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As a military veteran, I have to say that I've enjoyed my banking time with both Navy Federal CU (NFCU) and USAA Bank for their online resources specific to a not-so-small segment of the population that is often misunderstood and stereotyped by the general population and by social media. We are also 2x as likely to have data breach incidents and identity theft than civilians, from independent studies. What both NFCU and USAA have provided me are less headaches, stress and anxiety, and stomach ulcers from banks and credit unions that "claim" they wish to honor service-members, retirees, dependents and survivors, and veterans. Most will say the same about emergency services and their sacrifices as well.
Having been a former Wells Fargo, Bank of America, Chase Bank, US Bank NA, and a local credit union customer (San Francisco/Bay Area CA) that needs to remain nameless, and I'm embarrassed to admit that I WAS a member of Capital One online banking services, NFCU and USAA have been there for me as an aging member of the national population plus done their utmost to stay in touch and contact me when I have any concerns or questions as to my bank accounts, credit cards, insurance, etc, etc.
I've had NO sudden overdraft fees or hidden fees/penalty fees due to payments being withheld and taken out of order; I haven't found myself suddenly in negative balances in the minus hundreds with the excuse that "there are insufficient funds available" and "overdraft protection is your friend, relax Mr. **!" Nor did they understand when I suddenly became frozen and emotionless yet still quite visibly angry. In the past, I've had to be escorted off the premises by the police and insulted by a teller, with witnesses present, due to being a former service-member. By phone, text, or online has been no better for me.
Again, the exception being NFCU and USAA who go out of their way to treat me with respect as a person and for being a veteran. I've had nine (9), data breaches and identity thefts in 2018-2019 alone, the most recent is a month old, Gmail & Google accounts and NFCU's and USAA's separate efforts of multi-layered security, 2-process identity verification online log on, multi-process phone identity verification, and so on in my personal experience, far surpass the banks/credit union previously mentioned above. I've lost very little sleep knowing they actually value me as a customer. My credit monitoring services all list me as being Exceptional-rating or A-rating when it comes to paying bills, etc., so NFCU and USAA KNOW THIS and it is part of their separate pattern-recognition protocols and have contacted me when I've made a digital or reality purchase and a SNAFU (situation normal, all fouled-up) has occurred. Every time!
Not brag or boast but mere fact backed-up by paperless accounting, online accounts, AND text messaging. These fine folks are also veterans, dependents and/or survivors, retirees, former Department of Defense, former government officials, former emergency services, or have known or know military-related people and emergency-service personnel, and college students so they can actually relate to our perspectives. They definitely understand my goofy sense of humor and my take on personal responsibility, security and safety, and why I'm compelled to honor my word.
They continue to understand and compliment me when I make necessary info changes such as my choice of cancelling all my Google product accounts including Gmail, which took 2 days to delete years of information Google collected on me including everything, yes everything! From the Spam folder collected over the years as part of Google's "privacy protection"; changing emails; password changes; my verification of goods and services over a certain amount; online shopping credentials; online veteran services credentials; I could go on and on with praises but I think I've said more than enough about NFCU and USAA except to say, that for them, it's just another regular day at the office providing help and assistance. With deepest gratitude and warmth, they have earned my thanks many times over.
I have been a member for over 50 years but only seriously began using their online services about 15 years ago. I began using them again when many of the traditional community banks were getting gobbled up by the larger ones and I was looking for some stability in my banking relationship. They are a terrific banking option. With competitive rates and dedicated representatives. Also very importantly, they have human reps that you can call for answers.
In May 2019, after reviewing rates, I decided to apply for a VA mortgage with Navy Federal Credit Union. I submitted everything that was required per information on their website and I received pre-approval in a very short period of time. My loan officer was Ms. ** and she was phenomenal, she contacted me a couple of times to verify some information, and once she had everything in order, passed my information to the loan processor, Mr. **. He immediately contacted me and explained where I was in the process (awaiting VA appraisal and titling). He also told me that Ms. ** had done an outstanding job of preparing my loan packet and he was sending it for the first review.
Once the VA appraisal was completed, he notified me, verified a a couple of more things, and informed me that my loan packet was going for final review. This is where things slowed down considerably. I was about a week from my scheduled closing date (15 July 2019) and still had not received final approval. The Thursday before closing, Mr. ** sent me an email at 3:15pm informing me that the reviewer had began working on my packet.
At 3:37pm I received another email from Mr. ** congratulating me on being approved. Mr. ** called me and apologized for the delay and explained that they were a little backed up because so many people were applying for mortgage loans due to the low interest rates. I completely understood. I read a lot of negative reviews about the NFCU mortgage process but I can honestly say that Ms. ** and Mr. ** kept me informed every step of the way and made this a very smooth process for me. I highly recommend NFCU!!
I am saddened to see that they only have 1 and a half stars on here as of writing this. I have been a NFCU member for 4 years, and I have never had any problems with them. A local credit union, Vystar, has given me so many more problems, mainly with their website and lack of knowledge on the call center portion. I used to love them. But Navy Federal has my heart now. Like I said, I've been with them for 4 years. I have multiple savings accounts, checking accounts, business accounts, a credit card, and will soon be buying a home through them. I cannot recommend them enough. They have always been there when I needed them, are upfront about everything, and provide exceptional customer service.
Coming from a woman who expects nothing but the best out of the companies that I give my money to, they meet, if not exceed, my expectations. They are exactly how banks and credit unions should be, and to be honest, how other companies should act. Professional, knowledgable, and courteous. I have never gotten the runaround from any representative, they are all on top of everything, and if they were in trouble financially as a credit union, they are someone I would invest in. Also, note the fact they have never had to have a government bailout unlike SOME banks which I shall never do business with. Absolutely nothing bad to say about Navy Federal. Will DEFINITELY be with them for life.
