full review
Navy Federation Credit Union offers three business checking accounts: Business Checking, Business Plus Checking, and Business Premium Checking. Each account earns interest and includes unlimited fee-free electronic transactions.
Although this review includes information about all three accounts, the star rating above is specific to the Navy Federal Free Business Checking Account.
The Navy Federal Business Inspection is ideal for small business owners who:
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You are a veteran, current or retired member of the U.S. Military, National Guard, or Department of Defense, or a family member of one of these groups.
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You need a business checking account that earns free interest. Or a checking account with a modest monthly fee.
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Most banking transactions are performed electronically rather than in person at a teller.
As of February 7, 2024, earn 1.30% APY on balances up to $500,000.
However, since Amex does not have any branches, you cannot deposit cash.
Naval Federal Business Check Overview
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business check |
business plus check |
Business premium check |
|
|
Monthly fee: |
$0. |
$8. |
$20 (exempted if average daily balance is $5,000 or more). |
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Minimum deposit requirement: |
$250 for sole proprietors.$255 for all other entity types |
$250 for sole proprietors.$255 for all other entity types |
$250 for sole proprietors.$255 for all other entity types |
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AP: |
0.01%. |
0.01%. |
Up to 0.45% (tiered APY based on account balance). |
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transaction: |
Unlimited commission-free electronic trading. No fees for up to 30 non-electronic transactions per month, then 25 cents per item. |
Unlimited commission-free electronic trading. No fees for up to 50 non-electronic transactions per month, then 25 cents per item. |
Unlimited commission-free electronic trading. No fees for up to 100 non-electronic transactions per month, then 25 cents per item. |
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Bonus: |
none. |
none. |
none. |
How to open a Navy Federal business account
To open a Navy Federal Business Account, all business owners must be individual members of Navy Federal Credit Union and have an account in good standing (see below for membership requirements).
Navy Federal Credit Union operates 350 branches worldwide, covering 30 states, Washington, D.C., and 11 countries, but transactions can only be completed at full-service branches. For more information on the services available at each branch, please visit the Federal Navy website.
What you need to open a Navy Federal Business Account
To open a Navy Federal Business Checking Account, business owners must complete a pre-application for business membership (available online through their personal Navy Federal Digital Banking account), submit appropriate business documentation, and earn a minimum You will need to pay an opening deposit of $250 ($250 for sole proprietorships). .
Click on your business entity type to see the required documents.
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Federal Tax Identification Number (TIN) Letter.
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A valid business license, permit, or DBA certificate.
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Federal Tax Identification Number (TIN) Letter.
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A valid business license, permit, or fictitious name/DBA certificate.
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Beneficial Ownership Form: Enter basic details (including social security or passport numbers) for business owners and controlling officers who own 25% or more of your business.
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Federal Tax Identification Number (TIN) Letter.
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Fictitious name/DBA certificate.
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Beneficial Ownership Form: Enter basic details (including social security or passport numbers) for business owners and controlling officers who own 25% or more of your business.
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A certificate in good standing dated within 60 days of the application date.
Naval Federation Membership Requirements
Navy Federal Business Accounts are available only to Navy Federal members. You can apply for membership at Navy Federal Credit Union online, by phone, or by visiting a branch.
To qualify for membership, you must fall into one of the following categories:
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Active duty, retired or retired member of the U.S. military (Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, or Space Force).
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Department of Defense employees or retirees and U.S. government employees assigned to a DoD facility or DoD contractors assigned to a U.S. government facility.
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A family or household member of any of these groups.
Highlights of Navy Federal Service Inspection
Free interest-bearing business checks: Navy Federal offers members a free business checking account that earns real interest. Although this interest rate is quite low (0.01%), it is better than the 0% offered by most business checking accounts.
Free in-person transactions are limited to 30, 50, or 100 transactions depending on the account, which is on par with or better than some competitors. For example, Chase Business Complete Checking℠ limits you to 20 free in-person and paper transactions per month and charges 40 cents for each additional transaction.
The Federal Navy counts up to 12 checks as one transaction when depositing at a branch, and charges only 25 cents for excess transactions.
customer service: Credit unions are known for their customer service, and Navy Federal is no exception. Membership includes his 24/7 telephone customer service, and you can also ask questions through secure messaging, live chat, and social media. Business members can also contact our dedicated support line Monday through Friday from 9 a.m. to 5 p.m. Eastern Time.
Where Navy Federal Service Inspections are Insufficient
2
%APY.
