Navy Federal is the largest natural member (or retail) credit union in the world, both in asset size and in membership. As of June 2007, Navy Federal had $30 Billion USD in assets, and over 2.9 million members.

Navy Federal Credit Union is not the only financial services company which specializes in serving the military. The credit union competes with other military credit unions, like Pentagon Federal Credit Union, as well as with some large banks including Bank Of America-Military Bank and USAA.

Navy Federal is chartered with NCUA as a single-sponsor credit union, with its sponsor being the Department of the Navy. Like all credit unions, Navy Federal is governed by a Board of volunteers, elected by and from its membership. Navy Federal also has a separate subsidiary, named Navy Federal Financial Group, which operates as a Credit Union Service Organization. CUSOs were established by NCUA as a way for credit unions to pursue product offerings that would normally be outside of the purview of a credit union.

Navy Federal is a member of the Virginia Credit Union League, through which it is associated with the Credit Union National Association.

Navy Federal offers the typical suite of account services offered by most financial institutions, including savings accounts, checking accounts, IRA accounts, and certificates of deposit. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit ($5) literally represents their share of ownership in the credit union.

Navy Federal also offers members consumer loans, credit cards, mortgages and home equity lines of credit, as well as some small business services. Navy Federal's CUSO, Navy Federal Financial Group, offers more extensive investment services, online brokerage services, insurance, and real estate settlement services.

As of the end of 2007, Navy Federal had 148 branches and over 300 ATMs, located both inside the United States and abroad. In addition, Navy Federal offers extensive online services via its corporate website, Navy Federal Online. Due to the nature of its membership (which includes actively deployed military personnel in every time zone), Navy Federal maintains 24-by-7 operations, in its three call centers located in Vienna, VA, Winchester, VA and it's largest call center, located in Pensacola, Fl and via its online services.