Pentagon Federal Credit Union Products and Services Overview

Pentagon Federal Credit Union offers a wide range of products and services to meet the diverse financial needs of its members.

Their loan options include personal loans with competitive rates, auto loans, and mortgages, which can be applied for online or in-person at a branch.

Pentagon Federal Credit Union also provides credit cards with no annual fee, rewards programs, and low interest rates.

Their savings accounts offer high-yield rates and low minimum balance requirements, making it easy to start saving.

Pentagon Federal Credit Union has a unique membership structure, which was historically limited to individuals with a connection to national defense. This changed in 2018 when PenFed acquired the Progressive Credit Union, which had an open field of membership charter allowing anyone nationwide to join.

To join PenFed, you'll need to apply and be approved for membership, which can take some time. There's no guarantee you'll be accepted, but if you are, you'll just need to deposit $5 into a Regular Savings account to become a member.

Some examples of eligible memberships include active duty military personnel, reserve and National Guard members, and civilian employees of the Department of Defense. You can also join if you're a family member of someone with one of these connections. Here are some specific examples of eligible memberships:

Pentagon Federal Credit Union has a unique membership model that's been shaped by its history. Historically, membership was limited to individuals with a common bond related to national defense.

In 2018, PenFed acquired Progressive Credit Union, which had an open field of membership charter. This change allowed anyone nationwide to join.

To be eligible for membership, you'll need to fit into one of the following categories: active duty members of the U.S. military, reserve members, or retired members. You can also be a current or retired civilian employee of the Department of Defense.

Some other groups that are eligible for membership include employees and volunteers of the American Red Cross, members of the National Military Family Association, and members of the Military Officers Association of America.

To join PenFed Credit Union, you'll need to apply and be approved for membership. Membership is usually connected to the military or government, but PenFed has recently removed this requirement.

There's no guarantee you'll be accepted for membership, but if you are, you'll just need to deposit $5 into a Regular Savings account to become a member.

You can apply for membership online and, if approved, opening a new account is a simple process. You can link outside bank information and deposit or withdraw money online, over the phone, or at any branch or ATM.

Here are the steps to open a new account with PenFed:

At Pentagon Federal Credit Union, you can choose from a variety of account options to fit your needs. Their Access America Checking account earns interest and offers additional benefits, such as an overdraft line of credit, but requires a minimum daily balance of $500 to avoid a $10 monthly maintenance fee.

You can also opt for a Money Market Savings account, which comes with free checks and ATM access, but needs a $100,000 balance to earn the advertised 0.15% APY. PenFed's Money Market Certificates, or CDs, earn up to 4.70% and can be opened with as little as $1,000, with terms ranging from six months to seven years.

PenFed Credit Union offers two checking accounts: Free Checking and Access America Checking. The latter is a dividend-bearing checking account with two tiers of APYs, depending on your daily balance. Here's a comparison of their checking accounts:

PenFed Credit Union offers two checking accounts: Free Checking and Access America Checking. Both require a $25 minimum deposit to open.

The Free Checking account has no monthly fee, making it a great option for those who want a simple checking account. You can use over 85,000 ATMs with no fee, thanks to PenFed's partnership with various ATM networks.

The Access America Checking account, on the other hand, has a $10 monthly fee that can be waived if you maintain a daily balance of $500 or more, or have direct deposits totaling at least $500 per month. This account also offers a dividend-bearing option with tiered APYs, but you won't earn dividends if your daily balance is above $50,000.

Here are the details of both checking accounts:

Overall, PenFed's checking accounts offer a range of options to suit different needs and preferences.

At PenFed, you've got a range of credit card options to choose from. The Platinum Rewards, Power Cash Rewards, and Gold cards all have no annual fee, which is a great perk.

You can select from a low annual percentage rate (APR), cash back, or rewards, depending on your needs. This flexibility is really helpful if you're trying to manage your finances effectively.

The PenFed Pathfinder Rewards card does come with a $95 annual fee. However, if you're looking for a card with a rewards program, this might be a good option for you.

Here are the different credit card options available at PenFed:

The Regular Savings Account is a great option for those who want easy access to their money. You can open this account with just $5.

This account is available online, through mobile banking, and at branches and ATMs. The Regular Savings Account is also federally insured by the NCUA, which means your money is protected.

You won't pay any monthly fees with this account, and you'll earn a 0.05% APY on all balances. This means you'll essentially earn zero interest on your savings, but you'll still have access to your money when you need it.

Here are the key details about the Regular Savings Account:

The Regular Savings Account is a good choice for those who don't have a lot of money to save and want easy access to their funds.

PenFed Credit Union offers a variety of products and services to its members, including checking and savings accounts, credit cards, and more.

You can open a Free Checking account with just $25, and it comes with no monthly fees or minimum balance requirements.

The Access America Checking account requires a $25 minimum deposit, but it offers dividends and an overdraft line of credit for a $10 monthly fee, which can be waived with a daily balance of $500 or monthly direct deposits of $500.

PenFed Credit Union has a Money Market Savings account that requires a $100,000 balance to earn the advertised 0.15% APY, but it comes with free checks and ATM access.

You can also earn up to 4.70% APY on a Money Market Certificate, also known as a CD, with terms ranging from six months to seven years and a minimum opening deposit of just $1,000.

