Navy Federal Credit Union 2005 Annual Report Download - page 5

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3
the year. It offers the beginning saver an introduction into higher
earnings with little up-front cash. Members with more to invest were
rewarded with the permanent addition of a 7-year, $1,000- and
$20,000-minimum Share and IRA certificate, which provided our
highest return.
As part of our commitment to provide members with products for
every phase of their lives, our subsidiary Navy Federal Financial Group
added homeowners insurance to an already extensive line of products
that includes life and vehicle insurance. Under the new homeowners
program, members receive quotes from several insurance companies
so they can select the coverage that best meets their needs. Coverage
is also available for renters and personal valuables, and for owners of
condominiums, rental and seasonal property.
Augmenting existing online educational tools, such as our “Getting
out of debt” and “Your money—making it work for you” brochures,
we created an educational online video, “Get the best deal on your
new vehicle.” All resources are designed to help you make more
informed decisions as you work toward your financial goals.
Looking ahead, our focus for 2006 is to become even more
responsive to your needs. We’ll continue to develop and implement
improved product and service solutions on all levels and offer
improved communications and convenience. We’ll make it easier for
you to reach us by phone and in person. This will mean adding more
employees to respond to telephone inquiries and expanding our
network of facilities with new member service centers and ATMs.
While we look for better ways to serve our members, we must
remain a flexible organization that quickly responds to changes
brought on through new technology and new financial products.
We will do all we can to enhance account convenience and continue
to focus on developing products that bring value to our members.
John A Lockhard
Chairman
Cutler Dawson
President and CEO