Your financial well-being is our priority.
PenFed Credit Union has served its members for over 85 years, guided by a mission to foster financial well-being. We uphold strong values, commit deeply to our members, and actively invest in our communities, distinguishing us as a trusted financial partner.
PenFed Credit Union's story began in 1935, during the Great Depression, when a small group of War Department employees pooled their resources to create a financial institution that would serve their unique needs. This spirit of mutual support and cooperation formed the bedrock of what PenFed Credit Union is today. From these humble beginnings, we have grown significantly, always staying true to our founding principles of helping members achieve their financial goals.
Over the decades, PenFed Credit Union expanded its reach, welcoming more members from various branches of the military, government, and eventually, the wider community. This growth was not just in numbers but also in the breadth of services offered, evolving from simple savings and loan options to a full spectrum of modern financial solutions. Our history is marked by continuous adaptation and innovation, always with the aim of providing exceptional value to those we serve. For more on the credit union movement's history, you can visit NCUA.gov.
Today, PenFed Credit Union stands as one of the largest and most respected credit unions in the United States. Our journey reflects a steadfast dedication to the credit union philosophy: people helping people. We are proud of our heritage and the trust our members have placed in us for over 85 years, a testament to our enduring commitment and stability in the financial landscape.
At PenFed Credit Union, our core mission is straightforward yet profound: to help our members achieve their financial goals and improve their overall financial well-being. We believe that everyone deserves access to fair, transparent, and valuable financial products and services. This mission guides every decision we make, from the rates we offer to the technology we implement, ensuring that our members always come first.
We strive to make financial success attainable for all our members, whether they are saving for a home, planning for retirement, or managing daily expenses. This involves providing clear information, offering competitive options, and delivering personalized support. Our dedication extends beyond just transactions; it's about building lasting relationships and being a trusted partner throughout our members' financial journeys.
The operations and interactions at PenFed Credit Union are built upon a strong foundation of core values. These principles define who we are and how we operate, ensuring consistency in our service and integrity in our actions. Every employee, from our tellers to our executive team, embodies these values daily.
"Our values are not just words; they are the living principles that shape our culture and our commitment to our members and communities. Integrity, service, and innovation are at the heart of everything we do."
Our values include integrity, which means operating with honesty and transparency in all dealings. We believe in doing the right thing, always. Service excellence is another cornerstone, driving us to exceed expectations in every interaction and provide attentive, respectful assistance. We also prioritize community responsibility, recognizing our role in contributing positively to the places where our members live and work. Finally, innovation allows us to adapt and evolve, delivering modern financial solutions that meet the changing needs of our membership.
PenFed Credit Union's structure as a not-for-profit financial cooperative means that our members are not just customers; they are owners. This fundamental difference drives an unwavering commitment to their financial well-being. Unlike traditional banks that serve shareholders, our profits are returned to our members through better rates, lower fees, and improved services.
This member-centric approach manifests in several key ways:
Our commitment extends to providing a supportive and understanding environment where members feel valued and respected. This relationship is the essence of the credit union difference.
Beyond serving our individual members, PenFed Credit Union is deeply committed to making a positive impact on the communities where our members live and work. We believe that a strong community fosters a strong membership, and we actively participate in initiatives that build a better future for everyone. Our community engagement spans various programs, focusing on areas where we can make a tangible difference.
One significant area of focus is financial literacy. We support programs that educate individuals of all ages on responsible money management, budgeting, and saving, empowering them to make sound financial choices. Additionally, PenFed Credit Union engages in philanthropic efforts, partnering with non-profit organizations that address critical community needs, such as supporting military families, combating homelessness, or promoting educational opportunities. Our employees also play a vital role, dedicating countless hours to volunteer work, demonstrating our collective commitment to giving back. For more information on credit unions' community impact, the Credit Union National Association (CUNA) offers insights.
This dedication to community investment is an integral part of our identity. It reflects our belief that true financial well-being extends beyond individual accounts to the health and vitality of the broader community. We are proud to contribute to the strength and resilience of the places we call home.
Choosing a financial institution is a significant decision, and PenFed Credit Union offers compelling reasons why we stand out. Our distinction lies in our fundamental structure and our unwavering focus on member benefit. Unlike traditional banks, which are for-profit entities accountable to shareholders, PenFed Credit Union is a not-for-profit cooperative owned by its members. This means our profits are reinvested into the credit union to provide better rates, lower fees, and enhanced services for you, our member-owners.
Our member-centric approach ensures you receive personalized service and financial solutions designed with your best interests at heart. We offer a wide range of competitive financial products, from savings and checking accounts to mortgages and personal loans, all structured to provide excellent value. Furthermore, our commitment to community involvement and financial education demonstrates a dedication that goes beyond mere transactions. When you choose PenFed Credit Union, you're not just opening an account; you're becoming part of a community dedicated to mutual financial success and support.
| Feature | PenFed Credit Union | Traditional Bank |
|---|---|---|
| Ownership Structure | Member-owned cooperative | Shareholder-owned corporation |
| Profit Distribution | Reinvested for member benefit (better rates, lower fees) | Distributed to shareholders |
| Primary Goal | Member financial well-being | Maximize shareholder profit |
| Decision Making | Guided by member interests | Guided by shareholder interests |
| Community Focus | Strong emphasis on community support and financial literacy | Varies, often corporate social responsibility initiatives |
PenFed Credit Union was founded in 1935 by War Department employees during the Great Depression. It began as a small cooperative to provide financial services to its members and has since grown into one of the largest credit unions in the U.S., always maintaining its commitment to member well-being.
The mission of PenFed Credit Union is to help members achieve their financial goals and improve their overall financial well-being. This is accomplished by providing accessible, valuable, and transparent financial products and services, always prioritizing the members' best interests.
PenFed Credit Union is guided by core values including integrity, service excellence, community responsibility, and innovation. These principles ensure transparency, exceptional member support, positive community impact, and the continuous development of modern financial solutions.
PenFed Credit Union supports its communities through various initiatives, including promoting financial literacy, engaging in philanthropic partnerships with non-profit organizations, and encouraging employee volunteerism. This commitment aims to build stronger, more resilient communities where members live and work.
Membership in PenFed Credit Union is open to all U.S. citizens and permanent residents. While we have strong ties to the military and government, anyone can join by simply opening a savings account with a minimum deposit, making our financial services accessible to a broad audience.
PenFed Credit Union