Navy Federal Credit Union

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Navy Federal Credit Union
Credit union
IndustryFinancial services
FoundedMarch 13, 1933; 87 years ago (1933-03-13)
HeadquartersVienna, Virginia, United States
Number of locations
Area served
United States
Key people
  • VADM John A. Lockard, (Chairman)
  • Mary McDuffie (President & CEO)
Productschecking; consumer loans; mortgages; credit cards; investments; online banking; certificates of deposit (CDs); money marketing account; IRA; ESA
Total assets$130.3 Billion USD (Q3, 2020)[2]
Members9,441,216 (Q4, 2020)
Number of employees
SubsidiariesNavy Federal Financial Group (CUSO)

Navy Federal Credit Union (or Navy Federal) is a global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). Navy Federal is the largest natural member (or retail) credit union in the United States, both in asset size and in membership. As of Q3 2020, Navy Federal has over $130.3 billion USD in assets, and 9.6 million members.[3]


Navy Federal was originally incorporated on 17 January 1933 as the Navy Department Employees' Credit Union of the District of Columbia (NDCU). Only Navy employees who were members of the Federal Employees' Union were eligible to join. The next year, President Roosevelt signed into law the Federal Credit Union Act, which would eventually become the basis of business for the credit union. In 1947, the credit union was officially dissolved and rechartered as a federal credit union, named Navy Department Employees Federal Credit Union (NDEFCU). It also expanded membership to include all Navy personnel in the Washington, DC area, both military and civilian. It was not until 1951 that the day-to-day operations of the credit union were officially turned over to professional management; until that time, the members of the board of directors were personally involved in each major financial decision and loan approval that the credit union made.

In 1954, the credit union changed its charter again to open membership to Navy 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 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.

In 2003, the credit union opened its membership further, to include Navy contractors. There have also been several times in the credit union's history that NCUA has asked Navy Federal to merge with or absorb other credit unions that were experiencing financial or other difficulties. Members of these prior credit unions remained members of Navy Federal after the merger (following NCUA's policy of "once a member, always a member"). On 22 September 2010, Navy Federal Credit Union announced plans to absorb/merge with USA Fed, stating that joint operations would begin 4 October 2010 under the Navy Federal banner.[4]

In May 2008, Navy Federal Credit Union widened its membership to include the entire Department of Defense, which made eligible all active duty, retired, and reserve Army, Navy, Marine Corps, and Air Force personnel, as well as contractor and civilian personnel within the Department of Defense. In March 2013, Navy Federal Credit Union further widened its membership to include all Coast Guard members and employees as well.[5] In 2014, Navy Federal expanded its Vienna headquarters and added 600 new jobs there.[6] An increase in membership also led to an expansion at the credit union's Pensacola location in 2015, where Navy Federal hopes to reach 10,000 local employees by 2020.[7]

Legal Issues[edit]

In 2017, Navy Federal Credit Union settled a class action lawsuit over millions of unwanted phone calls, many of which had gone to individuals who were not credit union members and specifically asked not to be contacted. NFCU settled a similar class action lawsuit in 2020 over unwanted text messages, paying out $9.25 million.[8][9]


Navy Federal's field of membership is set by the National Credit Union Administration (NCUA). As with all credit unions, membership in Navy Federal is limited to individuals sharing the common bond defined in its credit union charter. Membership in Navy Federal is limited to:


Navy Federal is chartered with NCUA as a single-sponsor credit union, with its sponsor being the Department of Defense. Like all credit unions, Navy Federal is governed by a board of volunteers, elected by and from its membership. Navy Federal also has a separate subsidiary, named Navy Federal Financial Group, which operates as a Credit Union Service Organization (CUSO). CUSOs were established by NCUA as a way for credit unions to pursue product offerings that would normally be outside of the purview of a credit union.


As of September 2020, the credit union had over 22,000 employees worldwide.[3] Navy Federal, founded in 1933, has never had a layoff, choosing instead to move employees to other departments to avoid layoffs.[10] It was ranked number 78 on the 2008 Fortune's 100 Best Companies to Work For list, which is produced by the Great Place to Work Institute.[11] They were 95th in 2012,[12] rose to 56th in 2013,[13] 96th in 2014,[14] 72nd in 2015,[15] 44th in 2016,[16] 29th in 2019[17] and rose to 19th in 2020 on that same list.[18]


Navy Federal offers the typical suite of account services offered by most financial institutions, including savings accounts, checking accounts, IRA accounts, 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, credit cards, mortgages and home equity lines of credit, as well as some small business services. Navy Federal's CUSO, Navy Federal Financial Group, offers more extensive investment services, an electronic trading platform, and insurance.

As of January 2016, Navy Federal had 295 branches and almost 580 ATMs, located both inside the United States and abroad. Navy Federal offers extensive online services via its corporate website, Navy Federal Online. In addition, members can make ATM transactions through the nearly 30,000 CO-OP Network locations at other credit unions and 7-Eleven stores in the U.S. and Canada without any surcharge fees.

Due to the nature of its membership, which includes actively deployed military personnel in every time zone, Navy Federal maintains 24x7 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 services.

Major banking competitors include Bank of America-Military Bank, Pentagon Federal Credit Union, and USAA.

Numerous customer review websites list Navy Federal Credit Union as having abysmally terrible customer service [19].


  1. ^ (Press release) Missing or empty |title= (help)
  2. ^ 2020 "Navy Federal official web site" Check |url= value (help).
  3. ^ a b "Navy Federal Fact Sheet".
  4. ^ "Navy Federal Approved for Merger With USA Fed". Reuters. 1 October 2010. Retrieved 28 June 2018.
  5. ^ "NFCU Eligibility Checklist". Retrieved 28 June 2018.
  6. ^ Jeff Clabaugh (19 March 2015). "Navy Federal to invest millions in HQ expansion, add 600 jobs". Washington Business Journal. Retrieved 28 June 2018.
  7. ^ Carlos Gieseken (27 November 2015). "Navy Federal adds space for thousands of workers". Pensacola News Journal. Retrieved 28 June 2018.
  8. ^
  9. ^
  10. ^ "No layoffs – ever!". CNNMoney. CNN. 20 January 2012. Retrieved 28 June 2018.
  11. ^ "100 Best Companies to Work For 2008: Navy Federal Credit Union snapshot". CNNMoney. Fortune. CNN. 2008.
  12. ^ "100 Best Companies to Work For 2012: Navy Federal Credit Union". CNNMoney. Fortune. CNN. 2012.
  13. ^ "100 Best Companies to Work For 2013: Navy Federal Credit Union". CNNMoney. Fortune. 2013.
  14. ^ "Best Companies to Work For 2014: Full List – Fortune". Fortune. 2014.
  15. ^ "100 Best Companies to Work For". Fortune. 2015.
  16. ^ "Best Companies". Fortune. Retrieved 28 June 2018.
  17. ^ "100 Best Companies to Work For". Fortune. Retrieved 27 January 2020.
  18. ^ "Navy Federal Credit Union". Fortune. Retrieved 10 October 2020.
  19. ^

External links[edit]