July 30, 2014 7:52 PM ET

Diversified Financial Services

Company Overview of Navy Federal Credit Union

Company Overview

Navy Federal Credit Union, a credit union, provides financial services for the Department of Defense military and civilian personnel. It offers loans, including auto loans, equity loans, mortgage loans, personal loans, collateral loans, and overdraft line of credit; accounts, such as checking, savings, certificates, money market, and individual retirement accounts; cards, including credit, debit and check, and gift cards; and investments and insurance, such as navy federal brokerage, investment, insurance, and trust services. Navy Federal Credit Union was founded in 1933 and is based in Vienna, Virginia.

820 Follin Lane

Vienna, VA 22180

United States

Founded in 1933





Key Executives for Navy Federal Credit Union

Chief Executive Officer
Secretary and Director
Secretary and Director
Vice President of Membership
Assistant Vice President of Business Operations
Compensation as of Fiscal Year 2014.

Navy Federal Credit Union Key Developments

Navy Federal Credit Union Faces Overtime Lawsuit

A Navy Federal Credit Union employee sued the credit union for allegedly not paying him overtime wages. The lawsuit claims the $58 billion Navy Federal in Vienna, Va., violated the Fair Labor Standards Act by failing to record and maintain time records of the hours worked by employee Anthony Lee, as required by law. On average, Lee claimed he worked 30 to 45 minutes off the clock per shift as a member services representative in Nevada, and said Navy Federal did not include the wages in his pay. Lee said he would start working at 8:45 a.m. Monday through Friday and once-per-month on the weekend. However, his time sheets reported that he started working at 9:30 a.m., resulting in 45 minutes of work opening the branch off the clock each day. The lawsuit also claims Lee complained about the issue to his now ex-manager, who called him the 'n-word' on several occasions.

Navy Federal Credit Union to Open Latest Branch in Corona

Navy Federal Credit Union has announced that it will be opening its latest branch in Corona on December 9. The newest full service branch will be the sixth to be opened by the bank in Riverside County. It will provide a coin machine counter, mortgage department, outside ATM machines and all the usual services provided by credit unions.

Navy Federal Credit Union Announces Launch of its Mobile Application on the iPad Device

Navy Federal Credit Union announced the launch of its mobile application on the iPad device. Building on the success of its current mobile services, the credit union developed unique features for its latest mobile banking offering--the ability to transfer money between accounts from a single screen, a tracking tool for savings and spending, and an embedded calculator. The iPad app also takes a step beyond traditional mobile banking content to include resources for learning, links to news from the credit union, and even entertainment. Features on the new iPad app include: all features currently available across Navy Federal mobile apps, including deposits and Bill Pay; enhanced user experience, performance and speed in completing common transactions; a customizable financial calendar displaying user preferences, including Bill Pay, deposits and other financial transactions; expanded search capabilities and graphic displays of money spent and saved; an integrated calculator for in-app computing; and a connection to Navy Federal news and events happening at the credit union. The release of the iPad app marks the latest step in the advancement of Navy Federal's Mobile Banking services, which also includes applications for iPhone(R) and Android(TM) devices, a mobile website, and text banking. Recently, the credit union hit a milestone of 2 million app downloads while seeing a tenfold increase in mobile use over the past two years.

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