COVID-19 Member Pandemic Relief FAQs

Program Availability and Eligibility

Is Navy Federal offering any financial assistance at this time?

Yes, we’re offering several options to assist eligible members who may need help.

Eligible members have access to loan extensions, deferred payments, credit card line increases, student loan forbearance through LendKey, a Pandemic Relief Loan, overdraft protection, fee-free transfers and penalty-free certificate withdrawals.

How can I access the relief offerings?

We're available to assist you 24/7.

  • Submit a request through the mobile app* or online banking for a credit limit increase.
  • For loan extensions and deferments on credit cards, auto loans or personal loans, call us at 1-800-336-3767.
  • Sign in to online banking to apply for the Pandemic Relief Loan.
  • Send a secure message to request a mortgage loan forbearance.
  • Contact the Student Loan Center for all student loan questions. They’re available from 8 am to 8 pm, ET, Monday through Friday at 1-877-304-9302.

Are new members eligible for these offerings?

Yes, new members are eligible.

Pandemic Relief Loan Details

What is the APR of the Pandemic Relief Loan?

The Pandemic Relief Loan APR is currently 6%.

How much can I borrow with the Pandemic Relief Loan?

You can borrow a minimum of $250 and up to $5,000, with terms up to 24 months.

How can I request a Pandemic Relief Loan?

Sign in to your account via online banking, and you can apply for the Pandemic Relief Loan in just a few minutes.

Are there any requirements for the Pandemic Relief Loan?

Yes, the loan approval and terms are subject to creditworthiness. We’ll conduct a comprehensive credit review which may require us to check your credit. Also, direct deposit is required and must be set up within 90 days.

How and when will I receive the Pandemic Relief Loan?

Please allow up to 2 hours for a decision regarding your request. Once a decision has been made, in most cases, the funds will be auto-deposited into your deposit account within 2 hours.

Can I defer my Pandemic Relief Loan payments?

The first payment is automatically deferred for two cycles, which means that it is not due for at least 60 days (but not more than 90 days) after the loan is approved.

Credit Card Line Increases

How can I apply for a credit line increase?

You can apply for a credit line increase in the mobile app, through your online account or calling us at 1-888-842-6328.

Is there a limit on how much I can request?

While there’s no limit to how much you can request, we’ll carefully review your account and approve you for the maximum amount you qualify for.

How soon will this new limit be available to me?

Please allow up to 24 hours for a decision regarding your request. Once a decision has been made, the new credit limit should be available immediately.

When will I receive a notification about my credit limit request?

Once you submit a request to increase your credit limit, it may take up to 24 hours to receive a decision notification.

Will Navy Federal need to check my credit to issue a credit line increase?

We’ll conduct a comprehensive credit review which may require us to check your credit.

Debit and Credit Card Disputed Charges

What can I do if I need to change or cancel travel plans because of the COVID-19 pandemic?

The fastest way to find out if you can make a change without penalty is to check with your travel merchant (e.g., airline, hotel, car rental agency). Many already have processes in place. Check their websites for policies and explanations on changing or canceling services, as well as general contact information should you need further help.

If you're unable to resolve the issue with the merchant, our dedicated dispute resolution team may be able to help. You can file a dispute claim by calling us at 1-888-842-6328. For credit cards, you can submit the credit card dispute form online. It may take up to 90 days from the date your credit card dispute is submitted to complete our review. Debit card disputes will report the results of the dispute resolution process to you within 120 days.

Accessing and Sending Money

How can I enroll in Optional Overdraft Protection Service (OOPS)?

  • Sign in to online banking.
  • Click the "Account Services" tab.
  • Find the "Checking & Savings" section.
  • Click "Optional Overdraft Protection Service".

Will I be penalized if I want to withdraw from my certificates?

We understand you might need access to your savings, so we will be waiving all penalties for early withdrawals on certificates on or after March 19, 2020.1

What's the best way to send money to family and friends?

Choose the best fee-free option to send money to friends and family who may need it.

  • Use our app for member-to-member or Zelle® transfers.
  • Send through cash transfers.

Checking

Are you refunding fees on checking accounts?

Yes. Members with Optional Overdraft Protection Service (OOPS) who've been impacted by COVID-19 may request a refund for the $20 fee charged per overdraft. Impacted members can also request a refund for non-sufficient fund (NSF) fees.

How can I request a refund for checking account fees?

If you’ve been impacted by COVID-19 resulting in a checking account fee, you can send us a secure message to request a refund for the fee charged to your account. Be sure to include a brief explanation regarding how you've been impacted in your message.

If I lose my direct deposit because of COVID-19, will my Free Easy Checking/Free Active Duty Checking® account be converted to a Free EveryDay Checking account?

No. Conversions from Free Easy Checking and Free Active Duty Checking accounts as a result of lost direct deposits are being temporarily paused.

Mortgage

Mortgage Loan Forbearance

I can’t afford to make my mortgage payment because of COVID-19. What options are available for me?

