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About Pentagon Federal Credit Union
Pentagon Federal Credit Union (PenFed) is a not-for-profit organization that provides a range of financial products and services, including checking and savings accounts, credit cards, loans and investment services. In general, it has lower fees and better interest rates than most traditional banks. Anyone can become a member of PenFed.
Pros & Cons
Pros
- Anyone can join
- Over 85,000 ATMs
- Low fees
- Competitive rates
Cons
- Must open savings account to establish membership
- Some minimums required to avoid fees
Bottom Line
PenFed is a not-for-profit credit union that offers a variety of financial products and services to its 2 million+ members worldwide. It’s a good option for those looking to avoid high banking fees, although it has limited brick-and-mortar locations.
Featured Reviews
Penfed Credit Union was a great decision. Jeremy ** was our loan officer and if I could give 10 stars, I would. Not only did the rate beat every other rate, but Jeremy also took t...
Read full reviewI joined in 2013 because they had the best deal on an auto loan. Very smooth experience. Since then I have a credit card, checking and savings account. Also a very good experience...
Read full reviewWhat is Pentagon Federal Credit Union?
PenFed was founded in 1935 and is headquartered in McLean, Virginia. It serves more than 2 million members worldwide and has over $36 billion in assets.
PenFed’s product lineup includes checking and savings accounts, certificates of deposit (CDs), credit cards, personal loans, auto loans, mortgages and home equity loans. It also offers investment services and insurance products.
PenFed customers have access to more than 85,000 ATMs nationwide as part of the CO-OP and Allpoint ATM networks.
How does Pentagon Federal Credit Union work?
Anyone can join PenFed by opening a Regular Share or Premium Online Savings account and making a minimum $5 deposit.
Once your account is open, you can take advantage of other financial products and services, including checking accounts, credit cards, loans and more.
PenFed operates as a not-for-profit organization, which means that its profits are returned to its members in the form of lower fees and better interest rates.
In general, PenFed has lower fees and better interest rates than most traditional banks. However, some accounts may require a minimum balance or direct deposit to avoid monthly fees.
Pentagon Federal Credit Union products and services
PenFed has these account options:
Checking accounts
However, if you want to earn interest and take advantage of additional benefits, such as an overdraft line of credit, consider the Access America Checking . You’ll need direct deposits or a minimum daily balance of $500 to avoid the $10 monthly maintenance fee.
Savings accounts and CDs
PenFed also has a Money Market Savings account that comes with free checks and ATM access, but it requires a $100,000 balance to earn the advertised 0.15% APY.
In addition, PenFed has Money Market Certificates , also known as CDs, that earn up to 4.70% at publishing and can be opened with as little as $1,000. Terms range from six months to seven years.
Specialized accounts include individual retirement account (IRA) certificates, IRA savings accounts and Coverdell Education certificates.
Credit cards
All cards come with tap-to-pay, travel accident insurance and emergency card replacement.
Loans
Other loans include mortgage refinancing, home equity lines of credit (HELOCs), personal loans, auto loans, student loans and student loan refinancing.
Pentagon Federal Credit Union fees
Overall, PenFed has fewer fees than most traditional banks. Most of its checking and savings accounts are free. Access America Checking has a $10 fee that’s waived when you set up at least $500 in monthly direct deposits or maintain a minimum $500 daily balance.
Non-network ATM fees are waived for checking customers. Other customers pay $1.50 per withdrawal for non-network ATMs.
PenFed also charges for the following:
- $30 for non-sufficient funds or overdrafts
- $20 for stop payments
- $1 for balance inquiries made at a non-network ATM
- Up to 2% for international transactions
Pentagon Federal Credit Union FAQ
Is PenFed FDIC-insured?
PenFed is insured by the National Credit Union Administration (NCUA), which is equivalent to the Federal Deposit Insurance Corporation (FDIC). This means your deposits at PenFed are federally insured up to $250,000, just like FDIC insurance at a bank.
How do I become a member of PenFed Credit Union?
You can become a PenFed member by opening a savings account online and making a minimum $5 deposit.
Does PenFed Credit Union use Zelle?
Yes, PenFed Credit Union is part of the Zelle network, which allows its members to send and receive money easily and securely using its mobile banking app or online banking platform.
What is PenFed Credit Union's routing number?
PenFed Credit Union's routing number is 256078446.
Is Pentagon Federal Credit Union legit?
PenFed is a legitimate financial institution. Membership is open to anyone, so you don't need to be associated with the military to join.
PenFed's checking and savings accounts are free or have low minimum balance requirements, making them a good option for those who want to avoid high bank fees. However, PenFed may not be the best fit for those who prioritize brick-and-mortar locations, as its physical branches are limited.
Pentagon Federal Credit Union Reviews
ConsumerAffairs has collected 223 reviews and 696 ratings.
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Reviewed Nov. 2, 2023
In general the app is riddled with errors. As a developer it is frustrating to use. Logging in generates sales force error. Authentication errors every third time. It takes typically three days of attempts to pay a bill until the app or website works. It says no internet connection but I can log in elsewhere fine. Bad for customers!!!
