Navy Federal Credit Union

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