Navy Federal Business Checking: Review 2021

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    The Navy Federal Credit Union offers three business checking accounts: Business Checking, Business Plus Checking, and Business Premium Checking. All three business accounts are interest-bearing, include unlimited toll-free electronic transactions, and do not limit the amount you can deposit for free each month (although individual ATMs can limit the number of bills you can deposit in a single transaction). .

    Navy Federal Business Checking also offers a range of customer service options as well as additional educational and financial resources for small business owners.

    However, only members of the Navy Federal Credit Union can open a checking account. Current and retired members of the military in all branches of the US Armed Forces, National Guard, Department of Defense workers, and their families are eligible.

    Navy Federal Business Checking is best for small business owners who:

    • Are current or retired US Forces, National Guard, or Department of Defense employees or family members of these groups.

    • Would you like a free, interest-bearing checking account – or don’t you mind a modest monthly fee?

    • Prefer a credit union over a brick and mortar or online bank.

    • Appreciate an extensive presence in customer service.

    Advantages and disadvantages

    • Three business review options including a free account.

    • All accounts are interest-bearing and offer unlimited toll-free electronic transactions.

    • Free access to over 30,000 ATMs and 343 branches worldwide.

    • No monthly account limits for cash deposits.

    • No fees for incoming transfers.

    • Expanded access to customer service representatives as well as additional resources for small businesses.

    • Specific eligibility criteria for joining the credit union.

    • Complex application process.

    • Basic and limited digital tools.

    • No waived ancillary costs.

    Navy Federal Business Checking at a Glance

    Business Premium Checking

    $ 20 (waived if the average daily balance is over $ 5,000)

    Minimum requirement for the opening deposit:

    $ 100 for sole proprietorship, $ 105 for all other business types

    $ 100 for sole proprietorship, $ 105 for all other business types

    $ 100 for sole proprietorship, $ 105 for all other business types

    Up to 0.45% (tiered APY based on account balance) *

    Unlimited toll-free electronic transactions.

    Up to 30 fee-free non-electronic transactions per month, then 25 cents per item.

    Unlimited toll-free electronic transactions.

    Up to 50 fee-free non-electronic transactions per month, then 25 cents per item.

    Unlimited toll-free electronic transactions.

    Up to 100 fee-free non-electronic transactions per month, then 25 cents per item.

    * You must have a minimum daily balance of $ 1,500 to receive interest on this account.

    How Navy Federal Business Checking Works

    Account settings: Navy Federal offers Business Checking, Business Plus Checking, and Business Premium Checking.

    Location availability: Navy Federal Credit Union has 343 offices worldwide in 30 states, Washington, DC and 11 countries. It is important to note that business inquiries and transactions are only available at full service locations. For a breakdown of services available by branch, see the Navy Federal website.

    Account authorization: To be eligible for a Navy Federal Business checking account, all business owners must be individual members of the Navy Federal Credit Union and have a proper account. To qualify for membership in Navy Federal, you must fall into one of the following categories:

    • Active duty, retired, or veteran service members of the U.S. Forces (Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Forces).

    • U.S. Department of Defense employees or retirees, as well as U.S. government employees assigned to U.S. Department of Defense facilities, or U.S. Department of Defense contractors assigned to U.S. government facilities.

    • Family or household members of one of these groups.

    You can apply for Navy Federal Credit Union membership online, by phone, or at a branch.

    How to apply: To open an account, visit a Navy Federal office to complete and submit your application. Or start your application online and work with a commercial banking representative over the phone to fill out your application.

    • Needed information: Basic information about you and your business, including yours Employee identification number, legal company name, type of business and estimated annual sales.

      • You will also need to fill out a beneficial owner form and provide basic details (including a Social Security number or passport number) for any business owner with 25% or more ownership of your company, as well as any controlling officer (e.g., chief executive officer, chief financial officer, executive member) . Sole proprietorship is not required to fill out this form.

    • Required documents: Incorporation Document (Varies by Entity Type), IRS EIN Letter, and Fictitious Name / Accepted Name Certificate if your company uses a DBA, or Do business like.

      • Navy Federal may also request a driver’s license or other identification document for each beneficial owner listed on the beneficial owner form.

    Next Steps: Once your account is approved, Navy Federal’s Business Solutions team will contact you with a welcome pack with additional information. Receive a free business debit card, free starter checks and access to digital banking, including mobile check deposit and online bill payment.

    Where Navy Federal Business Checking stands out

    Low monthly fees: Navy Federal’s three business checking accounts have monthly fees ranging from $ 0 to $ 20 per month. Navy Federal doesn’t just offer a real one free business checking accountHowever, the Business Plus Checking and Business Premium Checking accounts have low fees compared to many of their competitors.

    For example, Wells Fargo charges $ 10 per month for the basic level Initiate Business Checking account and $ 25 per month for the next level Navigate Business Checking account. Similarly, Wings Financial Credit Union charges $ 10 per month for their basic-level business checking account, $ 15 per month for the next-level account, and $ 20 per month for the final account.

    While Navy Federal does not offer the option to waive the $ 8 monthly Business Plus Checking account fee, if the average daily balance is $ 5,000 or more, you can waive the $ 20 monthly Business Premium Checking fee.

    Ability to Earn Interest: Each of Navy Federal’s business checking accounts is interest-bearing – so no matter which account you choose, you can make money with yours.

    Although the Business Checking and Business Plus Checking accounts achieve a very low APY comparable to that of many of its brick and mortar competitors, the Business Premium Checking account offers a higher rate than some online and brick and mortar competitors as well as some Business savings accounts.

    Transactions: Navy Federal Business Checking offers unlimited toll-free electronic transactions, no monthly cash account limits (other than individual ATM billing limits for a single transaction), no fees for incoming transfers, and no fees for transactions at Navy Federal or CO-OP network ATMs.

    In addition, each account includes a free business debit card, free starter checks, and a number of free non-electronic transactions per month. However, for non-electronic transactions, Navy Federal counts up to 12 checks for deposit at a branch location as one transaction.

    Customer service: An advantage that is usually associated with it Credit unions versus traditional banksNavy Federal Credit Union membership includes 24/7 phone access to customer service. You can also log into online banking and contact customer service through secure messaging, live chat through the Navy Federal website, and in person at a branch.

    In addition, business members can contact a business-specific phone line Monday through Friday from 9 a.m. to 5 p.m. ET. You also have access to additional resources like Navy Federal Education Center, partner tools, and other financial products like credit cards and business loans.

    Where Navy Federal Business Checking falls short

    Eligibility to participate: All business owners must be members of the Navy Federal Credit Union, which means they must be current or former members of the military, Department of Defense employees, or their family members.

    While these business accounts are ideal options for those who can qualify, these are very specific criteria that must be met in order to open an account.

    Application process: Compared to online and brick-and-mortar competitors who offer optimized applications for opening checking accounts, Navy Federal has a more complex and intensive application process.

    Unlike an account like Bank of America business reviewIn order for you to complete the entire application online, and then email or fax your records to the bank, Navy Federal must download and complete the beneficial owner form, complete the online pre-application, and compile your records before calling a Company representatives on the phone to work with them to complete your application.

    Basic digital tools: Each of the Navy Federal business checking accounts includes access to digital banking with mobile check deposit, online bill payment, bank transfers, and debit card management. However, unlike some business accounts, Navy Federal doesn’t offer more advanced digital tools like cash flow management, budgeting, invoicing, or similar tools.

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