Updated review: Oct. 23, 2023
Resolved problem.
Original Review: Oct. 22, 2023
I sent a check I received from a business to PCU. It never arrived in my account. After a month of no help the check sender went to his bank and obtained a copy of the check that was cashed by Penfed. Penfed would not accept the copy of the check and asked that the company providing the check send a PDF of their business account, which they refused. I asked that Penfed contact the bank for verification but they refused. I am out $3000 due to either incompetence or worse. Don't send checks to Penfed. Len
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Reviewed Oct. 4, 2023
I have been a PenFed customer for 20+ years. The last few months I have had a very difficult time logging into PenFed and paying the balance due on two PenFed credit cards. Now, after doing all the requested IT approaches--clearing cache, cookies and using different browsers--I still have zero access to my account. I get a big Salesforce authentication error after completing the password log in and then completing the second factor verification. Even after it says I am authenticated, the page starts to open up as if it is going to my account, but each and every time I get the next page, which generates a big "Salesforce" logo saying there is an authentication error.
I guess one way to look at it is that PenFed will have very few if any hacks, but at the expense of losing some of its loyal client base. I will stop using PenFed as my primary credit card company (95%), and use my Amex, or NFCU Visa, and/or USAA's credit card--I am fortunate I have options. I am very disappointed in PenFed and its management to a more secure, user-friendly client interface. Now all I have to do is figure out how to pay off my two accounts, and then close the accounts. It's been a good ride, until it wasn't!
Reviewed Oct. 3, 2023
I chose to go with PEN FED mortgage because they were offering the best interest rates at the time. The initial conversation with the loan officer was great and it all started to go downhill when my application was sent over to the loan processor. First of all, it was impossible to reach my loan processor. After bugging the credit union in its entirety I was finally able to get ahold of the loan processor. She said that my offer letter was the only thing that was getting in the way of granting the loan. She stated that the underwriters were very skeptical of the at-will employment concept. I told her that it was very common in the state I live in and told her that there was no way to remove the at-will statement on the offer letter.
I told her it's mandated by the state law to list the at-will notification and she still didn't understand. After a short 5 minute talk with her underwriters, she denied my loan and said that I wasn't financially qualified. (I'm putting 35% downpayment on a 600k house and I make over 130k a year). I AM VERY VERY disappointed by the unprofessionalism of this organization and will never ever reach out or recommend this CU to anyone that I know.
Reviewed Sept. 8, 2023
I’ve been with them over a year. My initial credit limit was $5k. Over a year later I called for a credit line increase and I’m declined. I have perfect payment history with them and a high credit score. I have Amex accounts with $25k plus credit lines. I paid my account off and closed it same day. Plus their app/web performance is horrible! Sluggish and constant error messages. I’d bank at a place that doesn’t seem like it’s still stuck in the 90’s.
Reviewed Aug. 17, 2023
Being with PenFed a little over a year and I have had fake overdraft fees that required me calling to correct. They have rude customer service that talk over you and never get to your issues without wanting to transfer you. Upon changing my direct deposit all of the sudden overdraft fees coming in, I would consider this as the worst credit union ever.
Reviewed July 22, 2023
Don't trust this bank, they do not protect your money. I lost my iPhone and Wallet and within hours notified them, provided police report and proof of new iPhone purchase and they still denied my claim with no reason as to why. I am shocked every other financial institution assisted me and was able to credit me back my stolen unauthorized fraudulent activity except PenFed. I would think twice before opening account with PenFed as they do not protect your money.
Reviewed July 14, 2023
PenFed now requires 2-factor ID to login to your accounts. PHONE is the only option for verification. No phone access, no account access. We were given NO OPTION to select an email verification. If using desktop, IPAD or tablet, you need 2 devices just to log on to your account. Obviously these arrogant IT nerds do not travel often to areas with no or limited or costly phone access. Plus I am concerned there must be a significant security issue with this institution because none of my other online banks have this mandatory phone requirement to get a login code. After many years and with sizeable deposits, I will be diversifying.
Reviewed July 7, 2023
I have the Penfed Platinum Visa for over 12 years. At the beginning, I was getting True 5% on Gas and 3% on grocery. Then things changed. While they continue to give the same cashback, when you try to claim your rewards they will deduct 5880 points for a $50 Visa. Which is 880 points or $8.80 extra. It's is way less than 5% or 3% redemption. This is deceiving business practice. You can still get some store gift card on sale, $50 card for around 5000. Buyer be aware.
Reviewed June 8, 2023
Transferred money out of my local credit union to PenFed. Money came right out of my credit union but PenFed decided they want to hold the money for several days bouncing the check. Do not recommend using them, poor customer service.
Pentagon Federal Credit Union Company Information
- Company Name:
- Pentagon Federal Credit Union
- Year Founded:
- 1935
- Address:
- 2930 Eisenhower Avenue
- City:
- Alexandria
- State/Province:
- VA
- Postal Code:
- 22314
- Country:
- United States
- Website:
- www.penfed.org
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