Here's a comparison of PenFed Credit Union's checking accounts:

PenFed Credit Union also offers a Premium Online Savings account with a competitive 3.00% APY and no monthly fees, with a minimum opening deposit of just $5.

You can also earn interest on your savings with the Regular Savings account, which can be opened with just $5 and has no fees with electronic statements.

PenFed Credit Union has a variety of credit cards to choose from, including the Platinum Rewards, Power Cash Rewards, and Gold cards, which all have no annual fee, and the PenFed Pathfinder Rewards card, which has a $95 annual fee.

The features and fees of Pentagon Federal Credit Union's accounts are quite straightforward. You can open a Regular Savings account with just $5, and there are no monthly fees if you opt for electronic statements.

The Premium Online Savings account also requires a $5 minimum deposit and has no monthly fees, making it a great option for those who want to earn interest without any extra charges. This account offers a competitive dividend rate of 3.00% APY.

Here's a quick rundown of the fees associated with PenFed's savings accounts:

Federal Fees are generally few and far between at PenFed Credit Union. Most checking and savings accounts are free from fees.

If you do have a checking account with Access America Checking, you'll need to set up at least $500 in monthly direct deposits or maintain a minimum $500 daily balance to avoid a $10 fee.

Non-network ATM fees are waived for checking customers, but other customers will pay $1.50 per withdrawal.

Some additional fees to be aware of include $30 for non-sufficient funds or overdrafts, $20 for stop payments, and $1 for balance inquiries made at a non-network ATM.

Customer service is available by phone at 1-800-247-5626, Monday through Friday from 7 a.m. to 11 p.m. EST.

You can reach live customer service on weekends from 8 a.m.–11 p.m. EST on Saturday and 9 a.m.–5:30 p.m. on Sunday.

PenFed Credit Union is available by secure messaging online and through its mobile app 24 hours a day, making it easy to get help whenever you need it.

Members can download the mobile app for Apple and Android devices to stay connected and access customer service on the go.

As a credit union, PenFed's deposits are insured by the National Credit Union Association (NCUA) instead of the FDIC.

Pentagon Federal Credit Union has a strong presence across the country, with branches located in various states including Washington D.C., California, Florida, and many others.

They also have a significant presence in the military community, with branches at military bases in Guam, Japan, Portugal, and Puerto Rico.

The credit union operates several call centers in various locations, including Omaha, Nebraska, Papillion, Nebraska, Eugene, Oregon, and San Antonio, Texas.

The PenFed Foundation is a vital part of Pentagon Federal Credit Union's mission, founded in 2001 by its leadership.

The foundation's mission is to empower military service members, veterans, and their communities with the skills and resources to achieve financial stability and opportunity.

Since its inception, the PenFed Foundation has helped over 140,000 military families, making a significant impact on their lives.

In 2020, the foundation received numerous recognitions for its COVID-19 emergency relief program, including being named one of Survey Monkey's top 4 organizations providing COVID-19 relief and the Nonprofit of the Year by the Northern Virginia Chamber of Commerce.

Pentagon Federal has a presence in the Washington, D.C. area, covering parts of Maryland and Virginia.

Their branches are scattered across the United States, including California, Florida, Georgia, Hawaii, Nebraska, New Jersey, New Mexico, New York, North Carolina, and Texas.

You can also find Pentagon Federal locations at military bases in Guam, Japan, Portugal, and Puerto Rico.

The company operates call centers in several states, including Nebraska, Oregon, and Texas.

The PenFed Foundation has been a vital resource for military service members, veterans, and their communities since its founding in 2001 by leadership from PenFed Credit Union. It's amazing to see the impact they've had on so many lives.

The PenFed Foundation has helped more than 140,000 military families since its inception. That's a staggering number, and it's a testament to their dedication to supporting those who serve our country.

In April 2019, four-star retired general John W. “Mick” Nicholson, Jr. became president of the PenFed Foundation, serving in this capacity until January 2022. His leadership helped take the organization to new heights.

The PenFed Foundation was recognized for its COVID-19 relief efforts, becoming the first veteran service organization to launch such a program in March 2020. They received an incredible 6,000 applications in just four days.

Here are some notable recognitions the PenFed Foundation received during the COVID-19 pandemic:

To join PenFed, you just need to open a Regular Share or Premium Online Savings account and make a minimum $5 deposit. This is a great way to get started with the credit union.

Once your account is open, you can take advantage of other financial products and services, including checking accounts, credit cards, loans, and more. These options can help you manage your finances and achieve your financial goals.

PenFed operates as a not-for-profit organization, which means that its profits are returned to its members in the form of lower fees and better interest rates. This is a big advantage over traditional banks.

In general, PenFed has lower fees and better interest rates than most traditional banks. This can save you money and help you earn more on your savings.

PenFed Credit Union is a solid banking option for anyone who doesn't need a physical branch nearby. You can perform all of your banking needs online, through its app, or on its partner network of ATMs.

PenFed offers competitive rates and fees on its checking, online savings, and money market certificates. Its attractive products and services are now available to every American nationwide.

PenFed has a huge network of ATMs, providing free and easy access to cash. This makes it a great option for those who want to avoid ATM fees.

If you're looking for a credit union with low fees and minimums, PenFed is a good choice. It offers solid APYs on most accounts and a number of account options.

You can withdraw and deposit money into most accounts easily, making it a convenient option for many people.