What is the Pentagon Federal Credit Union?
The Pentagon Federal Credit union is a credit union formally regulated under the direct authority of the National Credit Union Administration. The Pentagon Federal Credit Union serves the following branches or organizations of the United States Federal Government: the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, most defense-related companies, the Veterans of Foreign Wars and their families.
Membership Requirements for the Pentagon Federal Credit Union:
Similar to all credit unions, participation and membership in the Pentagon Federal Credit Union is strictly limited to individuals sharing the bond described in its specific credit union Charter. Individuals of the following fields or organizations are permitted to obtain membership with the Pentagon Federal Credit Union:
o Active or retired soldiers from the United states Army, Coast Guard, Army, Reserves, National Guard or ROTC
o Members of the Veterans of Foreign Wars of the United States
o Pentagon building employees
o Employees of the Transpotomac Plaza or Canal Center
o Civilians employed by or retired from the Department of Defense, Army, Navy or Homeland Security
o Family members of those in the field of Membership
o National Military Family Association Members
o Reserve Officers Association Members
o Military Officers Association of America members
Quick Facts regarding the Pentagon Federal Credit Union:
• The Pentagon Federal Credit Union was founded in 1935
• The Pentagon Federal Credit Union is headquartered in Alexandria, Virginia in the United States of America
• Jim Quinn is the current board of directors and Frank Pollack is the acting president
• The Pentagon Federal Credit Union offers the following services to its members: savings and checking accounts; consumer loans (typically offered with low interest payments); mortgages; investment advice and vehicles; and credit cards.
• The Pentagon Federal Credit Union currently operates with over $15 billion in assets and has approximately 1 million members
What is a Credit Union?
A credit union is a financial institution that is owned and controlled by its members and operated for the primary purpose of providing credit (at competitive rates), promoting thrift and providing an assortment of other financial services to its members. A number of credit unions, in the United States, exist to strengthen the surrounding communities and encourage development.
Credit union are unique in regards to number of assets under management and the average size of the participating institutions—a credit union may range from several volunteer entities to a group of institutions with billions of assets under management and hundreds of thousands of members. On average, a credit union is smaller than the typical American bank—the typical credit union operates with roughly $95 million assets under management, whereas the average bank in the nation has over $1.5 billion.