Virginia Beach residents have several excellent credit union options for their personal banking needs. With 10 credit unions operating branches in the city, members can access a wide range of financial products and services. This comprehensive guide will explore the top credit unions in Virginia Beach, their unique offerings, and help you determine which one may be the best fit for your financial goals.
Credit Unions vs. Traditional Banks
Before diving into the specific credit unions, it’s important to understand how credit unions differ from traditional banks:
- Member-owned: Credit unions are nonprofit organizations owned by their members, not shareholders.
- Better rates: Credit unions often offer higher savings rates and lower loan rates than banks.
- Lower fees: Many credit unions have fewer and lower fees compared to banks.
- Personalized service: Credit unions typically provide more personalized customer service.
- Community focus: Credit unions are often deeply involved in their local communities.
Top Credit Unions in Virginia Beach
ABNB Federal Credit Union
Founded nearly 60 years ago, ABNB Federal Credit Union has remained committed to expanding and improving its products and services while providing outstanding member service.
Key Features:
- Comprehensive online and mobile banking
- Mobile check deposit
- Credit and debit cards
- Auto and mortgage loans
ABNB stands out for its long history of serving the Virginia Beach community and its commitment to technological innovation in banking.
BayPort Credit Union
BayPort Credit Union has a rich history dating back to 1928 when it was organized to serve shipyard employees and their families. Today, it serves individuals and businesses across the Virginia Peninsula, Southside, and surrounding coastal communities.
Key Features:
- Over 140,000 members
- $1.7 billion in assets
- Highly rated (5-Star) by Bauer Financial
- Comprehensive personal banking services
BayPort’s strong financial position and wide range of services make it an excellent choice for Virginia Beach residents.
1st Advantage Federal Credit Union
1st Advantage Federal Credit Union offers a full suite of personal banking services to Virginia Beach residents.
Key Features:
- Mobile and online banking
- Mobile check deposit
- Auto and mortgage loans
- Debit cards
While not as large as some other credit unions in the area, 1st Advantage provides all the essential banking services most individuals need.
BCU
BCU is a not-for-profit credit union that focuses on providing better rates and lower fees to its members.
Key Features:
- Comprehensive online and mobile banking
- Credit and debit cards
- Auto and mortgage loans
- Emphasis on financial education and empowerment
BCU’s commitment to financial education and member empowerment sets it apart from many other financial institutions.
Beach Municipal Federal Credit Union
Beach Municipal Federal Credit Union primarily serves employees of the City of Virginia Beach and related organizations.
Key Features:
- Mobile banking app
- Credit and debit cards
- Auto and mortgage loans
- Specialized membership criteria
For those who qualify, Beach Municipal FCU offers tailored services to meet the needs of city employees and their families.
Chartway Federal Credit Union
Chartway Federal Credit Union has been serving members for over half a century and boasts nearly $2.2 billion in assets.
Key Features:
- 185,000 members
- Nearly 40 branches
- Comprehensive online and mobile banking
- Digital wallet support
Chartway’s size and technological offerings make it a strong contender for those seeking a credit union with robust digital banking capabilities.
Langley Federal Credit Union
Langley Federal Credit Union provides a range of personal banking services to Virginia Beach residents.
Key Features:
- Online banking
- Credit and debit cards
- Auto and mortgage loans
- Limited mobile banking features
While Langley FCU offers most essential banking services, its mobile banking capabilities are less extensive than some competitors.
Navy Federal Credit Union
Navy Federal Credit Union has grown from seven members in 1933 to over 4 million members today. It primarily serves military members and their families.
Key Features:
- Extensive branch and ATM network
- Auto and mortgage loans
- Debit cards
- Limited online banking features
For military members and their families, Navy Federal’s specialized services and understanding of military life can be invaluable.
Pentagon Federal Credit Union (PenFed)
Established in 1935, PenFed is one of the largest credit unions in the country, serving over 1.2 million members.
Key Features:
- Market-leading mortgages and auto loans
- Online banking
- Debit cards
- Worldwide service availability
PenFed’s size and extensive product offerings make it a strong choice for those seeking a credit union with capabilities rivaling large banks.
Virginia Beach Postal Federal Credit Union
Virginia Beach Postal FCU primarily serves employees of the Virginia Beach Postal Service and their families.
Key Features:
- Online banking
- Debit cards
- Auto loans
- Specialized membership criteria
For postal employees and their families, this credit union offers tailored services to meet their unique needs.
Choosing the Right Credit Union
When selecting a credit union in Virginia Beach, consider the following factors:
- Membership eligibility: Ensure you meet the credit union’s membership criteria.
- Services offered: Match the credit union’s offerings with your banking needs.
- Branch and ATM locations: Consider convenience if you prefer in-person banking.
- Online and mobile banking capabilities: Evaluate the robustness of digital banking features.
- Rates and fees: Compare interest rates on loans and savings accounts, as well as any associated fees.
- Customer service: Research the credit union’s reputation for member support.
- Financial stability: Look for well-established credit unions with strong financial positions.
Conclusion
Virginia Beach residents have access to a diverse range of credit unions, each offering unique benefits and services. Whether you’re looking for cutting-edge mobile banking features, specialized services for military members, or a community-focused financial institution, there’s likely a credit union in Virginia Beach that fits your needs.
When choosing a credit union, carefully consider your financial goals, the services you need, and the eligibility requirements. Don’t hesitate to reach out to multiple credit unions to ask questions and compare offerings. Remember that credit unions are member-owned, so they’re often more willing to work with you to find the best solutions for your financial needs.
By selecting the right credit union, you can benefit from personalized service, potentially better rates, and a financial institution that’s invested in the local community. Take the time to explore your options and find the credit union that aligns best with your financial objectives and values.
FAQs
Q: Can I join any credit union in Virginia Beach?
A: No, most credit unions have specific membership criteria. However, many have broad eligibility requirements that may include living or working in certain areas or being associated with particular organizations.
Q: Are credit unions FDIC insured?
A: Credit unions are not FDIC insured. However, they are insured by the National Credit Union Administration (NCUA), which provides similar protection for deposits up to $250,000.
Q: Do credit unions offer the same services as banks?
A: Many credit unions offer similar services to banks, including checking and savings accounts, loans, credit cards, and online banking. However, some smaller credit unions may have more limited offerings.
Q: Are credit union interest rates better than banks?
A: Generally, credit unions offer higher interest rates on savings accounts and lower rates on loans compared to traditional banks. However, rates can vary, so it’s essential to compare specific offers.
Q: Can I use ATMs from other credit unions or banks?
A: Many credit unions participate in shared branching networks, allowing members to use ATMs and sometimes even branch services at other participating credit unions. Some also offer ATM fee reimbursements for using out-of-network ATMs.
Q: How does mobile check deposit work?
A: Mobile check deposit allows you to deposit checks using your smartphone’s camera. You typically endorse the check, take photos of the front and back, and submit them through the credit union’s mobile app.
Q: What should I do if I move away from Virginia Beach?
A: Most credit unions allow you to maintain your membership even if you move out of the area. You can continue to use online and mobile banking services, and many credit unions participate in shared branching networks for in-person services.
In another related article, Maximising the Real Estate Investment Potential in Virginia Beach: A Comprehensive Guide
