customers. That means each one of them has a say. Since the union is a not-for-profit, the extra amount goes back to the members as dividends, low loan interest, and improvements to the various products and services. That means there are lower fees, great rates, and exclusive discounts.
Navy Federal Credit Union operates on a sound foundation. The institution adheres to a strong Code of Ethics that focuses on honesty and transparency. Furthermore, all the funds are safe since they have insurance from the National Credit Union Administration (NCUA), a US government body that ensures members’ savings and IRA funds up to $250,000.
How to use a Navy Federal Credit Union account?
A savings account allows you to keep funds for your future use and earn high-interest rates. If you opt for a checking account, you will be able to keep your finances or your everyday uses. You can send money with a checking account number instantly to other recipients within the same institution.
You can also pay your bills by either sending them to the service provider’s account or paying with your debit card. You can set up automatic payments to not struggle to pay your bills every month. Besides paying bills, you can also buy goods from various stores and pay with your account. A debit card that connects to your account can do better when it comes to the payment of goods.
How to do a Navy Federal Credit Union wire transfer
You can do a wire transfer directly from your account. There are various steps you should follow to execute the mission. You need to decide whether you want to send a domestic or an international wire. The steps below are essential.
1) Domestic wire transfers
You should first gather the necessary information. The needed details for domestic transfers
include your name, sender address (if transferring more than $3,000), and account number. The payee information includes their name, payee address (if sending above $3,000), account number, and account type (e.g., checking, savings, etc.). The transfer information includes the transfer amount, third-party status, and additional wiring instructions (if applicable).
You also need to provide the receiving financial institution details, name and address, routing number (ABA), and the corresponding or intermediary bank name and routing number (where applicable). Wire transfer is essential to transfer money to someone else’s bank account. fees for international transfers amount to $14, whereby the transaction completes 1-2 business days.
2) International wire transfers
For international transfers, you will need various details. First, you should provide your name, address, and account number. Next, you will provide the payee details, such as the name, address, account number, account type (e.g., checking, savings, etc.), and International Bank Account Number (IBAN)/Clave Bancaria Estandarizada (CLABE).
Again, you have to provide transfer details, including transfer amount and type, and the purpose of the wire. You should indicate whether the transfer is to a third party (anyone other than yourself), any remarks needed on the wire, additional wiring instructions, and the type of currency.
Lastly, you can provide receiving financial institution information, such as name and address, and SWIFT/BIC of receiving financial institution. You should also provide the corresponding or intermediary bank name, and routing number (where applicable). Fees for international wires amount to $25. The transfer completes within 5-7 business days.
Once you have finished gathering the necessary information, the next step is filling out the details in a form. We have separate forms for domestic and international transfers.
Navy Federal Credit Union is one of the best credit unions in the United States. The institution serves the members working or who have worked in the military and their close family members. Its headquarters are in Vienna, Virginia, United States. It offers various kinds of services, including savings, CDs, checking, money markets, personal loans, and lines of credit. You can open your account online by providing all the necessary details.