Navy Federal Credit Union, the world's largest credit union in terms of
members and assets, has joined Nacha–The Electronic Payments Association as a direct member, both organizations recently announced.
Nacha oversees development of rules for automated clearing house transactions in
the United States, and joing would enable Navy Federal to influence Nacha's operating rules concerning payments, David Willis, Navy Federal's vice president of
Debit &Funds Services, tells ATM&Debit News.
Herndon, Va.-based Nacha has 44 direct members–25 financial institutions and 19
regional payments associations.
Navy Federal, which is based in Vienna, Va., and has offices worldwide, is the 22nd
largest recipient of ACH payments, Willis says. Last year, Navy Federal received 87
million ACH transactions.
Consumers made more than 18 billion ACH payments in 2007, a 12.6%
increase over 2006, Nacha announced this May.
Willis is an interim member of Nacha's board of directors and serves on its electronic
check and Internet councils. The Internet council is studying mobile payments.
Navy Federal also belongs to Nacha's regional associations.
Navy Federal became a direct member of Nacha two months after the credit union
opened its membership to active and retired Army and Air Force personnel and their
immediate families.
The credit union paid a one-time membership fee of less than $50,000 to join
Nacha. Nacha will charge Navy Federal an annual membership fee of less than
$25,000, Willis says. Navy Federal has 3 million members and $35 billion in assets.
