Pentagon Federal Credit Union

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 third largest federal credit union, with assets of $25 billion and more than 1.8 million members as of July 2018.

Pentagon Federal Credit Union
Credit union
IndustryFinancial services
Founded1935
Headquarters7940 Jones Branch Drive, McLean, Virginia, United States
Number of locations
50
Area served
Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, the Veterans of Foreign Wars and their families
Key people
Edward B Cody, Board of Directors Chairman
James Schenck, President and CEO
ProductsSavings; checking; consumer loans; mortgages; credit cards; investments
Websitepenfed.org

In addition to a variety of loans, savings, and deposit accounts, PenFed also offers credit cards[1] and other financial services.

Membership
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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 is strictly required. PenFed now has open enrollment, no eligibility required as of May, 2019. But PenFed will do a hard credit inquiry immediately when you open a checking or savings account.

A list of some past eligible memberships include the following[2]:

Competition

PenFed is among a few financial services companies that specialize in serving the military—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 Maryland and Virginia; California; Florida; Georgia; Hawaii; Nebraska; New Mexico; New York; North Carolina; Texas; and at military bases in Guam, Japan, Portugal, and Puerto Rico.

Pentagon Federal operates several call centers in Omaha, Nebraska; Papillion, Nebraska; Eugene, Oregon; and San Antonio, Texas.

In 2003, Pentagon Federal joined Allpoint, a surcharge-free network of automated teller machines.[3]

Expansion

In 2017, Pentagon Federal initiated merger talks with Scranton, Pennsylvania-based Valor Credit Union. Valor 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.[4] The merger was approved by Valor members, and on April 1, 2017, Valor officially merged with PenFed.[5]

In February 2019, McGraw-Hill Federal Credit Union announced plans to merge with PenFed[6], completing to convert customers to those of PenFed on May 1, 2019[7]. The former McGraw-Hill branch in East Windsor, New Jersey branch currently operates as a PenFed branch as of September 2019.

References
  1. "New rules won't affect all credit cards the same way Card issuers warn of high fees under new law, but credit unions largely unaffected". Marketwatch. May 26, 2009. Retrieved 2009-11-16.
  2. "Membership". penfed.org.
  3. "Pentagon Federal Credit Union Joins National Surcharge-Free ATM Network; Members Gain Convenient Access at 23,000 Well-known Retail Outlets". Pentagon Federal Credit Union press release via PR Newswire. April 2, 2003. Retrieved 2009-11-16.
  4. WRITER, JON O'CONNELL, STAFF. "Valor Credit Union pursuing merger with Pentagon Federal". Retrieved 2017-01-26.
  5. "Valor Federal Credit Union". Retrieved 30 July 2018.
  6. "New Jersey Credit Union Plans Merger With PenFed". Credit Union Times. 2019-02-12. Retrieved 2019-09-18.
  7. "Welcome to the Family McGraw-Hill Federal Credit Union". Pentagon Federal Credit Union. Retrieved 2019-09-18.
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