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Navy Federal Credit Union 2006 Annual Report Download - page 5

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Please find page 5 of the 2006 Navy Federal Credit Union annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Navy Federal Annual Report 2006 5

Checking

• Four new accounts to choose from, featuring

ATM rebate availability, dividends, free check

cards, no minimum balance requirements

Loans

• Added GAP (Guaranteed Asset Protection)—

a new debt cancellation product that covers the

difference between the outstanding loan

amount and the insurance settlement when

vehicle declared a total loss

• Increased loan aggregate limits of secured

($150,000 to $500,000) and unsecured

($30,000 to $50,000) loans

Credit Cards

• Three new rewards credit cards introduced:

nRewardsSM,goRewardsSM, and Flagship

RewardsSM, all with unmatched benefits

Mortgage and Equity Loans

• 40-year mortgage loan introduced

• HomeBuyers Choice Mortgage, with

100% financing and no Private Mortgage

Insurance (PMI), now available for loans

up to $850,000

• Fixed Equity Loans (FELs) and Home

EquityLines (HELs) maximums increased

from $350,000 to $1,000,000 (5-year FEL

and interest-only HEL retain $350,000 max)

• Homeowners Insurance made available

• Settlement services for home equity loans

expanded to 45 states and the District

of Columbia

Small Business Services

• Online Account Access now available

• Introduced credit card accounts that allow

multiple cardholders per account

• Included in the top 500 businesses named

by Information Week for use of technology

innovation to forward business objectives.

Navy Federal was the only credit union,

66 others were banking and financial services.

• Ranked tenth by Javelin Strategy and Research

out of 24 firms—60% of the banking market—

for providing consumer safety from identity

theft. Received highest marks in “Prevention”

and “Problem Resolution.” Navy Federal was

the only credit union in the rankings.

• Received Five-Star Employer Outreach

Program Award in recognition of policies that

go above and beyond the requirements of

federal law under the DoD-sponsored Virginia

Employer Support of Guard and Reserve

Program Committee.

• Voted “Best Financial Institution 2006” in

Virginia Pilot Reader’s Choice Awards (covers

Chesapeake, Norfolk, VA Beach).

Service Enhancements

Branches—115

New

• California—Escondido, Lemoore, Santee,

Twentynine Palms

• Maryland—Rockville

• Mississippi—Gulfport, Orange Grove

• Texas—Kingsville

• plus 31 under construction

ATMs—313

• 17 new locations

• plus 34 under construction

(Visit Navy Federal Online®for current branch

and ATM locations.)

Member Service Enhancements

• Introduced one new toll-free telephone

number that accesses all member and

account services

• Eliminated or minimized call wait times

by doubling call center staff

• Extended hours of operation in 60 branches

to increase member access

• Increased field mortgage staff to provide