Navy Federal Credit Union?

[kadoficion]

I am currently filling out the PTR forms and I see that I can open a Navy Federal Credit Union account. What are the benefits to opening up a NFCU account compared to using my original bank? Do you believe that it is worth opening an NFCU account?

 

[THParent]

Absolutely. 100%. There are Navy federal ATMs on The Yard and all over Annapolis.
Not that you young whippersnappers use cash anymore, though.

 

[justdoit19]

No reason to not keep both? But yes...NFCU is physically right there on the yard. Both of my guys have physically needed to go there. And it was especially convenient during lock down. Also nice for plebes who don’t have much leave. Although most things are mobile now, they have utilized face to face.

BTW, they have both also opened a USAA. Great things woth them as well: rental car, renters insurance, better career starter loan to name a few that my guys have tapped in to.

We also still have their local one. Just because we have been there forever, and I can transfer money via that immediately. I’m kind of old school...don’t venmo or anything.

 

[MidCakePa]

NFCU makes things very convenient. With a branch in Mother B and ATMs throughout Naptown — as @THParent says — you won’t pay exorbitant fees to withdraw money. You’ll have lifetime membership in a credit union that understands military issues affecting personal finance, with borrowing rates that tend to be more favorable than other institutions’. You can get a credit card with mid- and JMO-friendly terms. In the end, nothing to be lost and much to be gained by joining NFCU.

 

[brewmeist]

My son just got his first CC with NFCU, where he maintains his checking. I think it is a very smart idea to have a CC while traveling, even if you never use it otherwise. He got a much higher credit limit than your average 20 old does at other banks, and with a lower interest rate. Not that the APR is an issue, if he pays off all cards monthly like his daddy taught him...

 

[whataluckymom]

It makes it super easy to transfer money to other Mids when one pays for takeout, too. They also have an EasyStart certificate with a high interest rate that my DS took advantage of.

 

[Capt MJ]

NFCU and USAA are the two biggest military-focused financial services firms. Many military people have both. They completely get global service, deployments, crazy lives, the importance of powerful mobile apps designed for low-band-width situations in the far corners of the world, are well run and respected in the business world for customer service and understanding of military life.

When I was at OCS, that was the word of mouth recommendation from senior officers. I was headed to Spain on orders, and it was “USAA will ensure your property and car outside the country; others won’t.” At a time when many banks and stores still required a male family member to co-sign with a woman applying for a credit card or a loan (20th c.), NFCU looked at my LES (leave and earnings statement) and fresh military ID, and gave me a Visa credit card on the same basis as a male O-1. Ditto my first car loan. I have been loyal to them ever since.

NFCU does allow parents of an eligible member to be members, so that’s an easy way to move money.

I have both USAA and NFCU and never needed anyone else for basic banking and property insurance. I left my hometown bank behind with my old life.

 

[ders_dad]

NFCU does allow parents of an eligible member to be members, so that’s an easy way to move money.

This is a very useful attribute - makes transferring money for airline tickets etc. easy so they can be their own travel agent and not the parent. And for the nosey parent (not me, of course!), you could (not saying you should) monitor your mid's transactions.

 

[Capt MJ]

This is a very useful attribute - makes transferring money for airline tickets etc. easy so they can be their own travel agent and not the parent. And for the nosey parent (not me, of course!), you could (not saying you should) monitor your mid's transactions.

 

[THParent]

It makes it super easy to transfer money to other Mids when one pays for takeout, too. They also have an EasyStart certificate with a high interest rate that my DS took advantage of.

Many of the MIDNs I have talked with use Venmo for settling up on bar tabs, meals, Uber rides, and anything else.

 

[whataluckymom]

Many of the MIDNs I have talked with use Venmo for settling up on bar tabs, meals, Uber rides, and anything else

Probably the ones that don't have NFCU.

 

[THParent]

Probably the ones that don't have NFCU.

I'm not tracking here. Does Navy Federal have a mobile app that makes it easy to reimburse your shipmates (like Venmo)?

 

[Capt MJ]

I'm not tracking here. Does Navy Federal have a mobile app that makes it easy to reimburse your shipmates (like Venmo)?

NFCU has a pretty-established link with Venmo and other merchants. Venmo is owned by PayPal.

Supported Merchants

With Card on File, you can easily connect your Navy Federal debit and credit cards to more than 65 online merchants.

www.navyfederal.org

USAA uses Zelle, a Venmo competitor.

If both people are USAA members with Bsnk accounts, it can be handled directly on the USAA app.

 

[DKTKT]

Probably the ones that don't have NFCU.

My mid and buddies have NFCU but still Venmo to settle up. To do it in the NFCU app (which I do to transfer $ between my mid and I), I think you have to add the other person's account as an external account, which would seem to be a step above and beyond Venmo transfer.

 

[THParent]

The best part about Venmo are all the memos that they send back and forth between them, for each transaction.

 

[justme]

Guessing so,

The best part about Venmo are all the memos that they send back and forth between them, for each transaction.

Agreed... i still get copied on the email address DS uses for venmo... they are hilarious and likely nothing to do with the inside joke they represent.

 

[justdoit19]

Guessing so,

Agreed... i still get copied on the email address DS uses for venmo... they are hilarious and likely nothing to do with the inside joke they represent.

EVERYTHING is social media these days. And thank goodness I DONT receives copies of messages...to quote @Capt MJ above,

 

[whataluckymom]

I'm not tracking here. Does Navy Federal have a mobile app that makes it easy to reimburse your shipmates (like Venmo)?

Yep, Navy Fed has a mobile app that makes it easy to reimburse others that also have NFCU accounts. In my app, I just need to know their email address to set them up in my app...much like Venmo.

 

[whataluckymom]

My mid and buddies have NFCU but still Venmo to settle up. To do it in the NFCU app (which I do to transfer $ between my mid and I), I think you have to add the other person's account as an external account, which would seem to be a step above and beyond Venmo transfer.

The other person's account is added under "NFCU member accounts" in the transfer portion of the app and only requires their email address.

 

[USNAhopeful2025]

my plebe to b and I went to the NFCU branch in our city and set up a checking and savings account - super super simple and she also got a credit card that I wanted her too have to start building credit - they were so great to work with.....even gave her the debit card while we waited!