What you need to open a PenFed checking account

PenFed (Pentagon Federal Credit Union) lets you open a checking account online or in person if you live near a branch. You will need a government-issued photo ID, your Social Security number, and proof of your current address — usually a recent utility bill, lease, or bank statement. If you are opening online, you can upload these documents through their website. If you are opening in a branch, bring the originals.

PenFed also requires you to be a member of the credit union before you can open a checking account. Membership is free, but you do have to join first. Some people become members by opening a savings account with a small deposit (often $25 or less), and then they open the checking account afterward. Others can join through military or federal employee sponsorship — PenFed membership is open to military members, veterans, federal employees, and their families, but also to people who work for certain employers or live in certain areas. You can check whether you are may be able to access on their website before you start.

Key Takeaways

  • You must become a PenFed member before opening a checking account, which usually means opening a savings account first with a small deposit.
  • You will need a government photo ID, your Social Security number, and proof of your current address to complete the membership and account opening process.
  • PenFed offers online account opening, which takes about 10 to 15 minutes, or you can visit a branch in person if one is near you.
  • There is no monthly fee for most PenFed checking accounts if you meet basic requirements like setting up direct deposit or maintaining a small balance.

The membership step: why it matters and how to do it

Credit unions are member-owned, so you have to be a member before you can use their services. PenFed makes this straightforward: you can open a savings account (called a Share Savings account) with as little as $25, and that membership is when ready. Once you are a member, you can then open the checking account.

If you are opening online, you will create a username and password, answer security questions, and provide your personal information. PenFed will run a soft credit check and verify your identity through a third-party service — this does not hurt your credit score. The savings account opens right away, and you can fund it by transferring money from another bank account or by mailing a check. Once the savings account is open and funded, you can open the checking account in the same session or come back later.

Opening the checking account itself

After you are a PenFed member, opening the checking account takes about 10 minutes. You will choose a checking account type — PenFed offers a standard checking account with no monthly fee if you set up direct deposit or keep a $500 minimum balance. There is also a checking account for people under 25 with slightly different terms. Read the fee schedule on their website to see which one fits your situation.

You will set up a debit card during this step. PenFed can mail it to you (usually arrives in 5 to 7 business days) or you can request a temporary digital card that works when ready in Apple Pay, Google Pay, or Samsung Pay while you wait for the physical card. You will also choose how you want to receive statements — online only (paperless) or by mail — and set up online banking access so you can check your balance and move money between accounts.

What happens after you submit your information

PenFed will verify your identity and run a background check through ChexSystems, which is a banking history database. This check looks for patterns like unpaid overdrafts or fraud — it is not a credit check. Most people pass this check when ready. If there is a problem, PenFed will contact you by phone or email to ask questions.

Once you are approved, your checking account is open and ready to use. If you ordered a physical debit card, it will arrive in 5 to 7 business days. In the meantime, you can set up direct deposit using your account and routing number (both visible in online banking), transfer money from another bank, or deposit checks through their mobile app if you have a smartphone.

Setting up direct deposit and avoiding monthly fees

PenFed's standard checking account has no monthly fee if you set up direct deposit or keep a $500 minimum balance. Direct deposit means your paycheck, government benefit, or other regular payment goes straight into your account automatically. To set it up, you give your employer or benefits administrator your PenFed account number and routing number (PenFed's routing number is 256074974). It usually takes one or two pay cycles to start.

If direct deposit is not an option for you, keeping $500 in the account also waives the fee. Some people do both — they set up direct deposit and keep the balance as a safety net. If you fall below $500 and do not have direct deposit, PenFed charges a monthly maintenance fee (the amount varies, so check their current fee schedule). You can also avoid the fee by keeping a linked savings account with at least $500 in it.

Using your account once it is open

Once your checking account is open, you can use it like any other bank account. You can write checks, use your debit card in stores or online, set up bill pay through online banking to pay bills automatically, and transfer money to other accounts. PenFed also offers ATM access — you can use any ATM in the CO-OP network (over 30,000 ATMs nationwide) without a fee, plus some other networks depending on your account type.

If you need to deposit cash or checks, you can do it at a PenFed branch if one is near you, or mail checks to PenFed. Mobile check deposit (taking a photo of a check through the app) is also available. If you have questions about your account after it opens, you can call PenFed's customer service, visit a branch, or use their online chat.

What to do if you are not sure you are may be able to access for membership

PenFed membership is open to military members, veterans, federal employees, and their families. It is also open to employees of certain companies and people who live in certain states — the rules change over time. Before you start the process, go to PenFed's website and use their membership may be able to access checker. It takes 30 seconds and tells you right away whether you can join. If you are not sure which category you fall into, you can also call PenFed and ask.

If you find out you are not may be able to access for PenFed, other credit unions and banks offer checking accounts with similar or lower fees. Your local credit union, a community bank, or an online bank like Ally or Chime might work for you instead. The steps are similar — you will still need ID, Social Security number, and proof of address.

Frequently Asked Questions

Can I open a PenFed checking account without opening a savings account first?

No. PenFed requires you to be a member, and membership usually means opening a Share Savings account first. The good news is that the savings account has no minimum balance requirement after the initial $25 deposit, and you can leave it open with just a few dollars in it while you use the checking account.

How long does it take to open an account from start to finish?

If you open online, the whole process takes about 15 to 20 minutes. Your savings account opens right away, and your checking account opens when ready after. Your debit card arrives in 5 to 7 business days, but you can use a digital card in your phone while you wait. If you open in a branch, it may take longer depending on how busy the branch is.

What if I do not have a government photo ID?

You will need some form of government-issued photo ID to open an account — a driver's license, passport, or state ID card. If you do not have one, you can visit your state's DMV or passport office to get one. Some states offer free or low-cost ID cards for people who cannot afford a driver's license.

Can I use PenFed if I do not have direct deposit?

Yes. If you do not have direct deposit, you can avoid the monthly fee by keeping a $500 minimum balance in the checking account, or by keeping $500 in a linked savings account. You can also deposit money by mailing checks, visiting a branch, or using mobile check deposit through the app.

What is the routing number I need for direct deposit?

PenFed's routing number is 256074974. You will also need your account number, which you can find in online banking or on your debit card once it arrives. Give both numbers to your employer or benefits administrator to set up direct deposit.