Many people don’t understand the benefits involved in banking with a federal credit union, and that goes for military personnel as well. Most simply, federal banks are regulated by the Office of the Comptroller of the Currency, located in Washington D.C., while state banks are supervised by a state banking division. Banks are either nationally based or community based and many are publicly held corporations that make loans, mortgages and offer credit cards, mutual funds and IRAs.
The Federal Deposit Insurance Corporation, aka FDIC, protects funds of up to $100,000 per customer deposited into state banks. Banks make money for their stockholders and are considered for-profit.
Credit unions are considered to be cooperative financial institutions within an industry, and service, ethnic or religious groups generally form them. These days, many credit unions merely require that members live in a certain geographic area to apply for membership services. The credit union is unlike a private bank in that members are actually able to vote on issues relating to their credit unions, as well as have a say in how they are controlled and enjoy their services. Credit unions are nonprofit organizations. They return dividends and surplus monies from reduced loan interests back to members. One of their greatest benefits is that they often offer higher rates of interest on deposits and offer loans at lower rates. Like many public banks, credit unions protect and insure deposits of up to $100,000 per customer.
The Navy Federal Credit Union offers lending, savings and checking, credit and debit card services, as well as investments and insurance services for members. Whether you need help planning your future financial goals, or ore preparing for retirement, the Navy Federal Credit Union can help get you set up. Services such as lower APR fixed-equity loans, pre-approved auto loans, higher rates on certificates, direct deposit, and a wide range of financial planning tools are available upon sign up and membership.
The Navy Federal Credit Union offers low interest rates on mortgages, equity loans, auto loans and credit cards, while offering high rates of return on checking accounts, certificates, and IRAs. Financial planning tools, easy management of accounts, online applications and a wealth of other services are available for members of the Navy Federal Credit Union. Located in Virginia, the Navy Federal Credit Union offers members over 1500 ATMs throughout the United States.
Personal finance resources help Navy personnel not only balance their monthly budgets, but stay out of debt and by offering money management facts and tutorials. The Navy Federal Credit Union also offers members Education Savings Accounts, Roth IRAs, Simplified Employee Pensions, and traditional IRAs. As of March 31, 2008, over 3 million members of the Naval military branch have taken advantage of the membership benefits and opportunities available through the Navy Federal Credit Union. What are you waiting for?