What Is a Navy Federal Business Account?
A Navy Federal business account is a banking solution for small businesses offered by Navy Federal Credit Union. This account helps business owners manage money, pay bills, accept deposits, and keep their business finances separate from personal finances. You can open business checking, savings, and more when your business is eligible.
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A business account is designed to support daily operations, bookkeeping, and future financial growth with tools not usually found in personal accounts.
Who Can Open This Type of Account?
To open a Navy Federal business account, you must first be a Navy Federal Credit Union member. Individual membership is limited to U.S. military members, veterans, Department of Defense employees, and their families.
After that, you must complete a business membership application and provide required business documents, like a tax ID or EIN and proof of ownership.
Only business members can open business checking or savings accounts and take advantage of business lending and credit tools.
Types of Business Accounts Available
Navy Federal offers several business account types for different needs:
Business Checking
- A simple, foundational account for new or small businesses.
- No monthly service fee.
- The first 30 non-electronic transactions are free each month.
- Earns a small dividend on balances.
Business Plus Checking
- Good for growing businesses or several owners.
- Small monthly fee.
- The first 50 non-electronic transactions are free.
Business Premium Checking
- Designed for mature businesses with high activity.
- The first 100 non-electronic transactions are free.
- May have a small monthly fee depending on balance.
Business Savings and Certificates
- Helps save for future goals or reserve funds.
- Certificates can earn higher dividend rates over time.
All business checking accounts include a Navy Federal GO BIZ® Debit Card and access to online and mobile banking tools.
Why You Should Choose a Business Account
Using a business account is important because it helps you:
✔ Separate business and personal money—This makes taxes and bookkeeping easier.
✔ Track business finances clearly—you can see income and expenses in one place.
✔ Build a professional financial profile—Having a business account makes your company more professional to partners and lenders.
✔ Qualify for business loans and credit cards—A business checking or savings account is required before applying for many types of business financing.
These benefits help your business stay organized and ready for growth as it expands.
Business Tools and Features
A Navy Federal business account comes with useful digital tools and services:
Online and Mobile Banking
You can manage your account from your phone or computer 24/7, including mobile check deposits, transfers, and bill pay, without visiting a branch.
Debit Card and Payments
The business debit card makes it easy to pay for supplies, services, and travel. There’s also a zero liability protection policy for unauthorized charges.
Integration With Software
You can link your business account with accounting programs like QuickBooks to help track expenses and prepare taxes.
Access to Business Credit
Once your business account is open, you may qualify for business loans, lines of credit, and business credit cards to support cash flow and growth.
Business Loans and Credit Services
Navy Federal offers lending options to help businesses grow beyond just banking:
Line of Credit
This gives you access to funds when cash flow is tight or you need cash quickly without reapplying each time.
Term Loans and Equipment Loans
These can help you purchase vehicles, equipment, or tools your business needs to operate and expand.
Checking Line of Credit
This protects your checking account from overdrafts and provides a buffer for unexpected low balances.
Before applying for loans or lines of credit, you must be a business member and may need to provide personal guarantees and credit information.
How to Open a Navy Federal Business Account
Opening a business account has a few steps:
- Join Navy Federal Credit Union as an individual member first.
- Apply for business membership using your personal credentials.
- Submit business documents, like your EIN or tax ID and proof of business type.
- Fund your account with a minimum opening deposit, which can vary by business type.
- Once the business membership is approved, you will receive business login details.
The review process may take some time, so prepare your documents in advance.
Things to Consider Before Opening
Before you open a Navy Federal business account, keep these points in mind:
🔹 Membership Requirement: You must be a Navy Federal member first.
🔹 Business Documents: You will need proper business paperwork when applying.
🔹 Credit Considerations: For loans and credit cards, your personal credit may be used by the credit union.
🔹 Business Credit Reporting: Some users report that Navy Federal products may not report to external business credit bureaus, which can affect business credit building.
These points can help you decide if Navy Federal’s business account fits your needs.
FAQs
1. Do I need to be a member to open a business account?
Yes. You must first be a Navy Federal Credit Union member before applying for a business membership.
2. What accounts can I open for my business?
You can open business checking, business savings, and certificates, depending on your needs.
3. Are there monthly fees?
Some accounts, like basic business checking, usually have no monthly service fee, while others may have small fees depending on activity and balance.
4. Can I access mobile banking?
Yes—Navy Federal’s mobile app lets you deposit checks, transfer money, and pay bills online.
5. Does my business get a debit card?
Yes, every business checking account includes a GO BIZ® Debit Card for purchases and ATM access.
6. Can I get loans with a business account?
Yes—business members can apply for business loans, lines of credit, and equipment financing.
7. Do business accounts help build business credit?
Navy Federal may use personal credit for lending, and it may not report to external business credit bureaus, which some business owners note can affect business credit building.
8. How do I apply?
Start by joining Navy Federal, then complete the business membership application with your documents and initial deposit.
Conclusion:
A Navy Federal business account can be a useful financial tool for business owners who are also eligible Navy Federal members. With low fees, flexible account types, online tools, and access to loans, it helps manage money, simplify bookkeeping, and support business growth. Preparing your business paperwork and understanding membership requirements makes the process smoother.