Navy Federal Credit Union Joins NACHA

Navy Federal Credit Union, the largest credit union in the world and the 22nd largest receiving financial institution of ACH payments in the nation, has joined NACHA —The Electronic Payments Association.

“Navy Federal believes the ACH Network provides financial institutions, businesses and consumers with smart, secure payment options. Working directly with NACHA gives Navy Federal the opportunity to participate in the process that drives the forward direction of the ACH Network,” said Dave Willis, vice president of debit card & funds services, Navy Federal Credit Union. “Navy Federal Credit Union is proud to be among the top 25 receiving financial institutions in the nation. We believe it is our responsibility to work at the highest levels to ensure the ACH Network continues to provide high payment efficiencies and low risk to all stakeholders.”

Navy Federal Credit Union is the world’s largest credit union with more than 3 million members and $35 billion in assets. Navy Federal recently announced it has expanded its membership base to include all branches of the armed forces.

“The ACH Network is considered one of the largest and safest payment networks in the country. NACHA membership allows financial institutions to participate directly in addressing the challenges and assessing the opportunities a network of this size and scope faces,” said Jan Estep, president and chief operating officer of NACHA. “A core mission of NACHA is to ensure the ACH Network remains a viable and attractive payment network for all types of financial institutions. On behalf of NACHA and our members, I welcome Navy Federal Credit Union to NACHA.”

NACHA has 44 direct members, consisting of 25 financial institutions, and 19 regional payment associations representing more than 11,000 depository financial institutions across the U.S. The other financial institution members are American Express Centurion Bank, Bank of America, BB&T, BMO Capital Markets, Capital One, Citibank, Citizens Bank, Commerce Bank, Discover Bank, Fifth Third Bank, JPMorgan Chase, KeyBank, National City, PNC Bank, Regions Financial Corporation, SunTrust, Synovus Financial, TCF National Bank, The Bank of New York Mellon, US Bank, Wachovia Bank, Washington Mutual, Wells Fargo, and Zions Bancorporation.

NACHA—The Electronic Payments Association is a not-for-profit association that oversees the Automated Clearing House (ACH) Network, one of the largest electronic payment networks in the world. More than 18 billion ACH payments were exchanged in 2007. NACHA is responsible for the administration, development, and enforcement of the NACHA Operating Rules and sound risk management practices for the ACH Network. Through its industry councils and forums, NACHA brings together hundreds of diverse payments system stakeholder organizations to enable the development of new network services and applications. NACHA represents more than 11,000 financial institutions through direct membership and 19 regional payments associations. NACHA and its members provide education, tools, and resources to increase the adoption of ACH payments to benefit businesses, consumers, and governments. To learn more, visit www.nacha.org and www.electronicpayments.org.

Navy Federal Credit Union is the world’s largest credit union with over $35 billion in assets, 3 million members, 150 branch offices, 40,000 ATMs and more than 7,300 employees worldwide. The credit union serves all Department of Defense (DOD) military and civilian personnel and their families. For additional information about Navy Federal, visit: www.navyfederal.org.