The Navy Federal Credit Union is one of America's greatest credit unions for military personnel. The Navy, Marine Corps, Army, Air Force, Coast Guard, veterans, the Department of Defense, and their families are all served by the institution. Navy Federal members can open business checking accounts to use for their day-to-day transactions. You can access your money at any time of day with a checking account. It usually includes a debit card that may be used to withdraw cash from an ATM.
Credit unions vary from banks in that they are owned and operated by their members. Members, unlike banks, are the primary decision-makers. Banks are unusually business-oriented, with multiple revenue streams. The goal of credit unions is to help members improve their financial situation. The Navy Federal Credit Union was established with the goal of aiding members in their financial development. You can apply for loans based on your overall contributions as a member.
The Navy Federal Business Checking Account is a low-fee, interest-bearing account with personalized customer care. You can use the union's services whenever you need assistance with a variety of difficulties. The account entitles you to an infinite number of free electronic transactions. Furthermore, there is no monthly cash deposit limit on the account. The accounts, however, are only for Navy Federal members. The process of opening a checking account will be demonstrated today.
How to open a Navy Federal Business Checking Account
A Navy Federal Business Membership is required before you may open a Navy Federal Business Checking Account. As a result, you must be an individual member with a current account. Furthermore, when you open your account, you must deposit $100.
The account can be opened online or in a branch. When you visit the credit union's website, you'll discover an application form that you must fill out before proceeding. You can then contact customer service at 1-877-418-1462 for help opening the account or go to a local bank.
You must also choose the type of business you want to start. You can start a business as a sole proprietorship, an LLC, or a corporation. The Navy Federal Business Checking Account, on the other hand, is suited for small business owners.
After you've established your account, you can apply for a Navy Federal Credit Union personal loan after some time has passed. You must also maintain solid banking practices in order to qualify for higher limits.
You'll also need information about yourself and your company, as well as your EIN, the nature of your business, your legal business name, and your expected annual sales.
A Social Security number or a passport number is also required. When the account is ready to use, the Navy Credit Union will contact you. You will also receive a welcome gift including additional account information.
Does the Navy Federal Credit Union Business Checking account have any fees?
You won't have to pay any monthly fees once you've opened the checking account. With a $0 minimum balance, the account pays 0.01 percent annual percentage yield. As a result, the checking account is simple to keep because it is less expensive.
What are the advantages of the Navy Federal Business Checking Account?
Various benefits come with the Navy Federal Business Checking Account. They include the following.
- You are entitled to an unlimited number of fee-free electronic transactions.
- The account allows you to make up to 30 non-electronic transactions for free every month, after which you will be charged 25 cents per item.
- It does not charge any kind of monthly fee. The Business Plus Checking account costs $8 per month, whereas the Business Premium Checking account costs $20.
You can see how the Business Checking Account has an advantage over the others.
How does the Navy Federal Business Checking Account work?
The account's operation is similar to that of others. First and foremost, the account pays you interest, ensuring that your money does not go to waste. After a certain period of time, you will notice that you have amassed a significant sum of money to meet your numerous financial needs.
However, in order to receive interest, you must keep a minimum daily balance of $1,500 in the account. You can also make unlimited fee-free electronic transactions using the account. Small business owners can access free educational and financial resources to help them operate their operations more efficiently. As a result, it is among the top credit unions for small enterprises.
Check Out: Best Credit Unions Anyone Can Join
How do I qualify for an account with Navy Federal?
You must fit into one of the following categories to be eligible for a Navy Federal Credit Union account.
- Armed forces of the United States of America (Army, Marine Corps, Coast Guard, National Guard, Navy, Air Force, or Space Force) active, retired, or veteran military people.
- Former and current Department of Defense employees, as well as retirees, Contractors working on Department of Defense and US government installations, as well as US government personnel working on DOD installations.
- Members of any of the above groups' families or households
Apart from becoming a member of one of the aforementioned groups, you will also require the relevant documentation. If you don't have a Social Security number and an identification document (passport, government ID card, or driver's license), you won't be able to open an account with the credit union.
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What other types of accounts can I get at Navy Federal Credit Union?
Aside from the Navy Federal Business Checking Account, the credit union offers a variety of other services. The following are some of them.
1. Business Plus Checking account
If you have a large firm that cannot rely on the Navy Federal Business Checking Account, the Business Plus Checking account allows you to take advantage of the company's financial services. Remember how I mentioned the Navy Federal Business Checking Account is best for small businesses?
When you choose Business Plus Checking, you get larger transaction limits and unlimited signers. Because big organizations have a lot of transactions, having a separate account makes logical. The account's dividend rate is 0.05 percent.
Unlike the Navy Federal Business Checking Account, which has no monthly fee, the Business Plus Checking Account includes a $8 monthly fee that you must pay in order to continue using the institution's services. You will not be able to escape the set monthly price.
You'll also get unlimited electronic transactions, 50 non-electronic transactions, and a fee of 25 cents per transaction if you go over your limit.
2. Premium Business Checking
This type of checking account makes sense to have if your company has more comprehensive needs. Additionally, the account is appropriate for those who want to earn bigger dividends on their accounts. Depending on the size of your balance, the value ranges from 0.35 percent to 0.45 percent.
You will have unlimited signers with the account. The account, however, has a higher monthly price than the Business Plus Checking. To keep the account active, you must contribute $20 per month. However, this pales in comparison to the myriad advantages that the account might provide.
Another benefit of this account is that if you keep a daily minimum balance of $5,000, you can soon remove the monthly maintenance costs. You can make limitless electronic transactions, 100 non-electronic transactions, and pay 25 cents per transaction over the set limit with this account.
Does the Navy Federal Business Checking Account offer a debit card?
You can receive a debit card for your checking account and use it to make a variety of purchases. The GO BIZ Debit Card provides you with a number of benefits that will help you manage your business more efficiently. The card comes with a slew of perks, including the ones listed below.
1. Zero liability
When someone uses your debit card to make a purchase, you are not responsible for the amount of money spent. To take advantage of the zero-liability guarantee, you must notify the loss of your card promptly.
2. Contactless, tap-to-pay technology
You don't need to carry cash when transacting in different places because you can pay with your card. During Covid'19, the card comes in handy because it allows you to avoid using currency, which is one of the disease's key spreaders.
3. Visa® Travel Accident Insurance
It is critical to have insurance to cover a variety of life events. If you get into an accident while traveling, the card will cover you.
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Conclusion on How to Open a Navy Federal Business Checking Account
Navy Federal Credit Union is one of the country's largest credit unions. Only active, retired, or veteran members of the military forces, as well as connected employees and their families, are eligible to join the credit union.
The Navy Federal Business Checking Account is one of the best products available at the Navy Federal Credit Union since, among other things, it offers no monthly fees.