NavyArmy Federal Credit Union (or NavyArmy) is a credit union

Credit union

A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...

 headquartered in Corpus Christi

Corpus Christi, Texas

Corpus Christi is a coastal city in the South Texas region of the U.S. state of Texas. The county seat of Nueces County, it also extends into Aransas, Kleberg, and San Patricio counties. The MSA population in 2008 was 416,376. The population was 305,215 at the 2010 census making it the...

, Texas

Texas

Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...

, chartered and regulated under the authority of the National Credit Union Administration

National Credit Union Administration

The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...

 (NCUA) of the U.S. federal government. NavyArmy is third largest military credit union and the largest credit union in the coastal bend. As of October 2010, NavyArmy had over $1.1 billion USD

United States dollar

The United States dollar , also referred to as the American dollar, is the official currency of the United States of America. It is divided into 100 smaller units called cents or pennies....

 in assets, and over 82,000 members.

NavyArmy was ranked number 1 on the 2011 Best Places to Work in the Coastal Bend list, which is produced by the Corpus Christi Human Resource Management Association.

History

NavyArmy was originally incorporated on January 28, 1955 as Naval Employees Corpus Christi Federal Credit Union. Only employees Naval Air Station Corpus Christi

Naval Air Station Corpus Christi

Naval Air Station Corpus Christi , also known as Truax Field, is a naval base located six miles southeast of the central business district of Corpus Christi, in Nueces County, Texas, USA.-History:...

 were eligible to join. In 2003, the credit union changed its charter to open membership to all residents of the coastal bend.

Membership

NavyArmy's field of membership is set by the National Credit Union Administration

National Credit Union Administration

The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...

 (NCUA). As with all credit unions, membership in NavyArmy is limited to individuals sharing the common bond defined in its credit unioncharter

Charter

A charter is the grant of authority or rights, stating that the granter formally recognizes the prerogative of the recipient to exercise the rights specified...

. Membership in NavyArmy is limited to all people, businesses and/or legal entities who live, work, worship and/or go to school in Aransas

Aransas County, Texas

Aransas County is a county located in the U.S. state of Texas. It is part of the Corpus Christi Metropolitan Statistical Area. As of 2000, the population was 22,499. Its county seat is Rockport. Aransas County was formed in 1871 from Refugio County.-Geography:According to the U.S...

, Bee

Bee County, Texas

Bee County is a county located in the U.S. state of Texas. Bee County was founded December 8, 1857. As of 2010, the population was 31,861. Its county seat is Beeville. Bee County is named for Barnard E...

, Jim Wells

Jim Wells County, Texas

At the 2000 census, there were 39,326 people, 12,961 households and 10,096 families residing in the county. The population density was 46 per square mile . There were 14,819 housing units at an average density of 17 per square mile...

, Kleberg, Nueces, and San Patricio counties.

Organization

NavyArmy is chartered with NCUA as a community credit union. Like all credit unions, NavyArmy is governed by a board of volunteers, elected by and from its membership.

In the summer of 2011 the board of NavyArmy proposed changing from a federal charter to a State of Texas charter. This change would provide NavyArmy the opportunity to expand into additional geographic areas of Texas.

Services

NavyArmy offers the typical suite of account services offered by most financial institutions, including savings account

Savings account

Savings accounts are accounts maintained by retail financial institutions that pay interest but cannot be used directly as money . These accounts let customers set aside a portion of their liquid assets while earning a monetary return...

s, checking accounts, IRA

Individual Retirement Account

An individual retirement arrangement is the blanket term for a form of retirement plan that provides tax advantages for retirement savings in the United States...

 accounts, and certificates

Certificate of deposit

A certificate of Deposit is a time deposit, a financial product commonly offered to consumers in the United States by banks, thrift institutions, and credit unions....

. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit ($15) literally represents their share of ownership in the credit union. NavyArmy also offers members consumerloan

Loan

A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower....

s, mortgages and home equity

Home equity

Home equity is the market value of a homeowner's unencumbered interest in their real property—that is, the difference between the home's fair market value and the outstanding balance of all liens on the property. The property's equity increases as the debtor makes payments against the...

 lines of credit

Line of credit

A line of credit is any credit source extended to a government, business or individual by a bank or other financial institution. A line of credit may take several forms, such as overdraft protection, demand loan, special purpose, export packing credit, term loan, discounting, purchase of...

, as well as some small business services.

As of January 2011, NavyArmy has 11 branches and over 350 ATMs

Automated teller machine

An automated teller machine or automatic teller machine, also known as a Cashpoint , cash machine or sometimes a hole in the wall in British English, is a computerised telecommunications device that provides the clients of a financial institution with access to financial transactions in a public...

, located both in its coastal bend service area and in hundreds of Stripes

Stripes Convenience Stores

Stripes Stores is a chain of over 533 convenience stores in Texas, New Mexico, and Oklahoma, owned by Susser Holdings Corporation. These locations are former Circle K and Town & Country Food Stores. Other convenience store brands they operate under include IceBox and Quick Stuff...

 convenience stores in Texas

Texas

Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...

 and Oklahoma

Oklahoma

Oklahoma is a state located in the South Central region of the United States of America. With an estimated 3,751,351 residents as of the 2010 census and a land area of 68,667 square miles , Oklahoma is the 28th most populous and 20th-largest state...

. NavyArmy offers extensive online services via its corporate website,NavyArmy Online.