The Best Credit Unions For Federal Employees
If you have ever considered joining a credit union, these are some that offer membership and benefits for federal employees and military.
Member ownership and control remains one of the most often cited reasons people choose to switch from a bank to a credit union. A volunteer, elected board of directors is a much more member-friendly version of a banks corporate board, and since the credit union is not-for-profit, its earnings can be passed down to members in the form of reduced fees and better interest rates. You can expect the same protection banks offer as well since the federal government insures all federally recognized credit unions.
Dont be fooled into thinking all credit unions are small and locally owned, though plenty of smaller community credit unions certainly exist. A great many large federal credit unions offer every ounce of convenience the big banks do while retaining all the benefits that local credit unions provide. Whats more, many of these larger credit unions cater specifically to federal employees.
If you are considering switching your banking business, consider these credit unions consistently rated among the best for federal employees.
The Best Credit Unions For Federal Government Employees
offer great options for your banking needs, especially if you currently work for the government or have done so in the past. Typically smaller than big banks, government employee credit unions regularly offer excellent customer service, lower interest rates on loans, lower bank fees, and higher interest rates on checking and savings accounts. What’s more, they offer many of the same products and services as the nation’s largest banks.
Even if you aren’t physically near any of the credit unions mentioned here, they might still serve your needs. Online banking makes managing your finances a breeze. Plus, when credit unions are part of a shared network, you can access your account from thousands of credit unions across the country by visiting the branch of another credit union to make deposits, withdrawals, get cashier’s checks, and more. No matter which federally insured credit union you choose, your deposits are insured by the U.S. government for maximum protection.
You must meet specific criteria for membership before setting up an account. Fortunately, many credit unions have relaxed membership requirements in recent years. The financial institutions below are great options for employees of the federal government and the military, including family members. They’ve gotten excellent reviews from satisfied customers, and they offer competitive products.
To Qualify For Mobile Deposit You Must:
- Be enrolled in the FedFi Online Banking
- Adhere to the Mobile Deposit Terms and Conditions.
- Be in Good Standing with the Credit Union**
* Your mobile carrier may charge access fees depending upon your individual plan. Web access is needed to use the Mobile app. Check with your carrier for specific fees and charges. Some mobile features may require additional online setup.
** Apply using the FedFi Mobile App.
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Several Major Labor Groups Said They Wont But Some Are Leaving Open The Possibility
While several major federal employee unions said they wont challenge the Biden administrations vaccine mandate in court, some are leaving open the possibility.
On September 9, President Biden announced a vaccine mandate for federal employees and contractors, unless they request an exemption. Further guidance issued on September 16 says that employees must show proof of vaccination or could be subject to disciplinary measures. The reaction to the mandate from lawmakers was along party lines, with Democrats coming out in favor of it and Republicans contesting it. From unions it was a little more mixed, and that holds true especially when it comes to a possible legal challenge.
The National Federation of Federal Employees understands and respects the differing perspectives of its individual members on matters regarding vaccines, mask mandates and social distancing, said the union in a statement on September 14. We have considered the likelihood of success on a legal challenge to the mandates contained within the EO. More than 100 years of legal precedent exists confirming the authority of employer-required mandates and vaccines, and the courts at all levels have consistently rejected challenges to this type of mandate. Therefore, NFFE has determined it will not legally challenge the executive order requiring federal employees to be vaccinated against COVID-19.
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Pentagon Federal Credit Union
Pentagon Federal Credit Union has extensive options for banking and lending, and the credit union offers some great online banking features, too. PenFed allows almost anyone to join. If you’re a member of the military, a U.S. government employee, an employee at an eligible place of business, or belong to an organization such as the Veterans of Foreign Wars , you can join.
If you don’t meet any of the above qualifying criteria, PenFed allows membership for those who belong to the National Military Family Association, which is available for a $17 annual fee to any U.S. citizen. You can join this organization when you open your PenFed account online.
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Buying A Home Why Not Go With People That You Can Trust
Jackie Humenik and Chuck Goldston have teamed up to provide you full-service home buying services.
Jackie is known as your neighborhood Realtor® because she has been working in the MD, DC and VA market for over 16 years. No matter what type of property you are looking to buy or sell, Jackie is the real estate agent that can help you.
Chuck has been in the mortgage industry for over 17 years. He will work hard to provide you the best rates and lowest closing costs possible.We believe you will find our process to be the most convenient and efficient way to purchase a home and we will make sure you get great deals and match your home with the right mortgage!
FedFinancial and Jackie will provide you with offers that show you how dedicated they are about saving you money. Buy or sell a home with Jackie and she will give you 20% of her commission as a credit at closing. Plus you will receive a free home warranty when you finance your mortgage with Chuck.
Opening A Credit Union Account
To open an account at a credit union, you’ll need to qualify as a memberas described above. In some cases, that’s as easy as donating to an organization associated with the credit union. When you become a member of the organization by donating, you become eligible to become a credit union member as well.
Next, you’ll need to provide basic information about yourself, such as your Social Security Number, physical address, and a valid government identification document.
Finally, you’ll open a “share” account, which officially makes you a member. In many cases, this means you have to maintain a minimum deposit balance between $5 and $20, which the credit union will set aside for the duration of your membership.
