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Federal Navy Affairs Audit: 2021 Exam – UKTN

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Navy Federal Credit Union offers three business checking accounts: Business Checking, Business Plus Checking, and Business Premium Checking. All three of these business accounts earn interest, include unlimited electronic transactions at no cost, and don’t cap how much money you can deposit for free per month (although individual ATMs may limit the number of bills you can deposit in one. single transaction).

The Federal Navy Business Audit 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 service members in all branches of the United States Armed Forces, National Guard, Department of Defense workers and their families are eligible for membership.

The Federal Navy Business Audit is ideal for small business owners who:

  • Are current or retired members of the United States Armed Forces, National Guard, Department of Defense employees, or family members of these groups.

  • You want a free, profitable business chequing account – or don’t worry about one with a modest monthly fee.

  • Prefer a credit union to a physical or online bank.

  • Appreciate an extensive customer service presence.

Advantages and disadvantages

  • Three business verification options, including a free account.

  • All accounts earn interest and offer unlimited free electronic transactions.

  • Free access to over 30,000 ATMs and 343 branches around the world.

  • No monthly account limit on cash deposits.

  • No charge for incoming wire 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 cancellation of incidental charges.

Control of Federal Navy affairs at a glance

Premium Business Verification

$ 20 (canceled with an average daily balance of $ 5,000 +)

Minimum opening deposit requirement:

$ 100 for sole proprietorships, $ 105 for all other types of entities

$ 100 for sole proprietorships, $ 105 for all other types of entities

$ 100 for sole proprietorships, $ 105 for all other types of entities

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

Unlimited and free electronic transactions.

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

Unlimited and free electronic transactions.

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

Unlimited and free electronic transactions.

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

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

Operation of the Federal Navy Affairs Audit

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

Location availability: The Navy Federal Credit Union has 343 branches around the world – covering 30 US states, plus Washington, DC and 11 countries. It is important to note that inquiries and business transactions are only available at full service branches. You can find a breakdown of available services by branch on the Federal Navy website.

Account eligibility: To be eligible for a Federal Navy business checking account, all business owners must be individual members of the Navy Federal Credit Union with accounts in good standing. To become a member of Navy Federal, you must belong to one of the following categories:

  • Active duty, retired, or veteran members of the United States Armed Forces (Army, Navy, Navy, Air Force, Coast Guard, National Guard, or Space Force).

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

  • Family or household members of either of these groups.

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

How to register: To open an account, visit a federal branch of the Navy to complete and submit your application – or start your application online and work with a Business Banking Representative over the phone to complete your application.

  • Required information: Basic information about you and your business, including your employer identification number, the legal name of the business, the nature of your business and the estimated annual turnover.

    • You will also need to complete a beneficial owner form and provide basic information (including a social security number or passport number) for any business owner with 25% or more ownership in your business, as well as executives (e.g. CEO), CFO, managing member). Sole proprietorships are not required to complete this form.

  • Documentation required: Business creation document (varies depending on entity type), IRS EIN letter and fictitious name / assumed name certificate if your business uses a DBA, or doing business like.

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

Next steps: Once your account is approved, the Navy Federal Business Solutions team will contact you with a welcome package with additional information. You’ll receive a free business debit card, free starter checks, and access to digital banking, which includes mobile check deposit and online bill payment.

Where the control of the affairs of the Federal Navy stands out

Low monthly fees: With the three Federal Navy commercial checking accounts, the monthly fees range from $ 0 to $ 20 per month. Not only does the Navy Federal offer a free professional current account, but Business Plus Checking and Business Premium Checking accounts have low fees compared to many competitors.

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

While Navy Federal does not offer a way to waive the $ 8 per month fee for the Business Plus checking account, the $ 20 per month fee for the Premium Business verification can be waived with an average daily balance of $ 5,000 or more.

Ability to earn interest: Each of the Federal Navy’s commercial checking accounts earns interest, allowing you to earn money on your funds, no matter which account you choose.

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

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

Additionally, each account includes a free business debit card, free starter checks, and a number of free non-electronic transactions per month. For non-electronic transactions, however, Navy Federal will count up to 12 checks to be deposited at a branch as a single transaction.

Customer service: A benefit generally associated with credit unions versus traditional banksMembership in the Navy Federal Credit Union includes 24/7 access to customer service over the phone. In addition, you also have the option of logging into online banking and contacting customer service through secure messaging, using live chat on the Federal Navy website, as well as in person at a branch. .

Additionally, Commercial Members can contact a company specific phone line from 9 a.m. to 5 p.m. ET Monday through Friday. You also have access to additional resources such as the Federal Navy Training Center, partner tools, and other financial products including credit cards and business loans.

Where Federal Navy Affairs Audit Fails

Eligibility: To be eligible for a Federal Navy business chequing account, all business owners must be members of the Navy Federal Credit Union, which means they must be current or former members of the military, employees of the Ministry of Defense or members of their families.

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

Application process: Compared to online and physical competitors who offer streamlined applications for opening business checking accounts, Navy Federal has a more complex and intensive application process.

Unlike an account like Bank of America Business Audit, which allows you to complete the entire application online, then send your documentation to the bank by email or fax, Navy Federal requires you to download and complete the beneficial owner form, complete the pre-apply online and compile your documentation before calling a sales representative over the phone to work with them to complete your application.

Basic digital tools: Each of the Federal Navy’s professional chequing accounts includes access to digital banking services with mobile check deposit, online bill payment, account transfers and debit card management. Unlike some business checking accounts, however, Navy Federal does not offer more advanced digital tools, such as cash flow management, budgeting, invoicing, or similar tools.

Compare business chequing accounts

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