Three credit unions, including the $353 million Air Force Federal Credit Union, the $16 billion Pentagon Federal Credit Union and the $54 billion Navy Federal Credit Union are ranked among the Top 5 Military Banking Institutions, according to a recent article by GoBankingRates.com.
Casey Bond, managing editor for GoBankingRates.com in Los Angeles, said the list of leading military FIs was compiled as part of the website's Financial Freedom series. She said selections were based on the types of services and programs offered.
“Our research revealed that not all financial institutions understand the unique challenges military members face, especially during deployment,” Bond said. “Through our research we've noticed a lack of resources focused on offering financial products for military families and their specific needs, which is why we have created this list.”
Air Force FCU was at the top of the list, followed in order by USAA Bank, PenFed, Navy Federal and Armed Forces Bank.
The article recognized the 37,000-member Air Force FCU of San Antonio for its sequestration assistance program, which is providing special arrangements for accounts and loans for members impacted by the current sequestration.
The 1.2 million-member PenFed in Alexandria, Va., was featured for its online Deployment Guide, which provides information about managing personal data, accounts, securities, insurance, real estate, wills and trusts, credit card accounts, bills, debts and other financial concerns to assist military members who are deployed.
The 4.3 million-member Navy Federal of Vienna, Va., was highlighted for its Active Duty Checking, which offers perks such as ATM fee rebates up to $20 and free military checks for the life of the account.
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