PenFed Wins Credit Union of the Year Award

Tuesday, July 19th, 2016

The prize for Army Credit Union of the Year goes to PenFed Credit Union this year, as the PenFed branch in Fort Hood, Texas is recognized for distinguished service at the Defense Credit Union Council’s Annual Conference in Boston.

The award is given each year and represents exceptional financial service and community support. James Schenck, president and CEO of PenFed, said the Fort Hood branch’s success reflects the company’s overall strategy of providing “best-in-class member experience,” as well as their goals of being a destination employer, serving as a community leader, and focusing on the national defense community.

“This highly competitive award from the U.S. Army is a very tangible indicator that PenFed Branch Manager Greg Ransaw and his dedicated team are taking great care of our members and serving as leaders in the Fort Hood community,” said Schenck.

Commanding officer Col. Todd Fox nominated the branch, saying he endorsed them without reservation. “The executives and staff . . . display remarkable care and consistent professionalism to the military community, for which we are truly grateful.”

Credit unions provide a full array of financial services

PenFed provides soldiers and their families with the full spectrum of services that any bank or financial institution offers, but fees are low to non-existent. Services include low rates on auto loans, low APR credit cards, and they also have a payday-lending program that made $1.5 million in interest-free loans to Fort Hood families over the last year.

Credit unions are popular among people looking for competitive rates on loans, credit cards with fair terms, and personal service that a larger financial institution might not be able to offer. Credit unions are open to select members of a workplace or organization, for example, teacher’s unions or large companies.

PenFed Fort Hood also sponsors and participates in community events, in an effort to take care of and support soldiers, families, and civilians in the area. Sponsorships include the United Services Organization (USO), Association of United States Army (AUSA), and the Human Resources Management Organization (HRMO).

Low interest credit cards help families afford large purchases

One way for families to afford larger purchases that might be difficult to pay off in one go is to use a low APR credit card that allows them to pay off their balance over time. Low APR credit cards often have introductory offers that give a period of 0% interest to begin with, making them an even better deal.

Credit unions and banks can both offer their customers a variety of low APR credit cards, or folks can apply for one online.

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