I've been a member with NFCU since 1979 and NEVER had any issues with any of their products. Maybe I fortunate. Did a lot of business with them while I was on active duty (1988-2011) being stationed all over the world and they've always been there when I needed a loan, credit cards, or help me set up bill-pay. That's more than I can say for my other financial institution (USAA-with them since 1986 and closed everything in late 2017). The returns (interest rates, promos, etc.) on their products are much better than most banks.
I've always stayed on top of my finances and saved for emergencies in case I didn't have a paycheck. I also didn't use my credit card or checking if the money wasn't there to pay off a bill. It doesn't work for everyone, but it's interesting how many people want their banks to give them money with little to no collateral. NFCU (like many institutions) has so many notification tools to keep you updated on the status of your accounts. I guess it's no surprise when certain media outlet report that on average 40% of adults don't have enough savings to cover a $400 emergency. If your expectation is for this credit union to give you money for nothing (no interest or collateral)--then you might want to consider looking elsewhere. If you're on top all your finances and are looking for competitive rates, offers/promos, good phone app/security features--then you won't be disappointed.
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First of all, let me just say that every other aspect of Navy FCU has been great. However, if you can go anywhere else for a mortgage, do it!!! The initial application process was handled online and went very smoothly. Sadly, once the human processor got involved, my life became a bloody hell. The processor NEVER ONCE communicated problems with the application. The processor NEVER ONCE answered her phone or returned my phone calls. The processor ONLY ONCE, sent an email apologizing for her lack of communication..., and that was over 6 weeks ago.
I applied for a VA Refinance with Cash Out at the end of June. I was conditionally approved the beginning of August. Then the processor just stopped processing the loan. She just sat on it. She never came into the office or was always in meetings. Several other processors and supervisors promised action or follow-up phone calls, but never delivered on either. So here we are, nearly 90 days after the initial application. No information. No follow up to my inquiries. No loan. So as I said..., if you need a mortgage, go anywhere else but to Navy FCU.
Myself and my grandmother opened a joint account within aforethought the possibility of using NF services for business transactions. Despite me being joint owner, authorized user and a POA for my 76 year grandmother they wrongfully flagged all our accounts for fraud and had us submit the same documents a dozen of times. They never grant access to management and fail to provide information over the phone. While our accounts remained frozen for a week, they cost us over a 100K because we could not transact as needed. Additionally, they forced my 76 year grandmother to drive 3 hours to the nearest branch to show her id. Can't believe it, a day where we have FB and Skype this institution did this to her. I have filed a BBB complaint, along with an AG complaint. I wouldn't refer a soul to NF from this day forward.
Watch out for this mortgage lender and stay far away! They are unprofessional and do not communicate important information! Our closing on a home was delayed, because they gave less than 24 hour notice of missing items. The loan processor and supervisor did not return our phone calls or emails! Also did not respond to our agent or lawyer! Never experienced such poor service!
Great Bank to deal with... Until you face difficulties. If you ever get laid off, get a reduction in hours, or need to modify your payment ability, you're in TROUBLE. Recently, a member of my household lost a job and later was hired somewhere else permanently. We advised the bank of the circumstances throughout the process. They assured us they'd help. Although they offered extensions, once those first paychecks came, they HAMMERED us. Multiple payments were immediately due back to back. Then they'd seize pocket change without permission. They refused to accommodate us in any way and almost crushed her ability to initially work. Because of this, USAA will be getting my NEXT car loan application. And probably more of my business from here on out once I'm caught up.
I'm a licensed Realtor and have had to work with Navy Federal on a few occasions. They have never done a "good" job, but this current transaction is a nightmare. They missed thousands of dollars in the closing docs that could have cost my client's money. They are very difficult to reach and under educated regarding solutions to simple problems. Avoid them at all costs. This is my 3rd, and worst, experience. Hopefully, it's my last.
Navy Federal Credit Union expert review by Barbara Friedberg
Navy Federal Credit Union was founded in 1933 with seven members and has grown to have 5 million today. Members must be affiliated with the Department of Defense, Coast Guard, National Guard or U.S. Armed Forces. Immediate family members of the Navy Federal Credit Union can also join.
Products and services: Navy Federal Credit Union offers a complete suite of checking, savings, credit cards and loan products. They also provide online and mobile banking.
Credit cards: The credit union has credit, debit, prepaid, specialty prepaid and gift cards.
Membership benefits: There are a variety of promotions and benefits for Navy Federal Credit Union members including low loan rates, loan and insurance discounts, discount partner offers and more.
Saving benefits: To support saving and financial security, the credit union offers a special high interest rate certificate of deposit.
Mobile and text banking: The mobile app allows customers 24/7 account access and is supported by Apple, Android and Kindle Fire devices. The text banking provides alerts as well as transfers and account information.
Advice and planning: The resource center offers extensive information about managing money, retirement, financial planning, taxes, military and work life. This portal also includes financial calculators, free navy financial planning and home buying seminars.
Security center: The fraud protection portal gives advice regarding credit and debit card fraud, phishing scams, online and mobile security along with ATM security.
Best for: Military members and their families who need specialized banking services stateside and overseas.
Navy Federal Credit Union Company Information
- Company Name:
- Navy Federal Credit Union
- 820 Follin Lane SE
- Postal Code:
- United States
- (888) 842-6328