Pentagon Federal Credit Union ("PenFed"), a DepositAccounts.com advertiser, serves more than 1.6 million members, including many in the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, and the Veterans of Foreign Wars. PenFed is one of the largest credit unions in the country and offers a range of banking products and services, in addition to credit cards and loans.
On its personal banking side, PenFed offers savings accounts including checking accounts, Money Market accounts, Certificates, Coverdell Education Savings Certificates, and IRA accounts. PenFed’s Access America Checking earns dividends and comes with free online bill payment and mobile check deposit. PenFed’s regular savings account earns dividends, which are compounded daily and credited monthly. Money Market Savings accounts are available and come with free checks, have no regular service fees, and offer tiered rates of dividends for greater account balances. DepositAccounts.com has featured PenFed’s Certificates, referred to as ‘Money Market Certificates,’ repeatedly in the past for their competitive dividend rates. IRA accounts are also available, providing a retirement savings alternative.
PenFed online banking is a secure banking platform through which members can access their accounts, transfer funds, pay bills, and view transaction history. The credit union has optimized its website for mobile banking and released a mobile app to make account management easy and convenient on the go. The credit union introduced its ACH online transfer service in the spring of 2012, making it easy for members to transfer funds into and out of these liquid accounts.
Pentagon Federal Credit Union has more than $23 billion in assets. It was originally established in 1935 and is headquartered in Alexandria, Virginia. The credit union serves members in each U.S. state and at military bases in Puerto Rico, Guam, and Okinawa. PenFed is federally insured by the NCUA.
PenFed is a Credit Union and requires you to become a member before you obtain any products. You will need to maintain a $5 Savings/Share Account as part of your PenFed membership. Membership is open to the following: (1) members of the United States Military and Uniformed Services; (2) employees of the U.S. government; (3) live or work in Fort Hood, Fort Gordon, Fort Shafter, Belvoir, Virginia and other select military or U.S. government locations; (4) employees of American Red Cross, Anderson Air Force Base, and over 100 Select Employer Groups; (5) members of Marine Corps League, National Military Family Association, and over 40 military-related associations; (6) and to immediate family of those who are eligible. (Complete membership requirements are listed in the credit union's online application). Membership is also open to anyone through membership in the National Military Family Association ($17 donation).
See current membership details
I recently conducted an important account transaction/transfer with PenFed, and it was handled very promptly and professionally. However, I wish I could do those transactions from the webpage, instead of having to mail a letter.
I'm very happy that you can now have the FULL AMOUNT of your maturing certificate sent back to your linked bank via ACH. I wish they would allow us to do the same with money in regular savings. (current ACH transfer limit is 5k per day?)
And lastly, I'm glad to see a new premium savings account with a 2% yield. That's a good start, PenFed. Any chance that rate may increase to 2.30 or 2.40%? :) Thanks for the great service.
Not too happy with finding out that money moved between your own Penfed accounts is unavailable for 6 days! Never experienced that with any other of the many banks I have used. Most transfers from Outside institutions is only 3 days between most banks!
PenFed is the worst credit union I've ever used.
I had two fraudulent charges on my debit card. I cancel the card and report the charges. One charge was refunded the next day. After 10 days of waiting for the other refund, I called them. They only submitted one of the charges as fraudulent.
I try to report the second fraudulent charge. Well, to do that, I have to speak to the woman handling my case. She doesn't answer her phone and never returns calls (after 4 messages). So, I can't report the second fraudulent charge. After multiple calls and making a big enough stink, eventually another employee takes care of it.
Seeing how bad the bank is, my wife calls to close her accounts and have the all the money mailed to us. Then we wait, and wait. After 10 days we call to see what is going on. Well, they just closed the checking account and put the money into the savings. So, she again asks to close all accounts and have a check mailed. Then we wait. After a week, we call again. They still didn't do it. Now she is going to have to call daily. And how bad will it be when I try to close my accounts, assuming I get my refunds?
So, fraudulent charges, very difficult to get refunds, nearly impossible to get your money out, and multiple customer service reps that are either too incompetent to handle simple requests or are told to make refunds and closures as difficult as possible.
I've been a member of PenFed for about 10 years now. They're not my primary bank but I've do have a savings account, and previously refinanced an auto loan and my mortgage through them.
Although I live within a reasonable distance from on of their brick and mortar locations I've been able to do everything online or by phone. Even when it came to closing on my mortgage refi they set everything up and sent a notary to my house to sign all the paperwork.
The pluses is they have great rates on loans that beat other credit unions and banks I've done business with. If you're comfortable doing stuff remotely, their website and interface are pretty simple and easy to use. Paying your loans to Pen Fed via an outside account also has been super easy.
The minuses there are a lack of brick and mortar locations and some of their locations are on military bases or other government buildings where access might be limited. There aren't a ton of banking products to choose from as far as checking and/or savings accounts.
The main reason I never opened a checking account is I couldn't figure out the fees as it related to ATM withdraws for cash, it seemed based on the fee schedule on their website there was a fee for this or a fee for that related to checking accounts. So I opted to open a checking account elsewhere which gave me more freebies.
|Return on Assets - YTD||0.47%|
|Return on Equity - YTD||1.66%|
|Annual Interest Income||$517.2MM|
|Assets and Liabilities|
|Assets||Q2 2020vs Q2 2019||$25.92B$24.42B|
|Loans||Q2 2020vs Q2 2019||$20.51B$19.69B|
|Deposits||Q2 2020vs Q2 2019||$18.62B$18.41B|
|Equity Capital||Q2 2020vs Q2 2019||$7.29B$2.60B|
|Loan Loss Allowance||Q2 2020vs Q2 2019||$203.7MM$119.7MM|
|Unbacked Noncurrent Loans||Q2 2020vs Q2 2019||$190.6MM$224.0MM|
|Real Estate Owned||Q2 2020vs Q2 2019||$0$1.8MM|
Rates for PenFed Credit Union are currently being reviewed.