How to Become a PenFed Credit Union Member

The Pentagon Federal (PenFed) Credit Union initially offered membership only to individuals who worked in organizations associated with national defense. These included active members and veterans of the U.S. military. Since 2018, anyone can join PenFed Credit Union.

While some credit unions carry out hard credit pulls when dealing with membership applications, PenFed only conducts a soft pull of your credit report to verify your identity. Joining this credit union is relatively straightforward — and you can initiate the process online. You need to open a savings account and fund it with a minimum of $5. If you are interested in any of PedFed’s other financial products, you can apply for membership during the application process for those accounts.

• Who Can Be a PenFed Member?
• Does PenFed Conduct a Hard Pull for Membership?
• How to Join PenFed Credit Union

PenFed eligibility for membership was previously limited to individuals who had some kind of affiliation with the country’s defense organizations, but that is no longer the case. Now, you may apply for membership if you’re a U.S. citizen or a permanent U.S. resident and have a valid government-issued photo ID.

Yes, you may join PenFed as a civilian. According to current PenFed membership requirements, all you need to do is open a regular savings account or a premium online savings account and fund it with $5. You may also become a member by applying for any other PenFed product, such as a money market account, a loan or a credit card. You’ll simply be prompted to open and fund a savings account to establish membership at that time.

Children under 15 years of age can also apply for membership, provided they list an adult as a joint owner when they submit their membership application.

>>MORE: ALLIANT MEMBERSHIP REQUIREMENTS: HOW TO BECOME AN ALLIANT MEMBER

Some credit unions are known to do hard credit pulls when people apply for membership. One reason some banks and credit unions carry out hard pulls when opening new checking or savings accounts is to address concerns around overdrawing. However, this is not the case with PenFed, which only carries out a soft pull. Still, if you apply for a loan or a credit card and apply for membership at the same time, you can expect PenFed to carry out a hard pull. This is because it’s a part of the process when dealing with applications for credit.

Take a look at answers to commonly asked questions about PenFed Credit Union eligibility criteria and other aspects of this credit union. Then, determine if becoming a member might be worth your while.

Now that you know of PenFed requirements for membership, establish if you want to become a member. If you decide to move forward, select a product based on your specific requirements. For instance, if you wish to transfer balances from your existing debt, you may look at what its balance transfer cards have to offer.