Starting Sept. 1, U.S. service members overseas began facing fewer expenses thanks to the million-member Pentagon Federal Credit Union.
The $15.1 billion CU stopped charging non-members a fee when they used one of its ATMs located on a U.S. military installation overseas.
“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 PenFed in Alexandria, Va.
“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. Eliminating these fees makes a significant contribution to the wellbeing of our service men and women around the world,” Schenk said.