If you’re eligible, we can offer a forbearance that temporarily suspends your mortgage payment requirements. Please contact us at our toll-free number 1-800-258-5948, Monday-Friday, 8 am - 9 pm, ET or send us a secured message for additional information regarding the forbearance or to request the forbearance.

If I take advantage of the mortgage forbearance program, how are the payments paid back?

At the end of the forbearance period, the missed payments will either be spread throughout the remaining term of your loan or added to your last scheduled mortgage payment. You may also choose to pay back the payments at the end of the forbearance period. You’ll be contacted by one of our specialists before the end of the forbearance period to review your options.

What if I need more time than the initial term of the mortgage forbearance?

If at the end of the initial Forbearance Plan period, you're still impacted, we may be able to extend the Forbearance Plan for a longer duration. You may request an extension of the forbearance period by contacting us at our toll-free number 1-800-258-5948, Monday-Friday, 8 am - 9 pm, ET or by sending us a secured message.

Will my credit be negatively impacted during the payment suspension period (forbearance plan)?

During the payment suspension period of your Forbearance Plan, we’ll report the loan as current, if your loan was current before forbearance started. If your loan was delinquent before entering forbearance, we'll maintain your delinquent status. If you’re able to bring the loan current, we’ll report it as current. We can't advise on any impact to your credit rating.

Will late fees be assessed during the payment suspension period (forbearance plan)?

Late fees will be waived once the plan is completed, even though your loan may still show past due in your NFCU account page online and may show assessment of late fees.

Will interest continue to accrue, or will there be added interest either during the forbearance period or at the completion of the forbearance period?

During the forbearance period, fees, penalties or interest, beyond the amounts scheduled, won’t accrue. The account will be treated as if you made all contractual payments on time and in full under the terms of the mortgage.

If I'm able, can I make a payment(s) during the forbearance period?

Yes, you can make payments during the forbearance period, if you choose to do so. Making payments won't invalidate or alter the scheduled completion date of your forbearance period.

Current Mortgage Application Process

How long can I lock my rate?

  • The standard lock commitment for Purchase loans is 60 days. We advise consulting with your home loan advisor for more details about available extended lock options.
  • For Refinance loans, the standard lock commitment is also 60 days; however, due to delays caused by COVID-19, we’ll honor your locked rate no matter long it takes to close your loan.

How long are the expected delays?

  • Depending on where you live and your loan circumstance, purchasing a new home may take up to 60 days. If you are planning to refinance your home, closing times are estimated to take up to 180 days. Consult with your home loan advisor for more details on your expected closing time.

Appraisals & Inspections

What measures are being taken to safeguard me and my family from appraisers/inspectors who need access to my home?

  • Industry professionals are expected to follow all CDC guidelines and best practices. They're encouraged to wear personal protective equipment, like masks and gloves. You’re also advised to open all doors in your home to help minimize contact where possible.

Does the appraiser or inspector have to come inside?

  • In some cases, there may be alternative ways to complete these processes without someone entering the home. Consult with your home loan advisor or third-party service provider to discuss the best option for you.

Why are appraisers and inspectors taking so long to come to my house? Could this impact the interest rate of my mortgage?

  • Businesses may have reduced hours and/or limited operations to help prevent the spread of COVID-19. With mortgage rates at an all-time low, mortgage demand has skyrocketed across the industry, resulting in more work than some businesses can handle. Despite any delays in the process, we'll honor your locked rate.

Closing

Will my settlement company remain open during COVID-19?

  • Similar to appraisal and inspection companies, settlement companies may have reduced hours and/or limited operations.

Will I be able to do my settlement at their office?

  • Many companies are still doing in-office settlements. Settlement may also take place in an outdoor space instead of an office for your safety. Refer to your settlement agent for further guidance on their current procedures to determine the best option for you.

Documentation delays

If I don't use a computer, how can I get my documents to my home loan advisor?

  • If you don’t use a computer, you may still be able to visit a branch. Please be mindful—some of our branches will have reduced hours and others will be closed. Refer to your home loan advisor for additional guidance.

Auto Loans

Can I defer my monthly auto loan payment?

Please contact us to discuss payment options that best meet your financial needs.

I recently was preapproved for an auto loan, but it’s supposed to expire in 60 days. Am I able to get an extension on my preapproval loan?

We will honor the auto loan preapproval for up to 90 days. Please give us a call if you need further assistance.

Will late fees be waived for my auto loan payment?

Please contact us to discuss the options available for your auto loan payments.

How do I apply for an auto loan?

After signing in to your account via online banking or the mobile app, you can apply for your auto loan in just a few minutes. There's no fee to apply and most decisions are instant. In cases where applications require a more detailed review, we'll send you an email and/or a text.* You can also apply over the phone at 1-888-842-6328.

Once my loan is approved, how do I receive my check?

You can receive your check via the following options:

  • mailed to the address you provided (fee may apply depending on delivery type)
  • picked up in a branch

Visit our Branches and ATMs page for more information on branch closures or reduced hours.

