LOS ANGELES (2/18/15)--Credit unions dominated the GOBankingRates 10 Best Military Banks and Credit Unions list, with eight cooperative financial institutions making the cut.
As part of its third annual "Best Banks" series, the personal finance site investigated and evaluated more than 30 military financial institutions
"Defense credit unions first started supporting the Department of Defense in 1928, and for decades since, our members have done a superlative job meeting the financial needs of our troops and their families," Arty Arteaga, president/CEO of the Defense Credit Union Council, told News Now.
"Whether during peace or war, in garrison or in transit, defense credit unions have been at the forefront of the financial services industry, ensuring military personnel receive high quality financial products and services both on a daily basis and during times of emergency, such as during government shutdowns and sequestration," Arteaga added.
In addition to the traditional products and services, many defense credit unions offer products designed to serve the special needs of servicemembers, such as higher interest savings, loan discounts, early or guaranteed paydays, and payday loan alternatives.
They offer special lines of credit, no-cost financial education and training, the Military Saves program, transition assistance, streamlined military websites, and electronic banking. The list goes on with overseas bill pay, overseas currency sales, overseas and stateside shared branching, grants for down payments to first-time home buyers of modest means, mortgage loan modifications, guaranteed utility deposits and support of the Servicemembers Civil Relief Act.
Credit unions on the list included:
Navy FCU, Air Force FCU and Andrews FCU were also named on GOBankingRates' 2014 Top 10 list.