About Credit Union
Pentagon Federal Credit Union, commonly known as PenFed, is a not-for-profit financial institution that was established in 1935. With over 2.8 million members worldwide and $36.6 billion in assets as of June 30, 2022, PenFed is currently the second-largest federal credit union in the United States. The credit union's mission is to empower its members to achieve their financial well-being by providing a range of financial products and services.
PenFed offers various financial services, including certificates, checking accounts, credit cards, personal loans, mortgages, auto loans, student loans, and more. One of the key features of PenFed is its commitment to offering Best-in-Class rates on car loans and home mortgages. Additionally, the credit union's portfolio of credit cards offers innovative features and incentives that are hard for competitors to match.
PenFed is federally insured by the National Credit Union Administration (NCUA) and is an Equal Housing Lender. The credit union prides itself on its dedication to its members' financial well-being and strives to provide education and encouragement to help them realize their potential. PenFed's community-focused approach is reflected in its mission to help its members achieve their financial goals.
In addition to its financial products and services, PenFed also offers cashback rewards to its members. As of 2023, PenFed has paid its members $37 million in cashback rewards. The credit union has financed over 4,150 homes and has welcomed 15,037 new members this year.
PenFed Credit Union is a reputable financial institution offering various products and services to help its members achieve their financial goals, including checking accounts, money market accounts, certificates, credit cards, personal loans, mortgages, auto loans, and more. Its commitment to Best-in-Class rates on car loans and home mortgages, innovative credit card features, and cashback rewards are just a few of the reasons why PenFed is a popular choice for individuals looking for a trustworthy financial partner.
Key Features
Some of the key features of Pentagon Federal Credit Union (PenFed) include:
Non-profit status
Community-focused
Best-in-Class rates
Cashback rewards
Federal insurance
Online and mobile banking
Variety of financial products
Membership eligibility
Requirements
To become PenFed Credit Union members, potential clients have to comply with a few requirements similar to the requirements of other credit unions:
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Eligibility. PenFed membership is open to a wide range of individuals, including military personnel and their families, government employees, and others who meet certain eligibility criteria. You can check your eligibility on the PenFed website or by contacting their customer service.
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Savings account. To become a member, you must open a savings account with PenFed and fund it with a low minimum deposit of $5. This is the first step in the membership application process.
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Membership application. You can apply for membership during the application process for any of PenFed's financial products, such as checking accounts, credit cards, personal loans, mortgages, auto loans, or others. You will be asked to provide personal and financial information and proof of eligibility during the application process.
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Verification. PenFed will verify your identity and eligibility during the membership application process. This may involve providing additional documentation or answering questions to confirm your eligibility.
Once your membership application is approved, you will have access to all of PenFed's financial products and services. PenFed's online and mobile banking platforms make it easy to manage your accounts and stay on top of your finances. As a member-owned credit union, PenFed is committed to providing its members with competitive rates, excellent customer service, and a range of financial resources to help them achieve their financial goals.
Access on the Go
Pentagon Federal Credit Union (PenFed) offers a range of digital banking options to help members access their accounts and manage their finances on the go. Here are some of the ways you can gain access to PenFed's services:
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Online banking. PenFed's online banking platform allows you to manage your accounts, transfer funds, pay bills, view statements, and more. You can access online banking through the PenFed website or mobile app.
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Mobile app. The PenFed mobile app is available for iOS and Android devices and allows you to manage your accounts, deposit checks, transfer funds, pay bills, and more. You can also use the app to find PenFed ATMs and branches.
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Text banking. PenFed's text banking service allows you to check your account balances, view transaction history, and receive account alerts via text message.
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Telephone banking. PenFed's telephone banking service allows you to check your account balances, transfer funds, and more over the phone.
PenFed Credit Union Products
Pentagon Federal Credit Union (PenFed) offers a wide range of financial products to help its members achieve their financial goals. Here are some of the products offered by PenFed:
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Checking Accounts. PenFed offers a variety of checking account options, including the Free Checking account and Access America checking account. No monthly service fees and no minimum balance options are available.
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Savings Accounts. PenFed offers several savings account options, including the Premium Online Savings account, Regular Savings account, and Money Market Savings account.
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Certificates. PenFed offers a range of certificate options, including money market certificates and Coverdell education savings certificates.
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IRAs. PenFed offers IRA savings accounts and IRA certificates to help members save for retirement.
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Auto Loans. PenFed offers auto loans with competitive rates and a car-buying service to help members find their dream car.
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Home Loans. PenFed offers a range of home loan options, including VA loans, FHA loans, conventional fixed-rate loans, jumbo loans, adjustable-rate mortgages, and more.
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Home Equity Loans and Lines of Credit (HELOCs). PenFed offers HELOCs to help members access equity in their homes.
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Personal Loans. PenFed offers personal loans for a variety of purposes, including debt consolidation, home improvements, and more.
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Student Loans. PenFed offers student loan refinancing and in-school student loans to help members pay for college.
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Credit Cards. PenFed offers several credit card options, including the Gold Visa card, Power Cash Rewards Visa Signature card, Platinum Rewards Visa Signature card, and Pathfinder Rewards Visa Signature card. These cards offer cashback rewards, points, and other benefits to help members save money and earn rewards.
Which associations does PenFed Credit Union Belong to?
PenFed Credit Union, also known as the Pentagon Federal Credit Union, is a member of several associations. Some of these associations include:
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National Association of Federally-Insured Credit Unions (NAFCU) – PenFed is a member of the NAFCU, which advocates for the interests of federally-insured credit unions in the United States.
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Defense Credit Union Council (DCUC) – PenFed is part of the DCUC, an organization that represents and supports credit unions serving the U.S. Department of Defense community.
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Credit Union National Association (CUNA) – Although I could not confirm PenFed's membership in CUNA, many credit unions are members of this national association, which aims to represent and provide resources for credit unions in the United States.
PenFed Credit Union Reliability
PenFed Credit Union is a reliable financial institution offering its members various financial products and services, including savings accounts, checking accounts, loans, and credit cards. As a federally insured credit union, PenFed is regulated and insured by the National Credit Union Administration (NCUA).
The NCUA is an independent federal agency that provides oversight and insurance for credit unions in the United States. PenFed savings accounts are federally insured by the NCUA for up to $250,000 per depositor. This means that your deposits at PenFed are backed by the full faith and credit of the U.S. federal government, offering high security and protection for your funds.
In addition to being NCUA-insured, PenFed also adheres to the Equal Housing Lender guidelines. This means that they are committed to providing fair and equal lending opportunities to all applicants without discrimination based on race, color, religion, national origin, sex, handicap, or familial status. PenFed's commitment to Equal Housing Lending ensures that they maintain ethical lending practices.
Finally, the routing number for PenFed Credit Union is #256078446. This number is used to identify the financial institution during financial transactions, such as transferring funds or setting up direct deposits.
