A Navy Federal Business Account offers entrepreneurs and small business owners a secure, reliable way to manage their finances with the support of one of the nation’s largest credit unions. Whether you’re launching a new venture or expanding your current operations, a Navy Federal Business Account provides essential tools, flexible banking options, and member-focused benefits designed to help your business grow.
What Is a Navy Federal Business Account?
Navy Federal Business Account is a business account that is tailored specifically to the clients that qualify. They are not trying to fit you under their generic accounts that almost any business can open with any other bank. They custom fit their accounts to the financial needs of clients that deal with military and fighter service members.
How to Be Eligible for Business Account Opening with Navy Federal?
In order to qualify and open a business account with Navy Federal, the business needs to be under a Navy Federal member.
This member must be one of the following:
Individuals
- A member on Active Duty, a member that is retired, or a member on reserve with the Army, the Marine Corps, the Navy, or the Air Force.
- Civilian employees of the Defense Department.
- Qualifying family members.
Eligible Business Types
Some self business entities also must qualify. These typically include:
- Sole proprietorships.
- Limited liability companies (LLCs).
- General and limited partnerships.
- Corporations, including S-corporations and C-corporations.
- Nonprofit associations.
Features and Benefits of Navy Federal Business Banking
Choosing Navy Federal for your business finances means having a solid combination of both customer care and modern features.
Business Checking Account Options
Navy Federal has hour business checking accounts and they let you choose the one that fits your transaction and volume needs.
Business Checking: Great for small businesses with average activity. Has a reasonable monthly fee with the ability for hassle free account maintenance.
Business Plus Checking: Great for small businesses that are growing and with higher transaction needs. There are also fee waivers with minimum balance and higher transaction allowances.
Both account options include
Online and mobile banking with bill payment.
A no cost debit card for business purchases.
Access to a large number of ATMs across the nation and branches that are part of the network.
A business customer service team.
Business Savings and Future Planning
Look to grow your business and future savings with special products.
Business savings accounts: Let your business cash earn dividends while it sits idle in the account to fund future business projects or help with future emergencies.
Certificate Accounts: These are safe options to secure higher interest rates by locking funds for a specified time period to protect cash for a known future savings goal.
Business Money Market Accounts: These are flexible accounts that usually offer a higher interest rate and allow customers to write checks.
Business Services
Efficiently manage your business operations with a set of easy services.
Credit Card Services: Earn rewards, better manage employee spending, and streamlining your bookkeeping.
Merchant Services: Accept credit card payments from your customers in person or over the internet.
Payroll Services: Easy services to ensure your employees are paid correctly and on time.
Online and Mobile Banking: Deposit checks, move money, and manage your accounts from any device any time.
Opening a Navy Federal Business Account
Beginning the process to open your Navy Federal business account is quite simple.
Check Qualification: Verify that the business owner and the business entity themselves are both eligible for membership.
Assemble Necessary Documents: This usually includes your EIN, documents creating your business (Articles of Incorporation/Organization), ownership contracts, and an ID card from the government for business owners or officers.
Select an Account: Examine the business checking and savings accounts on offer and choose the one that is most appropriate for your company based on its size and volume of transactions.
Apply: You can complete your application online from the comfort of your home through Navy Federal’s secure website or book a meeting at the nearest location for face-to-face help.
Fund Your Account: Make your opening deposit as required to activate your business banking account.
Why Should a Business Owner Pick Navy Federal as opposed To a Big Name National Bank?
Member-Centric Approach: While big banks make a profit from their customers through fees, Navy Federal gives their “members” more favorable rates and lower fees.
Industry Understanding: They understand the peculiar issues and opportunities that come with military and DoD-affiliated businesses.
Competitive Financial Products: Products, from business loans to credit cards, are structured to be competitively priced.
Integrated Financial Picture: If you currently hold a personal account with Navy Federal, managing business and personal finances together is effortless.
Who is Navy Federal Business Account Best For?
This business account works best for:
- Veteran small business owners
- Veteran small business owners with service disabilities
- Contractors that work within the military systems
- Military family owned businesses
- Self employed active duty soldiers wanting to keep their money separate
- Military community supporting non-profits
FAQs
Is it possible to open a Navy Federal Business Account if I have just started my business?
Yes, you can open a business account if you meet Navy Federal membership eligibility and if your business is a registered business entity (like a Corporation or LLC) with an EIN.
Is there a monthly charge for the business checking account?
Navy Federal has several options. Several accounts have a monthly service fee, however that fee can be waived if you meet certain criteria, such as keeping a minimum daily balance. Current fee arrangements can be obtained by checking the specific account details.
Can I get business loans and business lines of credit with Navy Federal?
Yes. Navy Federal offers business banking with additional services like term loans and business lines of credit to support for purchases and cash flow. Also, they have business commercial real estate loans.
How do I deposit money into my business account?
You are able to deposit money at any Navy Federal branch. Other options include ATMs, and using Mobile Deposit for certain checks with your phone.
Are my business account funds safe?
Your business account funds are safe with Navy Federal. Your business account funds are federally insured up to $250,000 via NCUA, which is like the FDIC.