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In my opinion, PenFed is a credit union in name only and should have its tax exemption repealed.


  1. 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".

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



The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.