Who Is NASA Federal Credit Union?
NASA Federal Credit Union was designed with a specific purpose in mind. Its primary goal is to provide financial services to NASA and the Department of Defense.
Its membership consists mostly of those individuals who are working towards the betterment of the NASA systems, thus making it a popular option among the employees of this large government body.
NASA Federal Credit Union is federally insured by the National Credit Union Administration.
Banking with NASA Federal Credit Union
NASA Federal Credit Union (NCUA) is a California-chartered credit union for government employees and contractors working for NASA, the Department of Defense and the Federal Aviation Administration. The savings account rate is 0.87%, which is lower than what most of the nation’s leading banks offer. Interest rates are tiered based on the balance, and the maximum CD rate that you can earn is 1.06% APY for a 12-month CD.
With the help of a referral, you can join the credit union. A member referral is the only way to join and you can only have one member referral. The credit union does not appear to accept membership applications online (except for public libraries, teachers, and credit union employees), but it provides referrals on its site.
The benefit of the credit union membership is that it offers a low-cost banking option for military personnel and other individuals who work in the areas of government that the credit union supports. Another benefit is the ability to schedule a mortgage closing online when you’re enlisting in the service.
Investing with NASA Federal Credit Union
There are a number of reasons why NASA Federal Credit Union offers the best investing rates. It’s not because they’re small … they are, in fact, one of the largest mutual fund investors in the world. They’ve been in the business for almost 50 years, and they are well established and known for their fairness, transparency, and safe investments.
This credit union is owned by its members, which allows them to be a little more flexible with their investment rates and their fund selection. One of the reasons why they’re able to guarantee a higher interest rate is because they can include investments that most banks and credit unions won’t touch. They provide what many call alternative investments or non-traditional investments. These are things like hedge funds, private equity, and commodities. They also include things that other credit unions don’t touch including municipal and corporate bonds and even options and futures. All of these investments are spread among roughly 10,000 funds!
While they aren’t an online bank, online banking is available. All you need is an ATM card. You can make deposits with the ATM card at the ATM or at a teller location and make transfers from any computer or smartphone with an internet connection.
Borrowing and Credit Cards
If you are one of the many folks who wants to make an investment with credit cards, you will soon discover that there is a wide range of credit card options that you can choose from. Also, you will find that there are various regulations that determine what each card can offer as far as approval and interest rates. An example is the credit card regulations from the Federal Trade Commission that are designed to protect the consumers from deceptive marketing practices.
With all these options available, you will find that it is difficult to decide which credit card is right for you. If you are in the search for the right credit card, you will find that there are different choices for you depending on your credit history. One of the options is the secured credit card which is paid for in advance and the credit limit varies with the size of the deposit made.
The general guidelines that will help you in choosing a credit card are the following:
- Determine your credit history
- Ensure that the credit card that you choose fits your spending habits
- Determine the amount of charges that you can handle
- Consider different interest rates
- Understand the grace period and late fees
Becoming a Member
If you are looking for a new place to store your money, pack your savings, or finance all of your purchases, you may want to consider joining NASA Federal Credit Union.
NASA Federal Credit Union is a local credit union that is focused on its members. Every decision about a new service or product is based on what the member needs. This is one of the reasons why NASA Federal Credit Union members have a long history of successful customer satisfaction and membership retention.
NASA Federal Credit Union members are the employees of NASA and the contractors who support the operations of the space agency. However, the majority of its membership is made up of members in the Washington DC area and nearby. This is because it is the largest credit union in the region and it is headquartered in nearby Lanham, Maryland.
Choosing a new credit union to join can often be a difficult choice. There are a lot of options, so how do you choose? One of the best ways is to take advantage of the credit union’s financial products and services. Plus, checking out the credit union’s services will also tell you a lot about the level of service provided to credit union members.
So how does NASA Federal Credit Union stack up against the competition in terms of services? Is there a better option? Or is it the best place to store your resources?
Drawbacks of NASA Federal Credit Union
Pros:
Competitive interest rates and no fees
Cons:
Customer service
If you’re looking for a credit union that you can find easy and conveniently, NASA Federal Credit Union is one of the ones you should check first. NASA Federal Credit Union is a great place to store your money, but its customer service is not the kind you want to talk to for any other reason. If you want to commute with your car and you can’t afford gas, don’t count on them for help. With the exception of trying to get your money out of them, you can use other sources for information. From the outside, NASA Federal Credit Union looks like a good option, but it’s not as good as it sounds.