Individual Retirement Account (IRAs) | Savings and Checking Accounts | BSA | Online/Mobile Banking | Consumer Loan Products |
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What is Traditional IRA
potentially tax-deferred retirement plans; you don't pay taxes on your contributions until you withdraw the funds
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What is Active Duty Checking
Early access to military pay with Direct Deposit
ATM fee rebates (up to $20 per statement period) No monthly service fee Military Active Duty Posting Calendar 2019 Free personalized traditional checks2 |
What is structuring
The intentional breaking down of currency transactions into amounts under $10,000 for the purpose of evading currency transaction reporting requirements or hiding or disguising funds or assets derived from or intended for illegal activities.
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What is Bill Pay
Send payments to virtually anyone in the U.S.
Schedule payments up to one year in advance Receive and pay selected e-Bills from leading merchants |
What is Set Deal Auto Loan
A vehicle purchase arrangement where the member knows the exact vehicle they are purchasing (including VIN #), the name of selling party, and the exact dollar amount
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What is Required Minimum Distribution (RMD)
The amount that must be withdrawn from an IRA each year after the IRA holder reaches the age of 70 ½. It applies only to Traditional IRAs and SEPs
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What is e-Checking
No Monthly Service Fee
With Direct Deposit; otherwise $5 ATM fee rebates( Up to $10 per statement period) Free name-only checks |
What is Currency Transaction Report
Federal law requires financial institutions to report currency transactions over $10,000
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What is Automated Clearing House (ACH)
Transfer funds electronically from your Navy Federal checking account to a checking account at another financial institution—free of charge
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What is Certificate Pledged Loans
Funds (shares) within a Share Certificate or Jumbo Certificate
Loan amount cannot exceed the amount of shares in the certificate Loan term must be equal to or less than the certificate term |
What is Roth IRA
you pay taxes now and withdraw the funds tax-free when you retire. Contributions can be made after the age of 70½ without any required minimum distributions as long as you have earned income
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What is Money Market Savings Account (MMSA)
This savings account allows you to earn more than a share savings account, but the number of transactions per month is limited. Requires a minimum balance of $2,500 to earn dividends
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What is Record of Cash Purchase (RCP)
to document customer and transaction information for the cash purchase of negotiable instruments (e.g., cashier's checks, gift cards) between $3,000 and $10,000
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What is Mobile and Scan Deposits
-a service is free for personal account holders. For business account holders, a $1 monthly service fee will be charged.
-Deposit up to $10,000 in checks per business day from anywhere, anytime -Get email confirmations for every deposit |
What is Guaranteed Asset Protection (GAP)
a loan protection product that may cover the difference between a member's primary insurance settlement and the outstanding loan amount when a vehicle is declared a total loss, either because of an accident or when vehicle has been stolen and not recovered.
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What is NFCU 624
The form number for IRA Transfer or Direct Rollover
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What is NFCU 97MI
The form number for a minor application
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What is Suspicious Activity Report (SAR)
report suspicious activity that might signify money laundering, terrorist financing, tax evasion or other federal crimes
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What is Zelle
an easy, fast, free, and secure online personal payment service for Navy Federal members. Members can send another person funds with just a mobile phone number or email address, eliminating the need to give or receive personal account numbers
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What is Pre Approval Auto Loan
purchasing a vehicle but have not decided on the exact one
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What is Simplified Employee Pension (SEP)
A plan agreement with special eligibility, funding, and deduction rules, that uses IRAs to hold the funds. It is usually established for small businesses or self-employed individuals
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What is Visa Check Card
can be used to conduct point-of-sale (POS) and cashback transactions, ATM withdrawals, and online purchasing
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What is 1970
The year the Bank Secrecy Act was created
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What is NFCU 652
The Form number for Authorized User for Navy Federal Online Banking Application and Consent
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What is Home Improvement Loan
granted specifically for the purpose of improving a primary residence, secondary home, or rental property. Improvements can also take place on a mobile home.
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