As it welcomes its 15 millionth member, Navy Federal commits $10 million this year to organizations that support Servicemembers, Veterans and their families.
VIENNA, Va.–(BUSINESS WIRE)–#CreditUnions–As Navy Federal Credit Union welcomes its 15 millionth member this fall, the credit union reaffirms its commitment to supporting members’ financial health, not only through an enhanced suite of custom products and services but also by strengthening support for Servicemembers, Veterans and their families.
The credit union is on track to donate more than $10 million to more than 500 community-based organizations by year’s end. This enterprise-wide effort incorporates both large financial commitments as well as smaller donations and on-the-ground volunteer support for organizations serving the military community, made possible in part by the credit union’s policy providing employees with eight hours per year of paid volunteer leave.
The credit union also recently offered its interest-free paycheck-assistance program for eligible members whose pay has been affected during the government shutdown, continuing a tradition of assistance seen during previous shutdowns in 2011, 2013 and 2018-19. Navy Federal’s government shutdown support dispersed more than 195,000 loans totaling more than $350 million, with zero impact to our members’ credit history (no credit check is required) and 0% in interest charged. Navy Federal also worked to assist members with managing more than $2.5 billion in loan balances.
This comes on top of billions in earnings and savings members enjoy annually. Last year, members collectively earned and saved more than $4.3 billion—thanks to better interest rates, lower fees and exclusive member discounts. Members also continue to benefit from products and services tailored to the military community, such as a new resource hub to ease permanent changes of station (PCS). The hub helps Servicemembers navigate reimbursement processes, identify childcare providers and track expenses with checklists, spending calculators, subscription and bill managers, and 24/7 access to financial counselors.
Also new this year is a secured credit card with unlimited 1% cash back on all purchases; a new graduate student loan product to support members pursuing advanced degrees; checking account and other enhancements; and a new strategic partnership with a network of over 130 credit unions jointly investing in fintech solutions to automate lending, prevent fraud, and improve member experience. This partnership complements other new investments in artificial intelligence and digital investment tools.
At the same time, Navy Federal remains committed to growing its branch network, with more than 370 branches, many on or near military bases. In addition, Navy Federal is proud to operate the Overseas Military Banking Program in collaboration with the US Department of Defense. This program operates some sixty branch offices and hundreds of ATMs on designated military installations under the name “Community Bank.” Community Bank expands access to currency exchange services, foreign bill payment services, checking/savings accounts, and other specialized financial services to those Servicemembers deployed abroad across 10 countries and territories.
For the 10th straight year, Navy Federal Credit Union ranked first among US multichannel banks for customer experience (CX) quality, according to Forrester’s latest Customer Experience Index (CX Index™) Rankings. The report recognizes brands that create and sustain customer loyalty. Also this year, the credit union marked its 14th consecutive appearance on the FORTUNE 100 Best Companies to Work For® list and was recognized by Newsweek as a Most Trustworthy Company in America; by People as one of 100 Companies that Care; and by Forbes as one of America’s Best Employers for Company Culture.
“For nearly 93 years, Navy Federal has been driven by our commitment to give back to the community that gives so much to our country,” said Dietrich Kuhlmann, Navy Federal’s President and CEO. “We carry out this pledge every day—across hundreds of branches worldwide, through products and services tailored to military families, and with active volunteer engagement in military communities. As we mark a new milestone in our membership, Navy Federal remains focused on ensuring we are properly positioned to serve the financial needs of America’s men and women in uniform, our nation’s Veterans, and their families.”
Central to these efforts is a business unit launched this year to bolster the credit union’s impact in military communities. Led by Retired US Navy Captain Keith Hoskins, Navy Federal’s new Office of Military Affairs and Strategic Partnerships is streamlining the credit union’s philanthropic endeavors; strengthening partnerships with organizations that provide direct support to the military community; and advocating for public policies that protect financial cooperatives’ ability to prioritize the needs of members.
As part of this work, Navy Federal is overseeing a three-year partnership with the USO to support financial wellness—a key need in the military community. Thanks to Navy Federal’s $9 million investment over three years ($3 million per year from 2024 to 2026), the USO is expanding its financial education programming for early-career Servicemembers and spouses.
