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Navy Federal Credit Union (or Navy Federal) is an American global credit union headquartered in Vienna, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA).
Many credit unions have eligibility requirements based on things like employer, geographical location, military experience or so on and won’t allow others to join.
Navy Federal Credit Union offers financial services for active and retired members of the military and certain government employees, plus their families. In the event you’re considering joining ...
A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members. [1] Credit unions in the United States may either be chartered by the federal government [2] or a state government. [3] The National Credit Union ...
The required minimum deposit to join a credit union is called a share and establishes the depositor as a member with full ownership rights. [citation needed] Tension has always existed between member-owned cooperative credit unions and for-profit banks in the United States.
Therefore, not everyone is eligible to join every credit union. Also, since many credit unions are small, some might not offer the variety of product options available at traditional banks.
The history section says that Coast Guard personnel are not eligible to join Navy Federal, but the membership section says that all DoD employees are eligible. Since the Coast Guard is part of the Department of the Navy in wartime, does the May 2008 expansion of the field of membership change things, and make active Coast Guard personnel eligible?
Alamy By Erin Lowry Credit Unions are the underdog of financial institutions. With over 100 million members and $1.1 trillion in assets, credit unions are growing but still pale in comparison to ...