If you are looking for a way to share your finances with your spouse, partner, or child, opening a joint bank account at Navy Federal Credit Union might be a good option. A joint account allows you to access the same funds, make deposits, Customer Care Support, and withdrawals, and enjoy the benefits of Navy Federal membership together.
In this article, we will explain what a joint account is, how to open joint bank account navy federal, and the advantages and disadvantages of having one.
What is a Joint Bank Account?
A joint bank account is a type of account that is owned by two or more people who have equal rights and responsibilities over the money in the account. This means that any account holder can deposit or withdraw money, write checks, use debit cards, or access online banking without the consent of the other(s).
Joint accounts are usually opened by couples who want to manage their household expenses, savings, or investments together. However, they can also be used by parents, children, siblings, friends, or business partners who want to share their finances for any reason.
How to Open a Joint Bank Account at Navy Federal?
Navy Federal Credit Union offers joint checking accounts for married members, those in a domestic partnership, or who have a child together. To open a joint account, both applicants must be Navy Federal members. You can join online or in person at any Navy Federal branch if you’re not a member.
The first step in opening a joint account is choosing which type of account you want. Navy Federal offers several checking account options with different features and benefits, such as:
- Free Active Duty Checking: This account is designed for active-duty military members and their families. It offers free ATM access, no monthly service fees, up to $20 in ATM fee rebates per statement period, and 0.05% APY on balances of $1,500 or more.
- Free EveryDay Checking: This account is ideal for anyone who wants a simple and convenient checking account with no monthly service fees, no minimum balance requirements, free bill pay, and free mobile banking.
- Free checking: This account is best for those who prefer online banking and electronic transactions. It offers no monthly service fees, minimum balance requirements, free bill pay, free mobile banking, and up to $10 in ATM fee rebates per statement period.
- Flagship Checking: This account suits those who maintain higher balances and want to earn dividends. It offers 0.35% APY on balances of $1,500 or more, up to $10 in ATM fee rebates per statement period, free checks, free bill pay, and free mobile banking. However, a $10 monthly service fee can be waived if you maintain an average daily balance of $1,500 or more.
Once you have decided which checking account you want to open as a joint account, you can visit your nearest Navy Federal branch or ATM with your co-applicant and provide the following information:
- Your name, date of birth, Social Security number (SSN), address, phone number, email address
- Your co-applicants name, date of birth (DOB), SSN (or ITIN), address (if different from yours), phone number (if different from yours), email address (if different from yours)
- A valid government-issued photo ID for both applicants (such as a driver’s license or passport)
- Proof of eligibility for both applicants (such as a military ID card or DD Form 214)
- A minimum opening deposit of $5 for both applicants
You will also need to sign an account agreement outlining your joint account’s terms and conditions. You will receive your debit cards and checks (if applicable) in the mail within 7 to 10 business days.
Alternatively, you can also open a joint account online by logging into your Navy Federal online banking account and following these steps:
- Click on “Open an Account” on the left menu
- Select “Checking” as the account type
- Choose the checking account option that suits your needs
- Click on “Add Joint Owner” and enter your co-applicant’s information
- Review and agree to the account agreement
- Fund your account with a minimum deposit of $5
You will then receive an email confirmation with your new account number and instructions on activating your debit cards and checks (if applicable).
Check our previously published article on the Navy Federal Bank Near Me.
What are the Advantages and Disadvantages of Having a Joint Bank Account at Navy Federal?
A joint bank account at Navy Federal can have several advantages and disadvantages, depending on your situation and goals. Here are some of the pros and cons to consider before opening a joint account:
- Convenience: A joint account can make it easier to manage your finances together, as you can access the same funds, make deposits and withdrawals, and view your transactions online or on your mobile app. You can also set up direct deposits, automatic transfers, and bill payments from your joint account, saving you time and hassle.
- Trust: A joint account can help you build trust and transparency with your co-applicant, as you can see each other’s spending habits and financial decisions. You can also communicate and collaborate on your financial goals and plans, such as saving for a vacation, paying off debt, or investing for retirement.
- Benefits: A joint account can allow you to enjoy the benefits of Navy Federal membership together, such as competitive rates, low fees, free services, security features, and rewards programs. You can also take advantage of Navy Federal’s financial education resources, counselling services, and discounts on various products and services.
- Risk: A joint account can expose you to some risks, such as overdraft fees, unauthorized transactions, or identity theft. You are also liable for any debts or obligations incurred by your co-applicant on the joint account, even if you are unaware of them or did not consent to them. If your relationship with your co-applicant changes or ends, you may need help closing or dividing the joint account.
- Conflict: A joint account can also cause some conflicts, such as disagreements over spending priorities, budgeting methods, or saving strategies. You may also have different financial habits or preferences that clash with each other. For example, you may be more frugal or risk-averse than the other. To avoid these issues, you should communicate openly and honestly with your co-applicant and set some ground rules for your joint account.
A joint bank account at Navy Federal Credit Union can be useful for sharing your finances with someone you trust and care about. However, it also comes with some responsibilities and challenges you should be aware of before opening one.
To open a joint account at Navy Federal, you need to be a credit union member and choose a checking account option that meets your needs. You must also provide some personal information and documents for both applicants and make a minimum deposit of $5.
A joint account can offer you convenience, trust, and benefits as a Navy Federal member. However, it can expose you to risk, conflict, and liability as a joint owner. Therefore, carefully weigh the pros and cons and communicate with your co-applicant regularly to ensure a smooth and successful financial partnership.
Editorial Note: The information presented in this article is not provided by the Navy Federal Bank. The article has been created for educational purposes and is intended to be helpful for customers of Navy Federal Bank. It should be emphasized that the content is not endorsed or validated by Navy Federal, and readers should refer to Navy Federal Bank’s official website for accurate and up-to-date information about the bank’s products and services.