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What is Pentagon Federal Credit Union?

Hannah Locklear | August 21, 2023

Summary: PenFed is a leading U.S. credit union that originally catered to US military and defense members, but now offers its services to all. These services include savings and checking accounts, loans (e.g., auto, personal, and mortgage loans), credit cards, and more. If you owe a debt to PenFed Credit Union, SoloSettle could help you settle your debts for good.

If you've been researching financial institutions, particularly credit unions, you may have come acrossPentagon Federal Credit Union, commonly referred to as PenFed. But what exactly is PenFed, and what sets it apart from other banking options? In this blog post, we will dive deep into the world of PenFed to give you a clear understanding.

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What is a credit union?

Before we delve into PenFed's specifics, let’s explore what a credit union is.

Unlike traditional banks, credit unions are not-for-profit financial institutions that are owned by their members. This ownership structure often allows credit unions to offer better rates and lower fees compared to their banking counterparts. Members of a credit union typically have something in common, known as the 'field of membership,' such as a geographical location, an employer, or another association.

Pentagon Federal Credit Union offers many services

Pentagon Federal Credit Union is one of the largest credit unions in the United States. It was founded in 1935 and is headquartered in McLean, Virginia.

Originally established to serve members of the U.S. defense establishment, PenFed has since expanded its membership eligibility to include a broader range of people. While it still primarily serves members of the U.S. military and their families, membership is also available to individuals through other affiliations and certain associations.

PenFed offers a variety of financial products and services, including savings and checking accounts, loans (e.g., auto, personal, and mortgage loans), credit cards, and more. Like other credit unions, PenFed operates as a not-for-profit institution, which typically translates to more favorable rates and terms for its members compared to for-profit banks..

Anyone can join PenFed

While PenFed's roots lie in serving the military community, its membership criteria have expanded. Today, members of the U.S. military, employees of many U.S. government agencies, and their families are immediately eligible, but also, anyone can become a PenFed member. You can check PenFed’s latest membership criteria on their official website or by contacting them directly.

PenFed may be the best option for your banking

Here are some key reasons to consider PenFed for your banking:

  • Customer-Centric Approach: As a member-owned institution, PenFed's primary loyalty is to its members, not stockholders. This often translates into better customer service and member-focused policies.
  • Competitive Rates: Historically, PenFed has offered some of the best interest rates in the market, both for savings products and loan products.
  • Nationwide Presence: With branches across the U.S. and robust online banking tools, accessing and managing your money with PenFed is convenient, whether you're at home or overseas.
  • Community Involvement: PenFed has a long history of giving back, with charitable foundations and initiatives supporting military members, communities, and education.

Frequently asked questions about PenFed

Is PenFed a legitimate credit union?

PenFed is a legitimate credit union and is federally insured by the National Credit Union Administration. It is also America’s second largest credit union, with more than ​​2.9 million members worldwide and $35.3 billion in assets as of April 28, 2023.

What credit score is needed for PenFed?

One of PenFed’s many financial services includes credit cards, but in order to be eligible for one of PenFed’s cards, you must have a good credit score (700+), proof of a steady income, and be at least 18 years old and either a U.S. citizen or permanent resident.

Will PenFed garnish my wages?

If you owe money to PenFed, there is a chance they will take you to court. If granted a judgment, they could garnish your wages. As such, you should respond to the claim with a written Answer to defend yourself and prevent wage garnishment. You may also consider debt settlement options to resolve your debt before your court date.

Settle your debt with PenFed

Life happens. As a result, you might find yourself falling behind on credit card or loan payments to PenFed. Luckily, you have options, especially if you can demonstrate financial hardship. One of these options is debt settlement.

In a debt settlement, you offer your creditor a portion of the total amount due, usually at least 60% of the debt’s value. In exchange for a lump-sum payment, the creditor agrees to drop its legal claims against you and release you from the remaining balance.

If you decide to settle your obligation, you’ll want to ensure you get the terms of your agreement in writing and pay the creditor before your court date. If you’ve never tried debt settlement before, consider working with a professional organization that will guide you through the process.

To learn more about how to settle a debt, check out this video:

SoloSettle, powered by SoloSuit, is a tech-based approach to debt settlement. Our software helps you send and receive settlement offers until you reach an agreement with the collector. Once an agreement is reached, we’ll help you manage the settlement documentation and transfer your payment to the creditor or debt collector, helping you keep your financial information private and secure.

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SoloSuit makes it easy to fight debt collectors.

You can use SoloSuit to respond to a debt lawsuit, to send letters to collectors, and even to settle a debt.

SoloSuit's Answer service is a step-by-step web-app that asks you all the necessary questions to complete your Answer. Upon completion, we'll have an attorney review your document and we'll file it for you.

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