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Lgfcu Is A Part Of An International Movement That Puts People First
While our focus is North Carolina, were also a part of the worldwide credit union movement! Thats why in October we celebrate International Credit Union Day. This day is dedicated to member appreciation and the seven basic principles that make credit unions unique. See how LGFCU lives those values everyday.
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When choosing an executor to handle your estate, choose someone with some financial savvy. Many people choose a relative or close friend simply because of a personal bond. But if that person knows nothing about how to handle your finances or doesnt want to youre better off naming someone capable and willing to ensure your wishes are carried out.
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Notice Of Error/request For Mortgage Loan Information/credit Report Disputes
If you wish to assert an error or request information relating to the servicing of your mortgage loan, submit a written request to the address shown below:
LGFCUPO Drawer 25279Raleigh, NC 27611
Note: In your letter, provide your name and the account number along with the error you believe has occurred or the information that you are requesting.
Should You Have A Special Needs Trust
If you have a disabled adult child receiving public benefits, consider a special needs trust. A Deposit Trust Account like this allows you to gift money to your child upon your death while still protecting those benefits. Talk to an attorney specializing in trusts to determine if this is right for you.
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Guam Credit Union Becomes Coast360
The credit union set its logo ablaze at a special event for members and staff where the name was unveiled. .
Like many credit unions that expand with a community charter, Government of Guam Employees Federal Credit Union found that its original name no longer represented the organizations field of membership, which includes anyone who lives on the island. At 43 letters and 15 syllables, it was a real mouthful. After changing names to GGEFCU, the credit union realized that the acronym strategy didnt work any better for them than the dozens of others who try it every year.
The credit union wanted something new, something fresh and different, so it partnered with the financial naming experts at Weber Marketing Group to develop a name that was more inclusive and welcoming.
After reviewing over 70 possibilities, GGEFCU chose the name Coast360, the agency said. Coast360 reflects the island they serve and the inclusiveness they espouse. Coast360 is about unity and working together to help people thrive.
This is not an easy thing to do. Its hard to change a name that youve been calling yourself for the past 45 years, credit union president John Arroyo told Guams KUAM. This credit union has embarked on a new journey. Weve been reborn. Weve come full circle.
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An Account With Simplicity And Ease
CPG accounts have a $1 monthly maintenance fee. Maintenance fees will not accrue for CPG accounts with a zero balance on the statement date.
Since all transactions are limited to the available funds in the account, there are no overdraft or non-sufficient funds fees. If funds are not available in the CPG account, the transaction is simply declined. Funds can be added to the account at any time.
Your account comes with the convenient choice of paper or electronic-only statements. To opt in to E-statements, sign in to Member Connect to consent to receive disclosures electronically.
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Everyone Needs An Estate Plan
Even if you dont think you have a lot of assets or you’re too young, you still need an estate plan especially if you have young children. When you create a will, name a guardian to take care of your children upon your death. Youll be able to rest in peace, knowing the person you chose is in charge.
Banks For Federal Employees
Although both types of institutions offer similar products and services, credit unions aren’t always better than banks. Shop around to make sure you get the right fit for your needs. Some banks charge fees for having an account, and most will accept anybody as a customer, though there are exceptions.
For some government employees, USAA Bank is a good option. It’s popular among military families, and the bank consistently gets good reviews for customer service and competitive rates. Joining USAA Bank requires that you are active military, former military, cadets or midshipmen, or family of those individuals.
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Bank At 5000+ Shared Branches
Our friendly and knowledgeable staff is waiting to assist you. Visit one of our branches to discover a variety of programs and services that are right for you.
Whether you are across town or across the country, you can complete your banking transactions at over 5,000+ shared branches nationwide. Shared branches are a network of service centers available to members of participating credit unions. All you need is your FedFinancial FCU account number and a government issued photo ID such as a drivers license or government employee ID.
An FDA badge is required for access
Phone: 301-881-5626 / Fax: 301-770-5490
Hours: Monday Friday, 9 a.m. 3 p.m.No Public Access – FDA badges required
Fourth Wednesday monthly:12:30 p.m. 3:00 p.m.
Cashpoints Global Account And Card
For people who like to travel or want an alternative to a traditional checking account, and for parents of students who need an easy-to-manage account, the CashPoints® Global Account and Card may be a great option.
CashPoints®, Global is a demand deposit account. The CPG card is the primary means of accessing the account, and the card can be used anywhere you see the Visa® logo! This account has no minimum balance and does not earn dividends.
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Changes To Online Banking
Please note it is extremely important that members know the difference between their number for online banking versus their account number.With our recent changes to online banking, this is very important.Please ask a staff member for help if there is any confusion or to confirm your correct number.We hope this transition has not caused too much confusion and please know that these enhancements were put in place for your account protection.Thank you!
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Navy Federal Credit Union
Fortune magazine placed Navy Federal on its list of the 100 Best Companies to Work For ten times. Membership at this government employee credit union is over nine million and growing.
Navy Federal serves the Army, Marine Corps, Navy, Air Force, Coast Guard, Department of Defense, and veterans. To join, applicants must work for one of these organizations or be a family member of an eligible employee. While most credit unions extend memberships to immediate family only, Navy Federal allows siblings, grandparents, and grandchildren to become members.
If either of the above requirements fits your situation, take advantage of Navy Federal’s great rates on everything from car loans to fixed interest credit cards. One extra perk of Navy Federal is 24/7 phone support. PenFed has generous customer service hours, but Navy Federal comes out ahead if you’re a night owl.