Navy Federal Credit Union
Analysis
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Edited by General
Navy Federal Credit Union is one fo the largest credit unions in US, with more than 300 branches nationwide with 24/7 phone support. It is NCUA-insured and serves members of the military and their families.
Advantages
- CD rates and money market rates are often very competitive.
- Customer service is generally viewed as outstanding.
- Customers have access to 30,000 free in-network ATMs.
Disadvantages
- It may be difficult to qualify for membership without military affiliation.
- The savings account yield is not compettive and the product should be avoided in favor of the money market account.
Savings Fees
| Fee Type | |
|---|---|
| Non Sufficient Funds | $0.00 |
| Maintenance | $0.00 |
| Out-of-network ATM | $0.00 |
| Excessive Transaction | $0.00 |
| Incoming Wires | $0.00 |
Financial Details
Navy Federal Credit Union Ratio Analysis
The following ratios and data are available to help you better understand the financial condition of Navy Federal Credit Union. The data is provided by the NCUA. All credit unions on BestCashCow, except those specified as not NCUA-insured in the overview section above, are NCUA-insured. Depositors should be careful to remain within NCUA insurance limits.
Texas Ratio
| Navy Federal Credit Union | U.S. Average |
|---|---|
| 0.00% | 6.52 |
The Texas Ratio compares the amount of loans at risk and assets repossessed with the amount a credit union has on hand to cover any losses. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a credit union has to absorb its loan losses.
As of March 31, 2024, Navy Federal Credit Union had $1,305,228,021 in non-current loans and $40,268,645 in owned assets. To cover these potential losses it had $20,438,474,116 in net worth and $2,078,401,786 in loans loss reserves. That gives it a Texas Ratio of 0.00%.
Net Worth
| Navy Federal Credit Union | U.S. Average |
|---|---|
| 11.4% | 13.65% |
Navy Federal Credit Union FCU has a net worth of 11.4% versus the BestCashCow average of 13.65. Net worth measures how much total assets exceed total liabilities. The higher the net worth number the more secure a credit union is considered.
Navy Federal Credit Union Reviews
Amanda Frank
February 25, 2023 |
HORRIBLE SERVICE. My son's campus checking account was hacked and over $9000 was stolen. Fraud department was impossible to reach and we waited on phone several days for over 2 hours at a time. They took our information for their "investigation." They never returned our calls or messages for months. Finally notified us after about 6 months we are responsible for this hack- we had nothing to do with this. They won't even release any information regarding "investigation" without a subpoena- thus we are having our lawyer send them one so we can fight this. DO NOT USE NAVY FEDERAL!!!!!!
Is this review helpful? Yes:6 / No: 2
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