NASA Federal Credit Union

NASA Federal Credit Union
Industry Financial Services | Credit Union
Founded 1949
Headquarters Upper Marlboro, Maryland
Number of locations
 12 (5,000 shared branches & 30,000 fee-free ATMs)
Area served
 United States
Key people
 Douglas Allman, President and CEO
Products Credit Cards; Savings; Checking; Online Banking; Investments; Auto Loans; Personal Loans
Members 150,000
Website nasafcu.com

NASA Federal Credit Union is a credit union founded in September 29, 1949 and is headquartered in Upper Marlboro, Maryland It holds more than $2 billion in assets,[1] and is insured by the National Credit Union Administration. The credit union has about 150,000 members, nationwide.[2] It has recently been named the #1 credit union in Maryland by Forbes[3].

History

NASA Federal Credit union was founded as the NACA Washington Federal Credit Union in 1949 by a group of employees from the National Advisory Committee for Aeronautics (NACA). As the agency changed its name from NACA to the National Aeronautics and Space Administration (NASA), in 1958, the credit union also changed its name to NASA Washington Federal Credit Union. In 1974, it finalized the name to NASA Federal Credit Union.[4]

Membership

In order to join NASA Federal, an applicant must be a NASA employee, relative or retiree, or a member of one of 900 partner companies or associations.[5] Below is a list of associations one can be a part of to become a member of NASA Federal.

In addition, ATM fees are waived when members use NASA Federal’s 53,000 partner credit unions throughout the U.S.[6]

Products

Credit unions have been mentioned in media outlets about their competitive products, particularly on auto rates,[7] mortgages[8] and CDs as compared to larger banks.[9] NASA Federal has been named in several publications as a recommended credit union to use for a variety of products.[10]

Credit cards

NASA Federal offers a fixed rate 9.9% balance transfer to those who’ve opened an account within 90 days.[11][12] These cards have been mentioned by well-known finance websites such as NerdWallet, who published an article describing the benefits of the credit cards.[13]

Star Trek Credit Card

NASA Federal launched its Star Trek credit card program in August 2016, in partnership with CBS and in conjunction with Star Trek’s 50-year anniversary. The program offers four Platinum Advantage Rewards cards including imagery from the Starfleet Academy, United Federation of Planets, Captain’s Card, and Starfleet Command.[14] The cards offer rewards of Star Trek merchandise and experiences.[15] The card also offers a 9.9% APR on balance transfers for life, the same across all NASA Federal credit cards.[16]

Auto Loans

According to The Wall Street Journal, credit unions are particularly competitive on auto loans, with the average credit-union rates on eight types of auto loans beating the comparable bank figures by an average of two percentage points.[7] NASA Federal currently has a similar promotion that competes to lower an applicant's monthly payment.[17]

Certificates

NASA Federal offers certificates (which are comparable to CDs). They have been mentioned in The Wall Street Journal as a way to achieve membership to credit unions.[9]

Mortgages

NASA Federal offers zero-down mortgages up to $650,000 with no private mortgage insurance plus a $1,000 "lender credit" toward closing costs if the home purchase doesn't go to settlement by the contract date.[18]

Community Outreach

Children's Miracle Network

Each year, NASA Federal volunteers and participates as runners, raising thousands of dollars for the Children's Miracle Network through an annual event called the Credit Union Cherry Blossom 10 mile run. Nearly 20,000 runners in total participate in this event.[19]

Scholarships

NASA Federal awards scholarships to DC-area high school students through the Mitchell-Beall-Rosen Memorial Scholarship Contest. The annual program rewards the writing talents of young Credit Union members who are working toward four-year or two-year undergraduate degrees or vocational studies.[20]

The Scholarship Program was established in 1983 in memory of Wilfred Mitchell and then renamed in 1991 to also honor Donald Beall. Both men are former NASA Federal Credit Union officials.[21]

References

  1. ↑ "Credit Union Details". mapping.ncua.gov. Retrieved 2017-03-10.
  2. ↑ "NCUA.gov". Retrieved March 9, 2017.
  3. ↑ "Forbes Best-In-State Banks". www.forbes.com. Retrieved 2018-08-09.
  4. ↑ "NASA FCU - Ambassador: About NASA Federal Credit Union". www.nasafcu.com. Retrieved 2017-03-10.
  5. ↑ "NASA Federal - Membership".
  6. ↑ "Falls Church News-Press".
  7. 1 2 "The Wall Street Journal".
  8. ↑ "The Washington Post".
  9. 1 2 "The Wall Street Journal".
  10. ↑ "Lifehacker.com".
  11. ↑ "Huffington Post".
  12. ↑ "MarketWatch".
  13. ↑ "5 Things to Know About NASA Credit Cards". NerdWallet.
  14. ↑ "WTOP".
  15. ↑ "StarTrek.com".
  16. ↑ "CU Insight".
  17. ↑ "NASA Federal - Lower Your Payment".
  18. ↑ "Los Angeles Times".
  19. ↑ "Credit Union Cherry Blossom 10 Mile Run".
  20. ↑ "Biz Journal".
  21. ↑ "PR Newswire".
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