Individual Retirement Account (IRAs) Savings and Checking Accounts BSA Online/Mobile Banking Consumer Loan Products
100
What is Traditional IRA
potentially tax-deferred retirement plans; you don't pay taxes on your contributions until you withdraw the funds
100
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
100
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.
100
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
100
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
200
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The amount that must be withdrawn from an IRA each year after the IRA holder reaches the age of 70 ½.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
200
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
200
What is Currency Transaction Report
Federal law requires financial institutions to report currency transactions over $10,000
200
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
200
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
300
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
300
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
300
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
300
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
300
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.
400
What is NFCU 624
The form number for IRA Transfer or Direct Rollover
400
What is NFCU 97MI
The form number for a minor application
400
What is Suspicious Activity Report (SAR)
report suspicious activity that might signify money laundering, terrorist financing, tax evasion or other federal crimes
400
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
400
What is Pre Approval Auto Loan
purchasing a vehicle but have not decided on the exact one
500
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
500
What is Visa Check Card
can be used to conduct point-of-sale (POS) and cashback transactions, ATM withdrawals, and online purchasing
500
What is 1970
The year the Bank Secrecy Act was created
500
What is NFCU 652
The Form number for Authorized User for Navy Federal Online Banking Application and Consent
500
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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