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!
Our Family have all been PenFed members for years. While not the best, customer service which seems to be contracted out is absolutely horrible. Not to mention accounts have many fees assessed. Their website & app are so outdated. They don’t have Zelle or any instant transfer options to others. They hire Andrea McCarren to head a marketing campaign “PenFed Digital” yet their back office backbone IT system is like a dinosaur from 1990s. They say they help Veterans, yet reviews by Veterans, especially those deployed, who also have been PenFed members for years, of how badly Veterans are treated by poor inept customer service Representatives. Fees assessed can’t be waived until you hang up & call again & maybe get someone that understands & will reverse.
Account standards have changed. No direct deposit? $10 monthly fee. Their ATM system is way out of date. They still charge $1.50 fee for ATMs In-Network! You have to call to get them to credit the $1.50 the PenFed system assessed. They have been saying. For years “we’re working on upgrading so our system recognizes All In-Network ATMs & didn’t assess a fee”. Deposit Cash to a PenFed ATM takes at least 24 hours or maybe 5 business days to post. ALL other financial institutions post cash deposits immediately. When asked, PenFed states again for years they are working on upgrades. Use your PenFed Credit or Debit Card on the 1st or 15th of the month? You may get a “Not Authorized” at the retail establishment, hence you can’t pay using PenFed Cards. For years “our system gets overloaded & doesn’t communicate with the merchants causing the sale not to be approved". No one knows what “not authorized” means. B.
Car loan process horrible. Can get approved online with other institutions in minutes. PenFed tell you you’re approved, then at the car dealer PenFed becomes a problem. Bottom line take your business to NavyFCU or USAA. They tried to complete with USAA Financial Centers about 5 years ago & PenFed got lost in the dust. Then USAA smartly Closed all their Financial Centers & improved their online banking & app. Again, PenFed website & app are antiquated. Don’t put up with unprofessional PenFed associates, and don’t be fooled by their BS Marketing “PenFed Digital”. They need to abolish that program and Truly help their Veteran Members & All PenFed Members. And bring their systems updated from the 1990s. Avoid at all costs
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||0.76%|
|Return on Equity - YTD||7%|
|Annual Interest Income||$759.1MM|
|Assets and Liabilities|
|Assets||Q3 2019vs Q3 2018||$24.77B$24.08B|
|Loans||Q3 2019vs Q3 2018||$19.78B$20.07B|
|Deposits||Q3 2019vs Q3 2018||$18.11B$18.34B|
|Equity Capital||Q3 2019vs Q3 2018||$2.66B$2.39B|
|Loan Loss Allowance||Q3 2019vs Q3 2018||$134.8MM$112.1MM|
|Unbacked Noncurrent Loans||Q3 2019vs Q3 2018||$226.9MM$129.9MM|
|Real Estate Owned||Q3 2019vs Q3 2018||$2.6MM$3.9MM|
Rates for PenFed Credit Union are currently being reviewed.