Puneet Varma (Editor)

Pentagon Federal Credit Union

Updated on
Edit
Like
Comment
Share on FacebookTweet on TwitterShare on LinkedInShare on Reddit
Type
  
Credit union

Website
  
penfed.org

Number of locations
  
31

Industry
  
Financial services

Customer service
  
00 1 541-225-6700

Founded
  
1935

Pentagon Federal Credit Union httpswwwpenfedorguploadedImagesContentima

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

Products
  
Savings; checking; consumer loans; mortgages; credit cards; investments

Headquarters
  
Alexandria, Virginia, United States

CEO
  
James Schenck (1 Apr 2014–)

Subsidiaries
  
Energy Federal Credit Union, Coast Guard Federal Credit Union, Members Title Company Of California, Inc.

Profiles

Facebook
Twitter

Pentagon federal credit union


Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in Alexandria, 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 over $22 billion and approximately 1.5 million members as of March 2017.

Contents

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. The field of membership at Pentagon Federal Credit Union is:

  • 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 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 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 Virginia and Maryland; 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 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

    Pentagon Federal Credit Union Wikipedia
    (Text) CC BY-SA