How to Open a Navy Federal Business Checking Account [Complete Process]

This guide shows you how to open a Navy Federal Business checking account with all requirements you need to apply for an account.
opening a navy federal business checking account

The Navy Federal Credit Union is one of United States greatest credit unions for military personnel. The Navy, Marine Corps, Army, Air Force, Coast Guard, veterans, the Department of Defense, and their families are all served by the institution.

How to open a Navy Federal Business checking account? You can open a Navy Federal business checking account by applying online on the official website. However, you will need to meet some requirements (paperwork) to open your account.

Opening a business checking and savings account is a crucial step for many small businesses. The Navy Federal Business checking account is ideal for small businesses that want a better place to keep manage their funds.

Navy Federal members can open business checking accounts to use for their day-to-day transactions. You can access your money at any time of day with a checking account. It usually includes a debit card that can be used to withdraw cash from an ATM.

Credit unions differ from banks in that they are owned and operated by their members. Members, unlike banks, are the primary decision-makers. Banks are unusually business-oriented, with multiple revenue streams. The goal of credit unions is to help members improve their financial situation.

The Navy Federal Credit Union was established with the goal of aiding members in their financial development. You can apply for loans based on your overall contributions as a member.

Besides, just as checking accounts with no ChexSystems, Navy Federal Credit Union is one of the U.S. credit unions that don't use ChexSystems to screen applications. You can start applying for an account right now without fear of being rejected due to your credit score.

The Navy Federal Business Checking Account is a low-fee, interest-bearing account with personalized customer care. You can use the credit union's services whenever you need assistance with a number of difficulties.

The account entitles you to an infinite number of free electronic transactions. Furthermore, there is no monthly cash deposit limit on the account. The accounts, however, are only for Navy Federal members.

All that said, in this guide, I will be showing you how to open a Navy Federal Business Checking Account and what are the necessary paperwork or requirements you need to open an account with them.

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How to Open a Navy Federal Business Checking Account

You are aware of all the advantages you can have with a Navy Federal business checking account. If you are a military of the United States, then you can easily apply online for an account. Lets see some requirements you need to open a navy federal business account.

What are the Requirements to Open a Navy Federal Business Checking Account?

  • You Need to be a business member of the Credit Union
  • You need to complete the change of information application.
  • Show you are the owner of the business you are opening an account for
  • A minimum deposit of $100

Step by Step Guide to Open a Navy Federal Business Checking Account

The Navy Federal Business checking account can be opened online or in a branch. When you visit the credit union's website, you'll see an application form that you must fill out before proceeding. You can then contact customer service at 1-877-418-1462 for help opening the account or go to a local branch.

You must also choose the type of business you want to start. You can start a business as a sole proprietorship, an LLC, or a corporation. The Navy Federal Business Checking Account, on the other hand, is suited for small business owners.

To summarize all of these, here is a step by step procedure to open a Navy Federal business checking account:

  1. Visit the Navy Federal Credit Union Website
  2. Scroll down to the button of the page and you'll see a section entitled "Ready to Apply?" just as in the image below.
    opening a navy federal business checking account
  3. If you are a new member to the credit union, you can join them by clicking on the "Join today" button. On the other hand, if you are already a member, you can open a new business checking or savings account by following the steps highlighted on the ride side of that section.
  4. You need to Complete the "Change of Information Application "before applying.
  5. Once you've completed the this information, you can now apply online or through your online account.

After you've opened your account, you can apply for a Navy Federal Credit Union personal loan after a considerable period of time. You must also maintain solid banking practices in order to qualify for higher limits.

You'll also need information about yourself and your company, as well as your EIN, the nature of your business, your legal business name, and your expected annual sales.

A Social Security number or a passport number is also required. When the account is ready to use, the Navy Credit Union will contact you. You will also receive a welcome gift containing additional account information.

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What are the Fees Involved When Opening a Navy Federal Credit Union Business Checking Account?

You won't have to pay any monthly fees once you've opened the federal checking account. With a $0 minimum balance, the account pays 0.01% APY. As a result, the checking account is simple to maintain because it is less expensive.

What are the Benefits of the Navy Federal Business Checking Account?

There are many advantages that come together with the navy federal business checking account of which some of them are:

  • You are entitled to an unlimited number of fee-free electronic transactions.
  • The account allows you to make up to 30 non-electronic transactions for free every month, after which you will be charged 25 cents per item.
  • It does not charge any kind of monthly fee. The Business Plus Checking account costs $8 per month, while the Business Premium Checking account costs $20.

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How does the Navy Federal Business Checking Account work in Generating Interest?

The account's operation is similar to that of others. First and foremost, the account pays you interest, ensuring that your money does not go to waste. After a certain period of time, you will notice that you have accumulated a significant sum of money to meet your numerous financial needs.

