Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's second largest federal credit union, with assets of $23 billion and more than 1.6 million members as of July 2017.
In addition to a variety of loans, savings, and deposit accounts, PenFed also offers credit cards and other financial services.
Membership
As with all credit unions, membership in Pentagon Federal Credit Union is limited to individuals sharing the common bond defined in its credit union charter. PenFed serves a diverse population to include membership through employment, association membership, or volunteerism. No military affiliation required. A partial list of paths to membership includes:
- Active duty members from the U.S. Army, U.S Navy, U.S. Marine Corps, U.S. Air Force and U.S. Coast Guard.
- Reserve and National Guard members.
- Retired members of Active Duty, Reserves, and the National Guard.
- Current and retired employees of the Department of Defense.
- Current and retired agents of the Department of Homeland Security
- Current and retired employees of the United States Public Health Service
- Employees and volunteers of the American Red Cross
- Members of the National Military Family Association
- Members of the Air Force Association
- Members of the United States Coast Guard Auxiliary
- Members of the Military Officers Association of America
- Members of Paralyzed Veterans of America
- Members of the United States Army Warrant Officers Association
- Members of the Marine Corps League
- Members of the Navy League of the United States
- Members of the Reserve Officers Association
- Members of Jewish War Veterans of the United States of America
- Members of Veterans of Foreign Wars
- Members of Vietnam Veterans of America
- Pentagon building employees
- Employees of the Transpotomac Plaza or Canal Center in Alexandria, VA
- Individuals who are assigned to, work at, or receive benefits from, any defense or military-based institution
- Family members of those in the field of membership, including: grandparents, parents, spouse, siblings, children (including adopted, foster and stepchildren), grandchildren, and household members
- Family members and employees of Pentagon Federal Credit Union itself
Competition
Pentagon Federal is among a few financial services companies which specialize in serving the militaryâ€"it competes with other military credit unions, such as Navy Federal Credit Union, as well as with some large banks including Bank of America-Military Bank and USAA.
Locations
Branches are located in the Washington, D.C. area which includes Virginia and Maryland; Florida; Georgia; Hawaii; California; Nebraska; New Mexico; New York; North Carolina; Texas; and at military bases in Guam, Japan, Portugal, and Puerto Rico.
Pentagon Federal operates three call centers, including Omaha, Nebraska, Eugene, Oregon, and Puerto Rico.
In 2003, Pentagon Federal joined Allpoint, a surcharge-free network of automated teller machines.
In 2017, Pentagon Federal initiated merger talks with Scranton-based Valor Credit Union. Members of the credit union have received ballots to vote on whether their credit union should merge with PenFed. Valor Credit Union reported net losses of $2.4 million and $2.25 million in last year’s second and third quarters which initiated talks of merger with PenFed.
References
External links
- Official website
- National Credit Union Administration
