Pentagon Federal Credit Union
|Headquarters||Alexandria, Virginia, United States|
|Number of locations||22|
|Area served||Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, the Veterans of Foreign Wars and their families|
|Key people||Jim Quinn, Board of Directors Chairman
James Schenck, President
|Products||Savings; checking; consumer loans; mortgages; credit cards; investments|
Pentagon Federal Credit Union, also known as Pentagon Federal or PenFed, is a federal credit union headquartered in Alexandria, Virginia, chartered and regulated under the authority of the National Credit Union Administration (NCUA). PenFed is the nation's third largest federal credit union with assets of over $15B (February 2011) and approximately 1 million members.
In addition to savings and checking accounts and loans, it also offers credit cards and other financial services.
As with all credit unions, membership in Pentagon Federal Credit Union is limited to individuals sharing the common bond defined in its credit union charter. The field of membership at Pentagon Federal Credit Union is:
- Active duty, reserves, or Retired from the U.S. Army, Air Force, Coast Guard, National Guard, ROTC (Advanced Cadets)
- Members of the U.S. Coast Guard Auxiliary
- Members of the Veterans of Foreign Wars of the United States (VFW)
- Civilians employed by, or retired, Department of Defense, Homeland Security, Army, Air Force
- Pentagon building employees
- Employees of the Transpotomac Plaza or Canal Center in Alexandria, VA
- Individuals who are assigned to, work at, or receive benefits from, any defense or military-based institution
- Family members of those in the field of membership, including: grandparents, parents, spouse, siblings, children (including adopted, foster and stepchildren), grandchildren, and household members
- Family members and employees of Pentagon Federal Credit Union itself
- National Military Family Association members
- Military Officers Association of America members
- Reserve Officers Association members
- Employee or volunteer of the American Red Cross
Pentagon Federal is among a few financial services companies which specialize in serving the military—it competes with other military credit unions, like Navy Federal Credit Union, as well as with some large banks including Bank of America-Military Bank and USAA.
- "New rules won't affect all credit cards the same way Card issuers warn of high fees under new law, but credit unions largely unaffected". Marketwatch. May 26, 2009. Retrieved 2009-11-16.
- "Pentagon Federal Credit Union expands in Omaha". Nebraska.tv. July 8, 2009. Retrieved 2009-11-16.
- "Pentagon Federal Credit Union Joins National Surcharge-Free ATM Network; Members Gain Convenient Access at 23,000 Well-known Retail Outlets.". Pentagon Federal Credit Union press release via PR Newswire. April 2, 2003. Retrieved 2009-11-16.