what's the difference between pentagon federal credit union and navy federal credit union?

Answer 1

Someone who is working for the Navy can eventually work for the Pentagon one day and still for the Navy and could decide the benefits of both and choose one. However, someone working for the Pentagon doesn't necesarrilly work for the Navy and could not use the naval credit union. I don't know if this is what you are looking for and can't really tell you any more.

Answer 2

see previous answer. there are three key types of financial institutions. banks, credit unions and savings & loans.

Banks are primarily for businesses and used to be the only real option. They traditionally charge all sorts of silly fees which is why credit unions came to be.

There are two types of credit unions. They have nothing to do with credit bureaus although I've heard some people say that.

Community and Federal. The distinction is how they are chartered and the types of fees they can charge. Community credit unions are one step above banks in charging excessive fees.

The distinction between credit unions and banks is that credit unions are run more democratically. Each share account (usually a main savings account) is entitled to one vote for the board of directors. Banks usually only award a vote to account holders who have a good chunk of dough sitting in the bank. Depending on the size of bank that chunk could easily be $100K.

Answer 3

The only difference between the two are membership requirements.

Pentagon FCU is open to army and air force members, plus everyone at the Pentagon and certain other government agencies.

Navy FCU is open to navy and marine corps members, plus certain other government agencies.

Answer 4

That's a good question!