How to Become a PenFed Member: Requirements & Application
Access the full benefits of PenFed Credit Union. This guide outlines the simple journey to membership, from preparing to activating your account.
PenFed Credit Union operates as a member-owned financial institution, prioritizing the financial well-being of its members. As a credit union, PenFed offers a range of financial products and services, often with competitive rates and lower fees compared to traditional banks. This cooperative structure means that profits are returned to members through better rates on savings and loans.
Eligibility Requirements
PenFed membership is accessible, extending beyond traditional military affiliations to encompass a wide array of individuals. Current or retired servicemembers, veterans, and their family members are eligible to join. Membership also extends to employees of specific government agencies or organizations that partner with PenFed.
For those without direct military or associated employment ties, PenFed offers a pathway to membership through charitable donations. Individuals can qualify by making a small, one-time donation to organizations such as the National Military Family Association or Voices for America’s Troops. This option allows most individuals aged 18 or older who are U.S. citizens or permanent residents to become a member.
Information and Documents Needed
Before initiating a PenFed membership application, prospective members should gather several pieces of personal information and documents. This includes a full legal name, date of birth, and Social Security Number (SSN). Current residential address, telephone number, and email address are also required.
Applicants will need details from a government-issued identification, such as a driver’s license or passport, including the ID number, issuing authority, and expiration date. Employment status, employer name, occupation, and income details are also part of the application. To fund the initial share account, applicants should have their bank account and routing numbers ready for an electronic transfer.
The Application Process
Applying for PenFed membership can be completed through their online portal. Prospective members begin by visiting the PenFed website and locating the “Join Now” or “Open Account” section. The online system guides applicants through prompts to input personal and employment information, as well as details related to their chosen eligibility path.
During the online application, individuals will be prompted to select the type of initial share account they wish to open, such as a Regular Share account or a Premium Online Savings account. A minimum deposit of $5 is required to establish this share account. PenFed conducts a soft pull on the applicant’s credit report for identity verification, which does not impact their credit score.
After Becoming a Member
Upon successful submission and approval of a PenFed membership application, new members receive confirmation via email. This notification signifies that their membership is active and their initial share savings account has been established. New members can then set up their PenFed Online account, which provides secure access to their financial information.
To activate online banking, members need their Social Security Number or member number, date of birth, and the phone number or email associated with their account. This online access allows members to manage accounts, set up direct deposit, and enroll in e-statements. Once membership is established, individuals can explore and apply for PenFed’s range of financial products and services, including loans, credit cards, and checking accounts.