Navy Federal Credit Union
The Credit Union is the world’s largest Federal Credit
Union. They have been around for 85 years and currently service more than 7.5
million members. They weren’t always as big even though they were the largest
for quite some time.
The credit union serves a specific membership charter that
is Department of Defense oriented. Military members, retirees, DoD civilian
employees and its contractors, veterans and immediately family members of
anyone eligible for membership.
With over 320 physical branch locations around the world,
mobile banking and online banking, shared free ATM’s and mobile check deposits
are all perks of offered to every member without charge. The credit union is prime
competitor to many of the big box banks in the United States.
They are free to have and free to keep and once a member
always a member. They offer great rates all around whether its savings products
or lending products. They are pretty much unbeatable with their service
excellence. One particular savings product they offer is a 3% one-year CD (Certificate
of Deposit), to open the account you need an initial $50 dollar deposit and
then a minimum of $15 dollars a month in allotments are needed to keep it
growing. One can place up to $3,000 dollars into this account for 12 months.
The rate is unheard of and better yet in case you have an emergency you can
access the funds without penalty.
Navy FCU has increased its marketing campaign over the years
as it grew as well as its use of social media, televised and radio ads to
target its potential members. If you look at its target and all who can join,
this can give you an idea that most of everyone in the country is can be a
potential member, I joined the credit union in 2013 as an employee and member.
After working and seeing the development of their marketing
campaigns I joined their team of 9 who travel the nation to conduct my outreach
and relationship building endeavor. Their use of social media has increased
awareness nationwide. They continue to have growth as they have not had a
layoff in the 85 years of its existence.
The campaigns overall are effective because of the word of
mouth of how great they are and their continued support for those who serve and
who have served. The fantastic rates, amazing caring service to its members has
stayed consistent of that of a small hometown financial institution without the
fees. The growth of the organization is reflected on its service and the
effectiveness of its marketing and reach.
When I joined the Credit Union in 2013 the membership was
just at 4 million members, $72 billion in assets and 280 branch locations globally.
Today we are over 7.5 million members and over $90 Billion in assets. A 5 year
plan from back in 2016 is looking at 10% growth year after year to reach $120
billion in asset by the end of 2020.
Overall the marketing campaign, service rates and all that
the organization offers is attractive in my buying into the organization but
the offers of low rates on lending and great return on savings has made them my
one stop shop for everything. Mortgages to credit cards, savings to car loans.
#Navy Federal Credit Union #our hometown Credit Union
Everywhere