Is PenFed Better Than Other Credit Unions?
PenFed — short for Pentagon Federal — Credit Union was first established in 1935, and since then it's become one of the United States’ largest credit unions. Like most credit unions it initially required members to share a common social bond; in PenFed's case members had to work for one of several federal government departments. Government employees, uniformed service members, retired military and their families were all eligible for membership at the credit union, and they currently make up a large portion of the current member population.
PenFed isn't as restrictive in its membership requirements today. People who volunteer for the American Red Cross can open accounts, as can others who don't meet the traditional requirements. But eligibility is just one piece of the PenFed puzzle that might influence your choice to join. Reviewing some of the bank's other provisions and limitations can help you decide whether PenFed is the right credit union for your needs.