ALEXANDRIA, Va. – Pentagon FCU, the world’s second largest defense credit union, announced this afternoon it is eliminating all surcharge fees on its ATMs on military installations worldwide effective September 1.
That means even if a non-PenFed ATM or debit card is used in one of PenFed's on-base machines, the credit union won't assess an additional service charge against the cardholder.
"We think this is a significant way to show support for, and lessen the stress on, the men and women serving their nation and those on base who support them," said James Schenck, executive vice president at the $15 billion credit union.
"Surcharge fees have become a major source of revenue for many financial institutions in recent years and it is money out of our soldiers and families pockets,” he said. “Eliminating these fees makes a significant contribution to the well-being of our service men and women around the world.”
