|Headquarters||7940 Jones Branch Drive, McLean, Virginia, 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 $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.
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:
- 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
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.
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.
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.