Reviews for Meridian Trust Federal Credit Union in Wyoming
PenFed — brusque for Pentagon Federal — Credit Union was first established in 1935, and since then information technology'south become one of the United States' largest credit unions. Like most credit unions it initially required members to share a common social bail; in PenFed's instance members had to work for 1 of several federal government departments. Government employees, uniformed service members, retired armed forces and their families were all eligible for membership at the credit union, and they currently make upward a large portion of the current member population.
PenFed isn't every bit restrictive in its membership requirements today. People who volunteer for the American Blood-red Cantankerous can open accounts, as can others who don't come across the traditional requirements. But eligibility is simply one piece of the PenFed puzzle that might influence your selection to join. Reviewing some of the banking company's other provisions and limitations tin can aid y'all decide whether PenFed is the right credit matrimony for your needs.
How Are Credit Unions Unlike Than Banks?
When deciding if you want to apply for a PenFed membership, information technology's of import to first understand the difference between credit unions and banks. A depository financial institution is a for-profit fiscal institution that's typically privately owned or publicly traded on the stock market. You lot can keep your money with the bank in a savings or checking account (the simplest options). Y'all may do other concern at a bank, such every bit take out a loan for a mortgage, put money into a certificate of deposit or purchase another blazon of investment or fiscal product..
When y'all join a credit union, you become a member — a member who owns a minor portion of the credit wedlock, which is set up like a banking cooperative. Credit unions are non-profit entities, and member-owners typically command the credit marriage, meaning they vote to make major decisions about how it operates. You'll also have access to traditional banking products like checking and savings accounts and various loans. You may also become other perks depending on the credit union. For case, PenFed members could get special seating at a Washington Nationals game, forth with other local discounts.
One of the biggest differences between for-profit banks and non-turn a profit credit unions is that the goal of regular banks is to earn coin — oft from the people who utilise the banking concern. This means they typically charge more (or higher) fees for transactions and that you'll terminate upward paying college interest rates on loans in comparison to credit unions, whose objective is to go members lower rates on financial products. Credit unions normally place higher importance on providing outstanding customer service and may have admission to free or depression-cost fiscal instruction programs. Considering information technology's a credit marriage, you should expect to savor this higher level of service from PenFed as a member.
How Does PenFed Rank Among Finance Experts?
PenFed received an overall 4.0 (out of 5.0) score from NerdWallet, a finance company that aims to help users ameliorate their financial decision-making skills. This overall score is based on several of PenFed's various offerings, such as checking accounts, savings accounts and share certificates. NerdWallet was quick to indicate out that PenFed's advantages included checking accounts that accrue interest, which is non commonplace, and the fact that members have access to over 85,000 gratis ATMs beyond the country.
The site too praised PenFed's higher annual percentage yield (APY) rate — the rate at which interest accrues on an investment product — on online savings accounts. However, the reviewers criticized the low APY on PenFed'due south basic savings accounts and its high $one,000 minimum investment on share certificates. Additionally, PenFed does non participate in shared branching, which means you lot can't withdraw funds or perform other transactions at other credit unions. This is a feature that many credit unions offer.
Bankrate, some other consumer financial services visitor, also rated PenFed on its offerings, giving it an overall score of 3.6 out of v.0. I advantage that Bankrate pointed out was the power to perform many banking functions at the aforementioned institution. For example, PenFed offers everything from depository financial institution accounts to mortgages to habitation loans, so information technology could go your one-stop financial shop depending on your needs. However, there are not many PenFed branches around the United States. If you prefer local banking and you're non in the Washington Metropolitan Area that includes parts of Virginia and Maryland (or in some areas of Texas and the Midwest), you may desire to look elsewhere for a credit union that'due south more than accessible.
How Does PenFed Compare to Other Credit Unions?
If you're part of PenFed'due south target consumer group of military members and federal government employees, you lot may be interested in other financial institutions that primarily operate for service members. Navy Federal Credit Union is one of these banks, and it carries a 4.5 star rating from NerdWallet. The site'south reviewers praised Navy Federal's accessibility, noting that it has branches available worldwide while PenFed is limited to a small geographic surface area. This credit union too has few fees and offers competitive rates on its share certificates. One area where Navy Federal doesn't stack upwardly? Its eligibility, which is limited to members of the armed forces, Department of Defense employees and their corresponding immediate family members.
Security Service Credit Matrimony, which was founded to benefit select members of the U.S. Air Force, is another similar institution. Like PenFed, it'southward rather limited to one area of the land, but information technology'south a larger one encompassing parts of Utah, Texas and Colorado. Membership isn't as limited; if you're a resident of one of those states, or if yous meet several other criteria, you're likely to qualify to join. NerdWallet also highlighted the fact that Security Service Credit Union participates in shared branching, which is helpful if you adopt to take care of fiscal matters in person.
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Source: https://www.askmoney.com/credit-cards/is-penfed-better-than-other-credit-unions?utm_content=params%3Ao%3D1465803%26ad%3DdirN%26qo%3DserpIndex
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