Pentagon Federal Credit Union
Pentagon Federal Credit Union also known as PenFed, is one of the largest credit unions in the United States, known for its competitive rates on savings and loan products, often providing favourable terms compared to traditional banks. It mainly serves military personnel, government employees, and their families.
- CEO: James Schenck
- Headquarters: McLean, Virginia
- Assets: $35 billion
- Customer Count: 2.9 million
- Number of Branches: 50 branches
- Number of ATMs: 85,000+ ATMs
Pros:
- Competitive Rates: PenFed offers competitive rates on savings accounts, certificates of deposit (CDs), and loan products.
- Nationwide Accessibility: It has a nationwide network of ATMs and branches, as well as robust online and mobile banking platforms which is a convenience to its members.
- Community Involvement: It actively supports communities, especially military ones. It participates in various community outreach programs and initiatives, contributing to their well-being.
Cons:
- Membership Eligibility: Membership eligibility criteria for PenFed are primarily restricted to individuals associated with the military, government, or specific employer groups.
- Fees and Requirements: Like any other financial institution, it has its own set of fees, terms and conditions.
- Limited Branch Network: While PenFed offers nationwide accessibility through its network of ATMs and branches, its branch presence may be limited compared to larger banks.