Pentagon Federal Credit Union


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. PenFed is the nation's third largest federal credit union, with assets of $25 billion and more than 1.8 million members as of July 2018.
In addition to a variety of loans, savings, and deposit accounts, PenFed also offers credit cards and other financial services.

Membership

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.
PenFed now has open enrollment, no eligibility required as of May, 2019. But PenFed will do a hard credit inquiry immediately when you open a checking or savings account.
A list of some past eligible memberships include the following:
PenFed is among a few financial services companies that 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.

Locations

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.
Pentagon Federal operates several call centers in Omaha, Nebraska; Papillion, Nebraska; Eugene, Oregon; and San Antonio, Texas.
In 2003, Pentagon Federal joined Allpoint, a surcharge-free network of automated teller machines.

Expansion

In 2017, Pentagon Federal initiated merger talks with Scranton, Pennsylvania-based Valor Credit Union. Valor 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.
In February 2019, McGraw-Hill Federal Credit Union announced plans to merge with PenFed, completing to convert customers to those of PenFed on May 1, 2019. The former McGraw-Hill branch in East Windsor, New Jersey branch currently operates as a PenFed branch as of September 2019.