Navy Federal Online Account Access broke several records last month: user sessions topped 5.6 million, a 32% increase from May of 2002, and the total number of members served in one month surpassed 500,000. Year-to-date, more than 120,000 new members have enrolled in Navy Federal Online Account Access, with a total of 800,000 members enrolled-approximately one-third of the membership.
"Navy Federal Online is a crucial delivery channel for Navy Federal. We have a transient and geographically dispersed membership, many of whom were deployed on active duty during the past several months and relied heavily on our Internet services," said NFCU CEO Brian McDonnell.
The CU said Online Account Access shows no sign of slowing, as members continue to embrace the Internet channel for everyday financial transactions. Fund transfers between accounts increased 50% compared to May 2002, reaching nearly one million transfers this past May FCU offers more than 30 different products or services online, including consumer and credit card loans, and first mortgage and equity loans. Consumer and credit card loans applications submitted through Navy Federal Online increased by 42% over May 2002. First mortgage apps increased 263% in May 2003 to over 3,580 applications, as compared to the previous year.
The world's largest CU has been offering members the option of receiving account statements electronically instead of by mail and recently added the same option for VISA, Mastercard and mortgage statements, as well. More than 102,000 paper statements are now being "suppressed" each month, for an expected savings of more than $700,000 this year.
In December 2000, Navy Federal began offering members the option to suppress printing and mailing of their monthly combined savings and Sharechek account statements. The credit union recently began offering the option for Visa and MasterCard and mortgage (first mortgages, fixed and equity) statements, and plans to offer the service for other types of statements in the future. More than 102,000 paper statements are now being suppressed each month, generating expected savings of more $700,000 this year, according to the CU.