Navy Federal Credit Union 2011 Annual Report Download - page 9

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NAVY FEDERAL —ENDURING STRENGTH 7
STRENGTH OF PURPOSE
Our corporate mission is the
foundation upon which all
decisions affecting the credit
union and the well-being of its mem-
bers are made. is was particularly
true during the last year when outside
events impacted Navy Federal and
its members.
In Summer 2011, Congress passed
the Durbin Amendment, slashing the
income nancial institutions receive
for providing debit card programs.
While many banks responded by
adding fees and new restrictions to
their checking accounts, Navy Federal
held its commitment to providing
free Visa® Debit Cards and access
to no-service-fee, interest-paying
checking accounts. e outcome:
tens of thousands of members
switched their checking accounts to
us, while even more new members
joined Navy Federal and opened
checking accounts.
Being able to connect with millions
of members—not only when they
want, but how they want—is a priority
for us. rough social media and
other online channels, we’ve been able
to engage with members faster and in
more meaningful ways. Facebook and
Twitter have made it possible to share
information and respond to questions
in real time. When the earthquake
struck Japan, members checked our
Facebook page for the status of our
branches. Later in the year, our
decision to deposit military pay early
sparked a urry of excited questions
as to “when” pay would be posted. In
response, we created an online calendar
for members, making it easier for
them to manage their accounts.
When Congressional debate on
the national debt ceiling threatened a
government shutdown, Navy Federal
made an unprecedented pledge to ll
the potential gap in active duty and
retired military pay, guaranteeing
pay to all military members enrolled
in Direct Deposit with us. Within
minutes, the news went viral in social
media outlets. Members on our own
Facebook page responded with stories
of relief and gratitude. is decision
validated that Navy Federal was
committed to being there where and
when our members and their families
needed us.
Our members—the men and
women of the Army, Marine Corps,
Navy, Air Force, DoD, and their
families—look to us as a trusted
partner for all their nancial needs
from basics, like a checking account,
to more complex products, like a
mortgage or IRA. It is an honor and
a privilege to serve them, and we seek
to be responsive to their needs
at all times.