Pentagon (PenFed) Federal Credit Union Information

The Pentagon Federal Credit Union or PenFed credit union represents over one million federal employees working for the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, Veterans of Foreign Wars and more. 

This credit union was established in 1935 and provides services for Americans around the world.  This is a very safe financial institution containing over 15 billion dollars in assets.  PenFed offers mortgages, credit cards, car loans, personal loans, checking accounts and money market options to all of its members.      

Most of this worldwide service is available via the internet in the form of electronic naming.  There are specific branch locations in North Carolina, New York, Hawaii and Washington DC.  There are also some convenient branches overseas.  The Pentagon Federal credit Union utilizes a volunteer board of directors.  These Board members meet monthly to credit union address policy issues.     

Here are some of the benefits of being a PenFed member:

High dividend yields on IRA and money market certificates. 

Very low loan rates.

Access to over 30,000 ATM machines.

Real estates services including home equity loans and credit lines.

Secure and free online access to your accounts.

PenFed Credit Union Eligibility

In order to be a member of the Pentagon Federal Credit Union you must be one of the following:

United States Military and Uniformed Services

Member of Eligible Military Association

Unites States Government Employee

Employee of an Eligible Place of Business (Veteran Services etc)

Family Member or Housemate is Eligible

American Red Cross

Military Installation

PenFed Community Outreach

The Pentagon Federal Credit Union Foundation is dedicated to serving the en and women of America’s armed forces and their immediate families.  They offer financial support of charitable programs, financial planning training and provides financial planning tools to members.  

PenFed also offers a detailed monthly newsletter magazine.  This monthly publication highlights issues that are beneficial to you.  Information on low-rate fixed and adjustable mortgages, credit card consolidation and balance transfers, car buying services, real estate solutions, tax preparation assistance and more are covered in PenFed’s monthly newsletter.  

PenFed Insurance

PenFed offers a variety of insurance options for its members.  Flood insurance can be a life saver in terms of your family’s financial well being if you live in a flood prone area. Full protection home insurance is also offered by PenFed.  Updating liability coverage, estimating costs to rebuild your home, home inventories, living expenses and more are provided by PenFed insurance. 

PenFed and College Expenses

Paying for college can be one of your most significant expenses, second only to purchasing your home.   PenFed offers an education financing kit to help you plan for education expenses. 

PenFed offers three major college education options for its members:

PenFed Student Loan

Pentagon Federal Home Equity Loan

Education Lines of Credit

In order to qualify for these education programs you need establish that you have good credit.  These programs are not needs based and you do not need to fill out a Free Application for Federal Aid or FAFSA form.  Most of these plans can assist you with the expenses of books, dormitory rooms and academic fees associated with your classes.