Impact & About Assistance

When was the Charter changed? 

PenAir Federal Credit Union’s Board of Directors approved a recommendation to convert from a federal to a state-chartered credit union. Members voted to convert the charter on Wednesday, September 28, 2022, and went into effect October 1, 2022.   

What does this charter change mean for your relationship with PenAir?  

Your interaction, accounts and member experience will not be impacted in any way. By converting to a state charter, we can expand our field of membership and pursue growth opportunities. Growth for the credit union allows us to maintain a strong financial position into the future, enabling us to better serve our members and diverse communities in a sustainable way.   The charter change is truly in accordance with our Purpose “To Enhance Lives’, and with our Core Values that guide us every day. 

 

Does this charter change affect our federally insured deposits? 

No. PenAir continues to be fully federally insured by the National Credit Union Share Insurance Fund (NCUSIF) which is managed by the NCUA and backed by the full faith and credit of the U.S. government. 

 

How will membership eligibility change? 

Making this change allows us to remove barriers to membership, creating more ease and less friction to bank with PenAir! This means that anyone who lives, works, worships or goes to school in the approved service area will be eligible to open an account.  The expanded membership area includes the following counties: 

Alabama: 

Baldwin, Escambia, Houston & Mobile, Alabama 

Florida: 

Bay, Calhoun, Escambia, Franklin, Gadsden, Gulf, Holmes, Jackson, Leon, Liberty, Okaloosa, Santa Rosa, Wakulla, Walton, Washington, Florida   

Why is PenAir making this change? 

The move to a state charter is an investment in the future strength of our credit union. It is one that we expect will pay off in many ways – especially in the growth of our membership, and other financial performance metrics that allow us to keep loan rates low, pay higher rates on deposits, and expand the convenience and access of our services for all PenAir members.   

How will members benefit? 

This evolution allows us to maintain a strong financial position into the future, enabling us to better serve our members and diverse communities in a sustainable way. Growth for the credit union also means more resources available to improve our members’ experience. 

As of June 5, 2024, PenAir Credit Union has expanded its membership eligibility to include residents of Escambia County, Alabama, and Houston County, Alabama. Find out more about how PenAir is utilizing a digital-forward approach to meet the needs of our members.   Find out more here.  

Effective March 21, 2023, PenAir® Credit Union will provide enrolled members a new, static limit of up to $750 and capping our “Non-Sufficient Fees” and “Courtesy Pay” fees to four per day, per account. Business accounts will also receive the static limit, with no fee cap. Courtesy Pay is a discretionary service, separate from the overdraft protection that comes with your account, covering overdrafts for checking accounts and withdrawals. The new limit will not fluctuate and is in accordance with industry standards. We offer a variety of options that might better meet your financial needs. To learn more about these options, please visit your nearest branch or contact our Member Service Center at 850.505.3200, should a higher limit be requested. PenAir also offers Certified Financial Counseling, free of charge, providing personalized, confidential, one-on-one coaching surrounding your financial situation. If you have any questions, we are here to assist you. Simply schedule an appointment online, stop by your nearest branch or call our Member Service Center at 850-505-3200.

As of 2024, our Service Area includes:

It is the NCUSIF that insures and is backed with he full faith and credit of the U.S. government. The NCUSIF provides up to $250,000 in coverage for each single ownership account, in the event of a Credit Union failure. To learn more visit: mycreditunion.gov.

To become a PenAir member, you only need three things:

1. Your driver’s license or other acceptable forms of identification, such as government-issued photo IDs, state IDs, or military IDs.
2. Your complete physical and mailing address. If your current address doesn't match your ID, we'll need proof of your current address (e.g., a paystub, utility bill, tax bill, or vehicle registration).
3. $5 for your Savings Account, which serves as your share account and establishes your membership with PenAir.

As long as you live, work, go to school, or worship in one of the 19 counties we serve between Mobile, AL and Tallahassee, FL, you're eligible to join PenAir and enjoy our range of financial services. Your new account can be funded with a debit or credit card. Welcome to PenAir, where your financial journey begins!