For auto loan approvals, if the co-applicant’s address is different from the primary applicant’s address, the loan check and promissory note are sent to the co-applicant first.

Student Loans

Does Navy Federal offer private or federal student loans?

We only offer private student loans. However, we do offer refinancing and consolidation options to your existing private, federal and Parent PLUS loans.

If you have federal student loan debt, we recommend reviewing your current and potential future benefits and also carefully considering your options before refinancing.

Is now a good time to refinance federal student loans?

The federal government is waiving eligible federal student loan payments and interest for 6 months—retroactive to March 13. When you refinance, you waive any current and potential future benefits of your federal loans and replace those with the benefits of the refinanced loan. If you have federal student loan debt, we recommend reviewing your current and potential future benefits and carefully considering your options before refinancing.

Will interest on Navy Federal private student loans be waived?

No, the CARES Act provisions only apply to federal student loans.

Are you offering assistance to private student loan borrowers?

Yes. We're offering a 3-month forbearance to borrowers impacted by COVID-19. We encourage you to reach out to the Student Loan Center at 1-877-304-9302 from 8 am to 8 pm, ET, Monday through Friday to discuss the options available.

Can you help answer questions about waiving interest on my federal student loan?

We encourage you to reach out to your federal loan servicer to discuss waiving interest on your federal student loan.

Can you help me answer more questions about my student loan?

Contact the Student Loan Center at 1-877-304-9302 from 8 am to 8 pm, ET, Monday through Friday.

Business Solutions

Does Navy Federal have relief options for business owners impacted by COVID-19?

To meet the SBA’s deadline, Navy Federal accepted applications for Paycheck Protection Program (PPP) loans until June 22, 2020.

I received a PPP loan from Navy Federal. Where can I find information about loan forgiveness?

Visit our Business Solutions COVID-19 Response page for a general overview of requirements, allowable expenses, when you can apply and factors that could affect your forgiveness.

COVID-19 Stimulus Payouts

Will I qualify for a COVID-19 stimulus, also known as Economic Impact Payment?

U.S. residents who aren’t claimed as a dependent by another taxpayer are eligible based on adjusted gross income. Eligible retirees and recipients of Social Security, Railroad Retirement, disability or veterans' benefits, as well as taxpayers who have no income or too little income to file a tax return, are also eligible.

How much is the COVID-19 stimulus/Economic Impact Payment?

  • Individuals with an adjusted gross income of up to $75,000 will receive $1,200, and those who file as head of household with an adjusted gross income of up to $112,500 will also receive $1,200. Individuals who earn up to $99,000 a year and head of household individuals earning up to $136,500 a year will receive payments reduced by $5 for every $100 in income above the threshold.
  • Married couples with an adjusted gross income of up to $150,000 will receive $2,400. Additionally, they're eligible for an additional $500 per qualifying child. Married couples earning up to $198,000 will also receive a reduced payment by $5 for every $100 in income above the threshold.

Do I need to apply for the COVID-19 stimulus/Economic Impact Payment?

No. Taxpayers who have filed their 2018 and 2019 federal tax returns don't have to apply for the Economic Impact Payment. For Social Security and Railroad Retirement recipients who aren't required to file a tax return, the IRS will use the information on their SSA-1099 or RRB-1099 to generate their payments using the payment instructions normally used to distribute their benefits.

Other individuals such as low-income workers and certain veterans and individuals with disabilities who aren't required to file a tax return are still eligible for Economic Impact Payments and can provide their income to the IRS using their Non-Filer Payment Info application.

How will I receive my COVID-19 stimulus/Economic Impact Payment?

The IRS will use the financial institution and bank account information provided on the eligible recipient's most recent tax return to deposit their payment electronically. For Social Security and Railroad Retirement recipients, the IRS will use their direct deposit information from those payments. Recipients without direct deposit will be mailed a paper check.

When will I receive my COVID-19 stimulus/Economic Impact Payment?

The first wave of Economic Impact Payment deposits will start posting the morning of Wednesday, April 15; those not in this wave will arrive later this year.

Set up deposit alert notifications in our mobile app* or online banking to get an email, push notification or text message letting you know when your check has deposited. If you’re receiving a paper check, your check should arrive by mail to your address listed on your tax return in May.

Is it too late to set up direct deposit for my check?

The IRS is setting up a website in the coming weeks for individuals to register their bank account information.

Will I need to file a tax return if I receive Social Security benefits?

No. Social Security and Railroad Retirement recipients who aren't typically required to file a tax return don't need to take action.

How can I deposit my COVID-19 stimulus/Economic Impact Payment check?

You can deposit your check using the Mobile Deposit feature from our mobile app* or by visiting any ATM location. Check for information about branch closures or reduced hours and ATM locations in your area.

Will I have to pay back my COVID-19 stimulus/Economic Impact Payment check?

No.

Disclosures

1 Effective as of 3/18/20. Excludes withdrawal requests made within seven days of opening a new certificate.