However, in order to earn interest, you must keep a minimum daily balance of $1,500 in the account. The account also allows you to do unlimited fee-free electronic transactions. Small business owners can access free educational and financial resources to help them run their operations more efficiently. As a result, it is among the best credit unions for small businesses.

CHECK ALSO: Best Online Checking Accounts No Credit Check No Opening Deposit

How to Qualify for An Account With Navy Federal Credit Union

Though Navy Federal Credit Union offers many advantages, it also has many requirements to maintain its status as one of the best credit unions in the United States. That said, you must fall in any of the below categories to qualify an account with Navy Federal Credit Union:

  • Active Armed forces of the United States of America (Army, Marine Corps, Coast Guard, National Guard, Navy, Air Force, or Space Force) retired, or veteran military people.
  • Former and current Department of Defense employees, as well as retirees, Contractors working on Department of Defense and US government installations, as well as US government personnel working on DOD installations.
  • Family or household members of any of the above groups

Apart from becoming a member of one of the aforementioned groups, you will also require the relevant documentation. If you don't have a Social Security Number and an identification document (passport, government ID card, or driver's license), you won't be able to open an account with the credit union.

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What Other Types of Accounts Can I Get at Navy Federal Credit Union?

Navy Federal Credit Union don't only offer the business checking accounts. They also offer accounts such as Business Plus Checking Account, Business Premium Checking.

Accounts Features Best For APY
Business Checking
  • No monthly service fee
  • Two signers
  • New businesses
  • Limited cash flow activity
0.01%
Business Plus Checking
  • Monthly service fee of $8
  • Unlimited signers
  • Growing businesses
  • Multiple owners
  • Steady banking activity
0.01%
Business Premium Checking
  • Monthly service fee of $0 or $20
  • Unlimited signers
  • Mature businesses
  • Large transaction volumes
  • Higher deposit balances
  • Multiple owners
  • TIERS: $0-$9,999: 0.35%
  • TIERS: $10,000-$24,999: 0.40%
  • TIERS: $25,000 & over: 0.45%

1. Business Plus Checking Account

If you have a large business that cannot rely on the Navy Federal Business Checking Account, the Business Plus Checking account allows you to take advantage of the company's financial services. Keep in mind that the Navy Federal Business Checking Account is best for small companies.

When you choose Business Plus Checking, you get greater transaction limits and unlimited signers. Because big organizations have a lot of transactions, having a separate account makes logical. The account's dividend rate is 0.05%.

Unlike the Navy Federal Business Checking Account, which has no monthly fee, the Business Plus Checking Account includes a $8 monthly fee that you must pay in order to continue using the institution's services. You will not be able to avoid the fixed monthly cost.

You'll also get unlimited electronic transactions, 50 non-electronic transactions, and a fee of 25 cents per transaction if you go over your limit.

CHECK ALSO: Best Banks Offering Second Chance Checking No Opening Deposit

2. Business Premium Checking

This type of checking account makes sense to have if your company has more comprehensive needs. Additionally, the account is appropriate for those who want to earn larger dividends on their accounts. Depending on the size of your balance, the figure ranges from 0.35% to 0.45%.

You will have unlimited signers with the account. The account, however, has a higher monthly price than the Business Plus Checking. To keep the account active, you must contribute $20 each month. However, this pales in comparison to the myriad advantages that the account might provide.

Another benefit of this account is that if you keep a daily minimum balance of $5,000, you can soon eradicate the monthly maintenance costs. You can make limitless electronic transactions, 100 non-electronic transactions, and pay 25 cents per transaction over the set limit with this account.

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Navy Federal Business Checking Account GO Biz Debit Card

Once you open your Navy Federal Business checking account, you will get a debit card for to use it to make a variety of transactions.

The GO BIZ Debit Card provides you with a number of benefits that will help you manage your business more efficiently. The card comes with a slew of perks, of which some of them are listed below:

1. Zero Liability

When someone uses your debit card to make a purchase, you are not responsible for the amount of money spent. To take advantage of the zero-liability policy, you must notify the loss of your card promptly.

2. Contactless Payments

You don't need to carry cash when transacting in different places because you can pay with your Go Biz debit card.

3. Visa® Travel Accident Insurance

It is critical to have insurance to cover a variety of life events. If you get into an accident while traveling, the card will cover you.

However, if you think your credit score might be a problem for you to manage your finances, here are the best instant credit/debit cards with immediate access and approval for bad credit.

Final Thoughts on How to Open a Navy Federal Business Checking Account

Navy Federal Credit Union is one of the United States largest credit unions. Only active, retired, or veteran members of the military forces, as well as connected employees and their families, are eligible to join the credit union.

The Navy Federal Business Checking Account is one of the best accounts available at the Navy Federal Credit Union because, among other things, it has no monthly fees.

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Graphic Designer, Web Developer, Ethical Hacker, Programmer, Content Creator is what I am and over all a Biochemist with an aim of bypassing all restrictions that separate me from my objectives.

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