News

PenFed eliminating ATM surcharge fees

September 25, 2011

The Pentagon Federal Credit Union stopped charging ATM fees in all of its military installations worldwide on Sept. 1.

According to a statement, this means that even if a non-PenFed ATM or debit card is used in one of PenFed's on-base machines, the credit union won't assess an additional service charge against the cardholder.

"We think this is a significant way to show support for, and lessen the stress on, the men and women serving their nation and those on base who support them," said James Schenck, executive vice president at PenFed. "Surcharge fees have become a major source of revenue for many financial institutions in recent years, and it is money out of our soldiers and families pockets. Eliminating these fees makes a significant contribution to the wellbeing of our service men and women around the world."

PenFed is the third largest credit union in the United States with more than a million members, and more than $15 billion in assets.

The credit union provides worldwide service to the Army, Marine Corps, Navy, Air Force, Coast Guard, Department of Defense and Department of Homeland Security personnel, members of the VFW, employees or volunteers of the American Red Cross, and others in the defense community and their families.

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