If you're a military member currently seeking a new credit card, it's likely you've been offered a navy federal routing number. What is this? A routing number, sometimes called an issuing company number or issuer code, is assigned to a particular bank, or credit union. Many banks use them for internal purposes, but they are also used by the military branch that the member belongs to. They give banks and other institutions some basic information about an account holder, such as his or her branch of the military.

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This number is typically issued by the Navy Federal Credit Union, which is located in Norfolk, Virginia. They do not distribute their routing numbers outside the Navy; however, anyone wishing to obtain a Navy Federal checking account can request one. In addition to obtaining a checking account from the credit union, members of the military may also apply for a federal loan with the institution. This service is usually free, or a nominal fee may be required.

 

Why would anyone want to apply for a federal loan using their routing number? Aside from these financial institutions, members of the military also use one number when they apply for a mortgage, trade school loans, student loans and other types of loans. The numbers are especially useful for members who are separated from their families and living on their own. Instead of writing out a separate application each time, they can submit only one application with the credit union.

Navy Federal Routing Number - How it Works

 

Do you think there's more to this than simply making your life a little easier? While it's true that some banks are wary of issuing accounts to people who aren't part of the armed forces, there are still other financial institutions out there that do this. Unfortunately, if you have a non-service branch of the navy, you'll probably have a hard time getting a bank account. The US department of defense does not allow military members to have direct access to their banking records. Banks must get the person's Social Security number, which is issued by the navy.

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When you're trying to open a checking account, you'll need a nine-digit credit union or bank account number. This is called an EIN, or Employer Identification Number. It's simply a way for the banks to identify you as someone who works for the navy, the Marines or the air force. This is used in all 50 states, but is most common among the branches of the navy.

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In addition to routing numbers, you'll also need an electronic check deposit system. This system is used for direct deposits to your account. Instead of mailing or delivering a check, the money is deposited electronically into your account, minus any fees. This saves you the hassle of having to figure out how much money needs to go to whom. If you have other financial transactions, you can transfer it directly from your bank, and this makes electronic bill payments a lot simpler and faster.

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A routing number alone isn't enough to prove ownership of property or assets, especially in the case of a boat. When you want to be sure that you're not opening up a bad credit line, you may need to use an electronic check deposit system, so that you prove direct deposits are being made. You can do this by showing proof of a direct deposit using an electronic check transfer system.

 

When you work for the navy, it can be a little more difficult to receive money. However, it is easier than sending a check or wire transfer. Because of privacy considerations, direct deposit isn't possible unless the person's name is on a list. Otherwise, you could be putting your name at risk. But by following these simple steps, you can receive money much faster and safer than ever before.

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