How To Open A Navy Federal Business Account

This article explains all you need to know about Navy Federal Business Account.

Pros 

* Unlimited fee-free electronic transactions. 

* No cash deposit limit (other limits may apply). 

* Extended customer service hours and small business resources. 

Cons 

* Military members, DOD personnel, and their families only * High opening deposit ($250 to $255 depending on business type) 

Navy Federal Business Account Review

Navy Federal Credit Union offers Business Checking, Business Plus Checking, and Business Premium Checking accounts. They pay interest and provide fee-free electronic transactions. 

While this evaluation covers all three accounts, the star rating above is only for Navy Federal’s free Business Checking. 

Navy A federal business checking account is best for small business owners who: 

* Are active or retired members of the US military, National Guard, or Department of Defense workers. 

* Want a free or low-cost business checking account that earns interest. 

They do most of their banking online rather than in person. 

Opening a Navy Federal Business Account  

All business owners must be individual members of Navy Federal Credit Union in good standing to open a business account (see below for membership requirements). Business accounts can be opened in person or over the phone. 

Navy Federal Credit Union has 350 branches in 30 states, Washington, D.C., and 11 countries, but only full-service branches may process business transactions. The Navy Federal website has details about services provided each branch. 

An application for business membership (accessible online via your personal Navy Federal digital banking account) is required, as is a $255 minimum initial deposit ($250 for sole proprietorships). 

Navy Federal requirements 

Navy Federal members can only open commercial accounts. You can join Navy Federal Credit Union online, by phone, or in person. To join, you must be in one of the following categories: 

Active duty, retired or veteran members of the U.S. armed forces (Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Force); employees or retirees of the Department of Defense; and U.S. government employees or contractors assigned to U.S. government installations. 

What sets Navy Federal apart 

Navy Federal offers a free business checking account that pays interest. While the rate is low (0.01 percent), it is better than most business checking accounts’ 0% rate. 

Banks frequently cap the number of free transactions a company can make each month. No Navy Federal. All business checking accounts come with unlimited free electronic transactions. 

These are comparable or better than some competitors’ free in-person transactions limits of 30, 50 or 100. The free in-person and paper transactions are capped at 20 per month, with each subsequent transaction costing 40 cents. Navy Federal considers up to 12 checks as one transaction and charges only 25 cents per additional transaction. 

CS: Navy Federal is a credit union noted for its client service. You can also contact customer care via secure messaging, live chat, or social media. Monday through Friday from 9 a.m. to 5 p.m. 

Navy Federal’s business checking fails 

Navy Federal’s membership requirements are more stringent than others. To open a business account, you must be a Navy Federal member. If one of your partners isn’t in the military, DOE employees, or their families, you’ll need to find another company checking account. 

Expensive deposit: All Navy Federal business checking accounts need a $255 starting deposit ($250 for sole proprietors). That’s expensive when several top-rated free business checking accounts may be opened for free. For example, BlueVine business checking has no monthly charge and no minimum deposit restriction, whereas Navy Federal offers 0.01 percent APY on accounts up to $100,000. 

The free business checking account from Navy Federal Credit Union offers limitless fee-free electronic transactions and a moderate APY. But all business owners must qualify, which might be restrictive.

Navy Federal Business Account: Conclusion 

Thanks for taking the time to read this blog post on Navy Federal Business Account.