Navy Federal Credit Union and Visa Renew Credit and Debit Partnership

February 5, 2009 at 7:02 AM EST
World's Largest Credit Union Strengthens Ties to Visa by Renewing and Enhancing Long-term Partnership Agreement

SAN FRANCISCO--(BUSINESS WIRE)-- Navy Federal Credit Union, the world’s largest credit union, and Visa Inc. (NYSE: V) today announced they have signed a multi-year agreement to renew and extend their longstanding relationship. Under the terms of the agreement, Navy Federal will continue to offer Visa-branded consumer credit and debit products to its 3.1 million members worldwide. In addition, Navy Federal will expand its Visa prepaid and small business product offerings.

“As part of our mission to be the preferred financial services provider for our members, it is important to provide a range of financial services and tools that can meet the changing needs of our members over their lifetime,” said Cutler Dawson, President/CEO of Navy Federal. “With Visa’s suite of payment products from debit and prepaid to credit and small business, we can provide flexible solutions for our members that can grow with their needs.”

”We are delighted by Navy Federal’s decision to extend its relationship with Visa and the trust they continue to place in us as we seek to grow Navy Federal's business and strengthen their member relationships," said Bill Sheedy, President, North America, Visa Inc. “Navy Federal is a valuable partner as we work to further extend the convenience and security of electronic payments over cash and checks."

About Visa Inc.

Visa Inc. operates the world's largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world's largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit

About Navy Federal Credit Union

Navy Federal Credit Union is the world's largest credit union with over $36 billion in assets, 3.1 million members, 170 branch offices, 40,000 ATMs and more than 7,000 employees worldwide. The credit union serves all Department of Defense (DOD) military and civilian personnel and their families. For additional information about Navy Federal, visit



Source: Visa Inc.

Visa Inc.
Jennifer Doidge, 415-932-2564
Navy Federal Credit Union
Jennifer Sadler, 703-206-3137