Navy Federal is also partnering with military relief societies and The Bob Woodruff Foundation, which helps provide Servicemembers, Veterans and military families with financial literacy education, emergency financial assistance, and disaster aid. In addition, Navy Federal’s commitment to the Armed Services YMCA enables them to provide junior enlisted personnel and families with needed programs and services.
In honor of National Veterans and Military Families Month, the credit union chose to support Travis Manion Foundation, which supports community service projects for Veterans, their families and community members. Navy Federal will make additional planned gifts to the Marine Toys for Tots Foundation, which supports toy collections at 330 Navy Federal branches and benefits disadvantaged children, and to Hire Heroes USA, which helps Veterans, transitioning Servicemembers and military spouses find meaningful employment.
Navy Federal team members are also giving their time this season. They’ll be making over 900 no-sew blankets in support of Soldiers’ Angels “Operation Warm Winter” and participating in holiday donation drives benefiting Project Neighbors and the Marine Toys for Tots programs.
These seasonal commitments build on earlier engagements this year with partners including The Honor Foundation, which helps men and women of the Special Operations Forces (SOF) community transition to civilian life; Portraits For Patriots®, which supports transitioning Servicemembers, military spouses, and Gold Star families; and DogTag Inc, which supports military-affiliated entrepreneurship.
In September, the credit union again teamed up with Feeding America®, the largest hunger-relief organization in the United States, to support communities in need through No Plate Left Behind, a nationwide campaign combating food insecurity. In total, No Plate Left Behind donated more than 28 million* meals to those in need. Team members also donated nonperishable food items at collection bins at Navy Federal campuses and branches.
In August, the credit union dispersed $1,000 grants to 100 qualifying nonprofits supported by Navy Federal team members through its annual “Dollars for Doers” initiative. Over the past 18 years, the program has donated nearly $2 million to charities where employees have donated their time. Nearly a quarter of this year’s grants support causes benefiting military families and Veterans.
Navy Federal also engaged members and team members in its annual Back-to-School campaign this summer to prepare kids for the school year. Team members at Navy Federal campuses across California, Florida and Virginia donated pencils, markers, binders and other school supplies to local United Way chapters, while stateside branches donated backpacks to military kids in partnership with Operation Homefront. Last year, collections exceeded $20,000 worth of school supply items from campus employees, and more than 1,100 books were donated to military families through virtual book drives hosted by United Through Reading.
Navy Federal is also proud to be the official Military Appreciation Partner of the National Hockey League (NHL). Alongside the annual Navy Federal Credit Union NHL Stadium SeriesTM, the credit union hosts a one-of-a-kind military hockey tournament—highlighting all-Veteran hockey teams committed to serving their local communities and growing the sport of hockey nationwide. The credit union also sponsored Military Makeover with Montel® , a home remodeling show for members of the military community; put on MAM JAM, a concert series held near military communities in Texas and North Carolina that featured Grammy-winning country duo Dan + Shay; and supported military communities in many other ways this year.
“We’re grateful to every one of our 15 million members for the trust they continue to place in us,” said Kara Cardona, the credit union’s COO. “As we celebrate this milestone and pay tribute to our nation’s Servicemembers, Veterans and their families, Navy Federal is singularly focused on our mission to put our members first. This means equipping our team to provide world-class service, offering the very best and most meaningful financial products and support, and continuing our work to strengthen the communities in which we live and work.”
About Navy Federal Credit Union: Established in 1933 with only seven members, Navy Federal now has the distinct honor of serving more than 15 million members globally and is the world’s largest credit union. As a member-owned and not-for-profit organization, Navy Federal always puts the financial needs of its members first. Membership is open to all Department of Defense and Coast Guard Active Duty, Veterans, civilian and contractor personnel, and their families. Navy Federal employs a workforce of over 25,000 and has a global network of more than 370 branches. Navy Federal is contracted to operate the Overseas Military Banking Program under the authority of the Department of Defense, which provides Active Duty military Servicemembers deployed overseas with access to some 60 branches and hundreds of ATMs spread across 10 countries and territories. For more information about Navy Federal Credit Union, visit navyfederal.org.
*$1 helps provide more than 10 meals provided by Feeding America on behalf of partner food banks
Contacts
Media Contact: Allison Stevens
Corporate Communications
[email protected]
