Navy Federal Business Checking Review 2024: Is It Legit?
Navy Federal is a credit union based in Virginia. Membership is open to active and retired service personnel, certain civilian contractors, and their family members. It serves over eight million members through a network of more than 330 branches, including locations overseas and on military bases.
Navy Federal provides various business services, including checking and savings accounts, loans, and credit cards. Additionally, they offer specialized services such as payroll management and products to assist with automation.
In this article, we’ll explore the business accounts offered by Navy Federal, explain how to apply for one, and provide details on the features and fees that may apply.
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Navy Federal Full Review
Navy Federal offers three business checking accounts tailored to assist new, growing, and mature companies: Business Checking, Business Plus Checking, and Business Premium Checking.
All three accounts feature no or low monthly service fees and unlimited free electronic transactions, making them an excellent choice for growing businesses. However, these accounts are not available to everyone.
You must be a Navy Federal Credit Union member limited to military service members, retirees, veterans, Department of Defense employees, and their families.
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Pros & Cons of Navy Federal Business
Pros
- Unlimited fee-free electronic transactions
- Enjoy a free, interest-bearing business checking account
- No restrictions on cash deposits (other limits may apply)
- Access to customer service reps and small-business resources
- ATMs are available in 50 states and 10 countries
- Receive a complimentary set of starter checks
Cons
- Limited free non-electronic transactions
- High opening deposit requirement ($250 to $255 depending on business type)
- Restricted eligibility (military members, Department of Defense employees, and families)
- Monthly service fee for Business Plus Checking and Business Premium Checking accounts
Navy Federal Business Checking Account Basics
Business Checking
Navy Federal Credit Union Business Checking is a straightforward account designed to meet the needs of small business owners. It features no monthly service fees and offers unlimited free electronic transactions.
The first 30 non-electronic monthly transactions, which include processed checks and in-branch transfers, deposits, and withdrawals, are also free. After that, there’s a fee of $0.25 per transaction.
The account offers a minimal 0.01% APY. To open a business checking account, you must be a Navy Federal Credit Union member and make a minimum deposit of $250 for sole proprietorships or $255 for other business entities like LLCs, partnerships, and corporations. You can also add up to two signers to your account.
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Business Plus Checking
The Navy Federal Credit Union Business Plus Checking account is excellent for growing businesses with moderate transaction volumes. It offers free and unlimited electronic transactions. The first 50 non-electronic transactions each month are also free, with a fee of $0.25 per transaction thereafter.
The Business Plus account has an $8 monthly service fee and offers a 0.01% APY. You can add unlimited additional signers to share account access. Funds can be moved into your account via ACH transfer, mobile check deposit, or by visiting a Navy Federal branch or ATM.
Additionally, you can transfer funds using a Visa or Mastercard from an external financial institution.
Business Premium Checking
Mature businesses with a high volume of transactions may find the Navy Federal Credit Union Business Premium Checking account an ideal option.
This account offers unlimited free electronic transactions and 100 free non-electronic transactions per month, with additional non-electronic transactions costing $0.25 each. Like the Business Plus Checking account, you can add unlimited signers.
This account comes with a $20 monthly service fee, which can be waived if you maintain an average daily balance of $5,000 or more. The Business Premium Checking account offers three different APYs based on your account balance:
- $0 to $9,999.99: 0.35% APY
- $10,000 to $24,999.99: 0.40% APY
- $25,000 and over: 0.45% APY
Navy Federal business checking is best for small-business owners who:
- Veterans, current or retired members of the U.S. armed forces, the National Guard, Department of Defense employees, or their family members.
- Those who want a free, interest-earning business checking account or are okay with a modest monthly fee.
- Businesses that primarily conduct banking transactions electronically rather than in person with a teller.
Alternative Option:
If you seek a higher interest rate without sacrificing 24/7 customer support, consider American Express Business Checking. Like Navy Federal’s, this account is free and offers unlimited transactions and round-the-clock phone support.
Additionally, you can earn 1.30% APY on balances up to $500,000. However, AmEx doesn’t have physical branches and cannot accept cash deposits.
Navy Federal Credit Union Business Checking Requirements
Navy Federal Credit Union offers two types of memberships: regular membership and business membership.
To qualify for regular membership, you must be one of the following:
- An active service member, retired service member, or veteran
- An immediate family member of military personnel, including parents, grandparents, children, grandchildren, siblings, spouses, and household members
- A Department of Defense (DoD) employee, which includes DoD civilian employees, contractors, U.S. government employees working at DoD stations, and DoD civilian retirees and annuitants
To meet the requirements for Navy Federal Credit Union business checking, you must already be a Navy FCU member with personal accounts in good standing. You must also submit the necessary business documentation when applying for business membership.
Other Navy Federal Credit Union Business Products
Business Savings Products
Navy Federal provides money market accounts and business certificates.
- Money Market Savings Account: Earns daily dividends for accounts with $2,500 or more balances.
- Jumbo Money Market Savings Account: Offers competitive rates with a minimum balance requirement of $100,000.
- Business Certificates: Require a minimum purchase of $100 and offer terms ranging from three months to seven years.
Business Credit Card
The Navy Federal Credit Union business credit card, known as the GO BIZ Rewards Credit Card, enhances purchasing power with no annual fee. Its APRs range from 14.40% to 18%.
Like the GO BIZ Debit Card, it features a zero-liability policy to protect account holders from fraud and is available as a Visa and Mastercard.
Its rewards program distinguishes the GO BIZ Credit Card from the debit card. For every $1 spent, cardholders earn 1 reward point, which can be redeemed for rewards such as gift cards, cash back, and airline tickets.
Business Loans
Navy Federal Credit Union offers a variety of lending products:
- CRE Lending: Five-year term with a 20-year amortization, available in fixed- and variable-rate options.
- Term Loans: Starting at $10,000.
- Business Vehicle Loans: No fees or prepayment penalties.
- Commercial Vehicle Loans: Starting at $40,000.
- Secured Lines of Credit: Starting at $35,000.
- Checking Lines of Credit: To protect your account from NSF fees, these lines have an APR of 17.90%, an annual fee of $50, and limit options of $500, $1,000, or $5,000.
Navy Federal Business Reviews from Real Users – How Legit is It?
Navy Federal Credit Union has received positive feedback from satisfied customers on several review platforms. Here are some reviews of Navy Federal Business from Trustpilot.
Navy Federal Business Alternatives
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Bottom Line – Navy Federal Business Checking Review
If convenience, affordability, and flexibility are your business banking priorities, opening a business account with Navy Federal is worth considering. They offer three affordable business checking accounts and extensive business lending and savings products.
Additionally, with a wide range of physical branch locations, in-person banking is easy and accessible. However, membership is limited to active and retired members of the U.S. Armed Forces, their family members, and DoD civilians.