Pen Air Credit Union is headquartered in Pensacola and is the 13th largest credit union in the state of Florida. It is also the 192nd largest credit union in the nation. It was established in 1936 and as of September of 2022, it had grown to 328 employees and 121,331 members at 11 locations. Pen Air Credit Union's money market rates are 5X the national average, and it has a B+ health rating.
Field of Membership Restrictions
Pen Air Credit Union is open to anyone by becoming a member of the Friends of the Navy-Marine Corps Relief Society by making a $1 donation. Membership is also open to individuals who live, work, worship, or attend school in the Florida counties of Bay, Calhoun, Escambia, Franklin, Gadsen, Gulf, Holmes, Jackson, Leon, Liberty, Okaloosa, Santa Rosa, Wakulla, Walton, or Washington, OR the Alabama counties of Baldwin or Mobile. Active duty or retired military, federal civil service employee, and employees of several Select Employer Groups are also eligible to join.
See current membership details
Related Posts
1/23 - Pen Air Offers 28-Month Certificate At 4.75% APY
12/13 - PenAir CU CDs: 18m 5.02% APY; 15m Add-on 4.000% APY.
8/29 - Pen Air FCU New (modest) CD Offerings
5/9/20 - Pen Air Federal Credit Union 60-month CD APY Remains Solid
3/21/20 - Pen Air Federal Credit Union 60-month CD Is A Rate Leader
8/28/19 - Pen Air Federal Credit Union 60-month CD Earns 2.95% APY
1/3/13 - Pen Air Federal Credit Union Falls Off 5-Year CD Rate Leader Spot
11/8/12 - Top 5-Year Jumbo CD Rate at Pen Air Credit Union - Easy Membership
8/23/12 - Top 5-Year CD Rate at Pen Air Credit Union - Easy Membership
4/26/12 - Competitive CD Rates at Pen Air Credit Union - Easy Membership
5/19/08 - 3.70% 10-Month CD at a Florida / Alabama CU (Pen Air)
5/17/08 - 3.65% 6-Month CD at a Florida / Alabama CU (Pen Air).
4/28/08 - 6.00% 10-Month CD at a Florida CU (Pen Air)
What A Wonderful Experience!
I went online and the application process was very easy. I only had one concern at the end of the process when it stated I would need to send a check. I contacted customer service via the chat function and Shakiya said she would help. She was fantastic! She finished the application process at 5pm and the very next morning she had the account opened and sent me the wiring information to fund my new accounts. The CD rates are competitive, the online banking is easy to use, and the customer service from Shakiya was A+. I was a private banker for over a decade and I am all about customer service. I do not write nice reviews unless they are deserved and Shakiya deserves to be recognized. Thank you so much for making this a very easy process!
Dormant Account Fee
I had a CD there. When it came due, I took out the money, but I left $25 in the share savings account to keep it open. I transferred some money to open the add-on CD. I went to log in yesterday, and I couldn't. I spoke to a very helpful and pleasant customer service rep, Jocie. The reason I could not access my account was because I hadn't logged in for 6 months. So I had to re-register for online banking.
She also told me I had been charged a dormant account fee of $30 on November 30, but she credited that back to me.
Lastly, I was easily able to change my beneficiary to a trust (believe me, at one credit union it took numerous calls and finally, a new form) via a docusign document she set up while I was on the phone.
Account Clarifications
I spoke with a representative today who states that membership approval requires a soft credit report pull not a hard pull. Tomorrow I'll find out if a 12 month no activity fee would be assessed if someone creates no activity or no further deposits during a 18 month CD term. The initial share deposit is a bit more than most credit unions who require just a $5 opening deposit.
Be Prepared To Get Declined When Applying For A Saving Account
Pen Air CU's CD product has attractive rate. I decided to open a CD account with them. I filed in application online on Dec 28, 2022, for a membership saving account and a 18-month CD account.
They declined my application without any reason today on Dec 29, 2022. This is the exact message I got from them: 'At this time, we are unable to move forward with opening the requested account. We will mail you at the address listed on the application to explain our decision in further detail.'.
Customer service member was gentle but clueless. They had good attitude but were not helpful at all. No reconsideration is available, and I have to move forward since they are 'unable to move forward'...
I am not a FL local resident, and have over 16 years credit history and TU score 745 as Dec 24, 2022.
Honestly, I do not care their 'decision in further detail' since the decision is final.
I have spent hours on researching their product and the CD product deserves 5-star review, as long as an applicant can get approved...
Data as of Q3 2022
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| NCUA # | 68734 |
| Year Chartered | 1936 |
| Employees | 328 |
| Primary Regulator | |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 1.08% |
| Return on Equity - YTD | 16.78% |
| Annual Interest Income | $56.4MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2022 | $2.24B |
| Loans | Q3 2022 | $1.28B |
| Deposits | Q3 2022 | $2.01B |
| Equity Capital | Q3 2022 | $143.8MM |
| Loan Loss Allowance | Q3 2022 | $12.9MM |
| Unbacked Noncurrent Loans | Q3 2022 | $6.8MM |
| Real Estate Owned | Q3 2022 | $0 |