Pentagon Federal Credit Union
|Headquarters||7940 Jones Branch Drive, McLean, Virginia, 22102 United States|
Number of locations
|Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, the Veterans of Foreign Wars and their families|
|Edward B Cody, Board of Directors Chairman|
James Schenck, President and CEO
|Products||Savings; checking; consumer loans; mortgages; credit cards; investments|
Pentagon Federal Credit Union, widely known by its abbreviated name PenFed, is a United States federal credit union headquartered in McLean, 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 $23 billion and more than 1.6 million members as of July 2017.
In addition to a variety of loans, savings, and deposit accounts, PenFed 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. PenFed serves a diverse population to include membership through employment, association membership, or volunteerism. No military affiliation is strictly required. A list of some eligible memberships include the following:
- Active duty members from the U.S. Army, U.S Navy, U.S. Marine Corps, U.S. Air Force and U.S. Coast Guard.
- Reserve and National Guard members.
- Retired members of Active Duty, Reserves, and the National Guard.
- Current and retired civilian employees of the Department of Defense.
- Current and retired agents of the Department of Homeland Security
- Current and retired employees of the United States Public Health Service
- Employees and volunteers of the American Red Cross
- Members of the National Military Family Association
- Members of the Air Force Association
- Members of the United States Coast Guard Auxiliary
- Members of the Military Officers Association of America
- Members of Paralyzed Veterans of America
- Members of the United States Army Warrant Officers Association
- Members of the Marine Corps League
- Members of the Navy League of the United States
- Members of the Reserve Officers Association
- Members of Jewish War Veterans of the United States of America
- Members of Veterans of Foreign Wars
- Members of Vietnam Veterans of America
- 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
Pentagon Federal is among a few financial services companies which specialize in serving the military—it competes with other military credit unions, such as Navy Federal Credit Union, as well as with some large banks including Bank of America-Military Bank and USAA.
Branches are located in the Washington, D.C., area, which includes Maryland and Virginia; California; Florida; Georgia; Hawaii; Nebraska; New Mexico; New York; North Carolina; Texas; and at military bases in Guam, Japan, Portugal, and Puerto Rico.
In 2017, Pentagon Federal initiated merger talks with Scranton-based Valor Credit Union. Members of the credit union have received ballots to vote on whether their credit union should merge with PenFed. Valor Credit Union reported net losses of $2.4 million and $2.25 million in last year’s second and third quarters which initiated talks of merger with PenFed. The merger was approved by Valor members, and on April 1, 2017, Valor officially merged with PenFed.
- "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.
- "Membership". penfed.org.
- "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.
- WRITER, JON O'CONNELL, STAFF. "Valor Credit Union pursuing merger with Pentagon Federal". Retrieved 2017-01-26.
- "Valor Federal Credit Union". Retrieved 30 July 2018.