I have been a member of PenFed for nine years now. In that time, my primary checking account has been with them, I have (or had) a credit card, two car loans, and am about to finish closing on a PenFed Mortgage.

In that time, I have never been anything less than impressed with their flawless service. Reaching a person on the phone usually takes less than one minute, and the customer service desk consists of actual human beings.

Example: Several years ago I was in the process of applying for a credit card about a couple of months before starting my job. All credit applications ask for income, but at the time, I had none. I called them up and asked if my offer letter would be considered sufficient proof of income. The reps response: "Let me walk over and ask Judy at the loan desk." Not: "Somebody will get back to you. [NOT!]", not "That isn't our policy". I was not put on hold, transferred, referred to another department, etc.

While their savings rates aren't exactly going to win any awards for generosity, their lending rates are spectacular. With my first car loan, they were offering used car loans for the same rates as new car loans, and those rates, in turn, were lower than anybody else's. The Mortgage I am currently getting is offered for nearly the best rate on the market, and they completely absorb most of the fees involved with a mortgage. (No fee for Credit Checks, Appraisals, an Attorney, Flood Cert. Fees, Tax Service, etc.) They certainly don't charge any "junk" fees, like "commitment", "funding", courier, service, etc. They also do not charge origination points.

Their website is adequate, if not flashy, and for the 7 1/2 years I have lived nowhere near a PenFed branch, I have never had any problem doing my business via the Web and over the Phone. My entire mortgage application has been done via the web and e-mail. (I do have a local Credit Union account for the occasional check cashing, notary, etc.) PenFed covers five out-of-network ATM transactions per month for free, and this is enough for me. On top of that, checks are free.

Best of all, ANYBODY can join PFCU! If you do not fit into one of the "normal" membership categories (military and/or work in the Pentagon and/or work for list of DC Area employees, etc.), all you have to do is obtain a one year membership with the National Military Family Assoc. It costs $10, anybody is eligible and you only have to do it once. Just go through the eligibility questionaire on the website and for the last question (if you have answered no everywhere else), it will ask you if you want to join PFCU and the NMFA at the same time. Answer yes and you are done.

Recommended: Yes