PenFed Credit Union launches free checking account for members

PenFed’s free checking account has no monthly fees or minimum balance requirements

SAN ANTONIO, VA (January 13, 2022) PenFed Credit Union, the nation’s second-largest federal credit union, today announced the launch of the PenFed Free Checking account. The new offering provides members with the convenience of a free checking account with no monthly fees or minimum balance requirements, as well as access to a fee-free ATM network of over 85,000 ATMs nationwide.

“PenFed’s Free Checking account allows our members to do more of what they want wherever life takes them, with zero fees, zero minimums and zero hassle,” said PenFed’s Chief Marketing Officer and Senior Vice President Gaurav Bhatia. “PenFed is open to everyone who would like to experience the credit union difference and members can open a free checking account with as little as $25.”

PenFed’s simple and easy checking account allows members to avoid the hassle of monthly maintenance fees and provides access to 24/7 digital banking with the PenFed Mobile App. Members can check their balances, view transactions and deposit checks from their phones with mobile deposit. Those who set up direct deposit can also get their paycheck up to one day early.1

PenFed Free Checking account holders are also eligible to earn 2% cash back on every purchase with a PenFed Power Cash Rewards Visa Signature® card.2

To learn more about PenFed’s free checking, please visit

Early access to direct deposit is available for all PenFed members that set up a direct deposit with their employer or other payor. Early direct deposit eligibility may vary between pay periods and timing of payors funding.

Free Checking Accounts are eligible for PenFed Honors Advantage Program.

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving 2.9 million members worldwide with nearly $34.6 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.


Abagail Chambers
Account Coordinator
+1 724 366 0397

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