The Navy Federal Credit Union was started in the early 1990’s, with the aim of serving members of the Navy, Army, Marine Corps, Air Force, Coast Guard and all of their veterans. Since then they have grown from less than 10 members to more than nine million members. Over the years their mission has remained the same, “To serve and enrich the lives of those in the military”. In working with the policy of “once a member, always a member”, those that serve in the military have lifelong access to their services whether they retire, change jobs or remain in the military.
During the difficult and uncertain times faced by all during the COVID-19 pandemic, the Navy Federal Credit Union understands that what their customers need most is help, guidance and access to reliable information. In order to best serve their customers posted across the globe, they have put measures in place to provide financial assistance to those that need it, as well as access to quality information through their 24/7 call center and website.
Through Navy Federal, eligible members have access to several support options through this difficult financial time. These options include: extensions on all types of loans, deferred payments, credit card line increases, student loan forbearance through LendKey, a Pandemic Relief Loan, overdraft protection as well as fee-free transfers and penalty-free certificate withdrawals. More specifically, members may apply for mortgage forbearance by calling 1 (800) 258-5948 or sending Navy Federal Credit Union a secured message through the member’s online account. Members may also request an extension on their mortgage repayments if they are still facing financial hardship at the end of the forbearance period.
They have also made provisions for members who have missed mortgage payments, and want to reschedule these payments. In such cases, these members have several options that includes paying back a lump sum once the forbearance period ends, spreading the missed amount across the rest of their monthly payments, or tacking payments on to the end of their loan term. New members are also eligible to apply for these relief measures.
Additionally, access to these relief measures as well as additional information can also be obtained from their website pandemic mortgage relief Q&A section. Here members can find information on the suspension of mortgage payments, how re-payments can be structured, and the effect of these on credit ratings as well as interest rates. If members wish to speak to a qualified representative about their specific options, they can contact the call center, toll-free, on 1-800-258-5948.
Members are asked to please check the website for branch opening and closing times throughout the pandemic, before visiting these branches as operating hours may vary during the course of the pandemic. Certain branches also participate in drive through services for members’ safety and convenience, and these branches can be found on the Navy Federal website. Additional measures have been put in place to accommodate senior and high risk members. For these members, branches open one hour earlier every Wednesday.