STRATEGIC PARTNERS
June 5, 2002
WOODCLIFF LAKE, N.J. -- Alexandria, Va.-based Pentagon Federal Credit Union has signed a participant agreement with the NYCE network.
According to a news release, the agreement underscores NYCE's efforts to continue to expand its mid-Atlantic presence.
"Through our relationship with NYCE, Pentagon Federal Credit Union members will be able to make deposits at ATMs operated by financial institutions throughout the U.S. that participate in NYCE's Shared Deposit Program," said James Schenck, senior vice president and chief administrative officer with Pentagon Federal Credit Union.
NYCE's Shared Deposit Program enables financial institutions to designate their ATMs to accept deposits from other NYCE participants' cardholders. Additionally, NYCE recently announced a change to its operating rules which will allow these deployers to surcharge "foreign" deposits beginning Sept. 1, 2002. (See related story Networks adjust fee structures for deposit sharing)
With more than 469,000 members and nearly $4.8 billion in assets, Pentagon Federal Credit Union is the third largest federally chartered credit union in the nation and one of the largest serving the Army, Air Force and Department of Defense communities.
