The Navy doesn't have an official bank but one that is often affiliated with the Navy is Navy Federal Credit Union or NFCU. They do have branches at most large Navy bases across the country and worldwide. And also have some pretty good internet banking options for when you're away from a branch. And I know people who swear by their loans.
But I also know people who have been denied loans through them simply because they don't have "long enough" left in the Navy so the loan would have to be paid off with a civilian job. Apparently even though one of these guys had paid in full 2 previous loans they didn't believe he'd take the responsibility to do so once he left the service.
Also, when you're away from a branch of NFCU the fees they charge you are EXPENSIVE! When we were in Portsmouth, NH/Kittery, ME there was no Navy Fed. The nearest one was 40 miles north. The credit union that was on base there had 2 ATM's where they charged no fees. However, NFCU users paid NFCU $1.50 each time they used them. People who used the ATMs off base got hit with the host bank's fees and the ATM fees. My friend laughed at me for going over to the convienence store, buying a soda and adding cash back to it until I pointed out that I got a dollar soda for my credit union's service of giving me access to my money while she was paying for hers. And her ATM/debit card couldn't be used for cash back. Places out in town here (Groton, CT) often have signs saying which "color" of the NFCU cards they are allowed to take for payments.
All of that makes me really glad they were so crappy to us when DH first joined the Navy and we wanted to join. We've been with local banks or credit unions happily and to our best financial interests ever since.
Now I'm not saying don't go with them but do your research. There are other options that are as portable like USAA or First Command. And they both are also used to working with military. And if you like having an office you can go to and speak with someone in person the local banks and credit unions aren't bad, either.
This Site Might Help You.
RE:
Does the Navy have a good banking system? I was told that each branch has one.?
Navy Fed. one of the best banks that i have ever used. here's the link for ya so you can check it out
http://www.navyfcu.org/
on the west coast Marines and some navy that are stationed on a Marine Base use Pacific Marine Federal Credit union. if you are somewhere that has that bank instead of Navy Fed i would travel however many miles to the nearest NavyFed. I can't begin to explain how horrible PacMar is.
The services don't run "banking systems." However, each major base has a credit union and a commercial bank branch.
What they have is a credit union that you can join. It offers low interest loans including mortgage and auto loans.
The navy bank is called Navy Federal Credit Union.
the previous guy was dead on with what he said about Navyfcu. Its definitely one of the best banks out there. During navy bootcamp, they offer you to open a navy fed account or a Armed Forces of America account. Ive never heard of Pacmar, i guess thats a marine thing, but stick with navy fed. free everything, ive never had an identity theft problem, and there are branches everywhere. definitely your best bet.
