Monday, November 21, 2011

PenFed's Complimentary Associational Membership

A banker forwarded to me a credit card solicitation that executive management at his bank received from Pentagon Federal Credit Union for a PenFed Premium Travel Rewards American Express Card. (see image below)

The application has a checked box stating "Establish a Complimentary VOICES membership for me. This entitles me to join PenFed."

The application also has a checked box stating "Free $5 Opening Deposit."

So, Pentagon Federal Credit Union qualifies the applicant for membership by signing them up with Voices for America's Troops and paying their membership fee to the association. In addition, PenFed pays the fee for joining the credit union.

There is no common affinity or interaction among the people responding to this solicitation. PenFed is making a joke out of the common bond requirement.

In my opinion, PenFed is a credit union in name only and should have its tax exemption repealed.

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2 comments:

  1. AnonymousNovember 21, 2011 at 4:26 PM

    PenFed is operating within the letter of the law; Good for the troops this program supports.

    Of greater concern (to you) should be the discovery that many of your so-called "bankers" conduct their personal financial transactions at credit unions.

    Perhaps they are, "Bankers in name only".

    ReplyDelete
  2. AnonymousNovember 25, 2011 at 9:53 AM

    LOL, I had no idea there were "credit union trolls" too. You leave a slanted comment on a piece written.

    ReplyDelete

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