SOURCE: Pentagon Federal Credit Union

Pentagon Federal Credit Union

August 28, 2009 13:17 ET

Pentagon Federal Credit Union Supports the Troops by Waiving Overdraft Fees

ALEXANDRIA, VA--(Marketwire - August 28, 2009) - Pentagon Federal Credit Union (PenFed) has introduced Warriors Advantage, a new program that is designed to significantly reduce the amount of overdraft fees members of the Active, Reserve and National Guard forces must pay.

Warriors Advantage automatically waives the first two overdraft fees in a three month period that occur as a result of an eligible member's checking account being overdrawn. Every PenFed member who is currently serving in the Army, Air Force, Navy, Marines, Coast Guard, or the Commissioned Corps of the US Public Health Services will be able to benefit from the program.

Warriors Advantage addresses a growing concern regarding excessive financial services fees. Because of frequent deployments and duty locations where managing bank accounts can be difficult, overdraft fees can hit service members especially hard.

"We believe that military members should be subject to as few fees as possible in the conduct of their financial affairs. While we already provide a simple interest, no fee 14.65% APR line of credit overdraft protection alternative we believe that with this enhancement 98% of our military members will not experience an overdraft fee in the future," said Frank Pollack, President and CEO of Pentagon Federal Credit Union. "Some estimates have put the costs of overdraft fees paid by consumers nationwide over $38 billion per year and it is a situation that needs to be addressed. PenFed intends to, over time, reduce and eliminate as many of those charges as possible."

For more information about the Warriors Advantage program visit PenFed.org/WarriorsAdvantage

Program Details

Program Name: Warriors Advantage

Eligible Members: Active, Reserve, and National Guard Enlisted and Officers in the Army, Air Force, Navy, Marines, Coast Guard, and the Commissioned Corps of the US Public Health Services.

Eligible Fees: Non Sufficient Funds (NSF), Uncollected Funds (USF), and Returned ACHs

Start Date: September 2009

Direct Deposit Required: No

Limitations: Warriors Advantage waives the checking account fees associated with instances of insufficient funds, uncollected funds, and returned ACHs for up to two occurrences in a rolling three-month period. In the case of three or more such instances in a rolling three-month period, the member must have a continuously positive six-month history before the fee waiver can be restored.

Pentagon Federal Credit Union, established in 1935, has more than 900,000 members and assets in excess of $13.5 billion, and provides worldwide service to Army, Air Force, Coast Guard, Department of Defense, and Department of Homeland Security personnel; members of the VFW; and others in the defense community and their families. For more information about Pentagon Federal Credit Union, or to learn more about membership, visit www.penfed.org.

For more information about this topic or to schedule an interview with Frank Pollack, please call Ben Scandlen, Vice President, Marketing at (703) 838-1350 or e-mail ben.scandlen@penfed.org.

Contact Information

  • Contact:
    Ben Scandlen
    Vice President, Marketing
    (703) 838-1350
    Email Contact