How is the “Navy Federal Credit Union” different from others?
In: Economics
Different from other credit unions, you mean? Or different from banks?
If the former, then it’s a matter of membership. All credit unions have certain membership requirements. In this case, it’s for people who are, or have been, in the navy. They may allow some others to join, as long as they have some association with the navy. You’ll have to check their requirements.
If the latter, credit unions are non-profit organisations that operate similar to banks (which are run for profit). The benefits are that credit unions typically offer better interest rates on savings, and easier/better loans. Disadvantages are that they’re typically local or have fewer outlets (than major banks).
The military makes your life complicated. For instance, I’m stationed overseas and have an APO address which confuses some companies to no end. The military also sometimes uproots you for a year and sends you to places where you can’t interact with the outside world easily.
It’s helpful, when your life is just a bit different from the usual standard companies are used to, to have a bank that understands what your life entails. I don’t use Navy Fed, but I use USAA, which is another bank specializing in military members. Their customer service is incredibly understanding and helpful when I call them to do something new. Need insurance on a new car that you’re driving in Europe? They’ll connect you to their London office which specializes in European coverage and you’ll have proof of insurance in your email inbox within 30 minutes.
It’s really just about great customer service that knows how to help you in weird edge case situations that most Americans will never encounter.
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