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Merger Resource Page

PenFed Welcomes Aspire Members!

Updated April 5th, 2021

Merger Assist Line: 855-278-1161

Important Announcement for Aspire Members

Aspire Federal Credit Union successfully merged into PenFed effective April 1, 2021.

As President/CEO of Aspire Federal Credit Union and President/CEO of PenFed Credit Union, we are excited to let you know that you are now a member and owner of America’s second largest federal credit union, with total assets of more than $26 billion. Welcome to PenFed Credit Union (PenFed)!

To ensure an orderly transition, the credit union will continue to operate as Aspire FCU, powered by PenFed, with limited operational changes. Please continue to use your Aspire FCU checks, debit and credit cards, online services, and contact Aspire FCU for your account needs.

Over the next couple of months, we will be working to move your accounts and financial services to PenFed. Be on the lookout in the coming weeks for additional information from PenFed regarding the transition of your account(s). Please do not discard these notifications as they may require your prompt attention to ensure uninterrupted service.

Now would also be a good time to confirm the current address(es), cell phone number(s) and email address on file with Aspire FCU, as these are the primary means of communication used to contact you about the upcoming account conversion.

We invite you to visit PenFed.org to see all the products and services now available to you. If you have any additional questions, PenFed representatives are available to serve you seven days a week by calling the designated merger assist line at 855-278-1161. We look forward to helping you and your family turn your financial dreams into reality.

Very truly yours,

‌Thomas J. O’Shea
President/CEO
Aspire Federal Credit Union

James R. Schenck
President/CEO
PenFed Credit Union

Merger Frequently Asked Questions

We are sure you will have many questions during this time. We recommend you gather all your questions as they come to mind and call our assigned Merger Assist line at 1.855.278.1161.

In the meantime, we have come up with a list of frequently asked questions that you may have.

Who is PenFed?

PenFed is the second largest credit union in America. They offer similar or advanced services.

Is there anything I have to do?

Please ensure all your contact information such as Address, Phone Number and Email are up to date. Letters will be sent with any action items or notices that are urgent.

Will my accounts change?

Aspire FCU (“Aspire”) accounts will be brought over to PenFed systems. The anticipated account conversion date is June 1, 2021.

Will my account numbers be the same?

No, PenFed will issue new account numbers for all account types.

When will I receive information from PenFed about the account conversion?

You will receive a Welcome Letter and brochure about 45 days prior to the account conversion date. Additional mailings will be sent to you depending on the types of accounts that will be converting to PenFed. Both PenFed and Aspire will also post information on their respective websites frequently to communicate merger news and important dates.

Will my debit card number be the same?

No, PenFed will issue a new debit card and new debit card number to be received prior to the conversion date. Your Aspire debit card will continue to work up until the account conversion is completed.

Can I select my own PIN # for debit & credit cards?

Yes, you will have the ability to select their own PIN when you receive and activate the new PenFed card.

When do I stop using my debit/ATM cards from Aspire?

You should receive your new PenFed debit and ATM cards prior to the account conversion date, and we encourage you to activate and begin using your new PenFed cards as soon as the conversion is completed. Aspire debit cards will no longer work shortly after the account conversion date. The final date after which Aspire debit cards cannot be used will be provided in future communications.

When do I have to stop using Aspire checks?

Aspire checks should be used until the account conversion date. We recommend that you begin using PenFed checks after the account conversion date, but in case the PenFed checks have not arrived or there are outstanding Aspire checks, they will continue to be honored for at least six months after the account conversion date.

How long will it take before I receive my new checks from PenFed?

Each checking accountholder who ordered checks through Aspire in the last year will receive one free order of checks, which will be received prior to the account conversion date. If checks are not received by the account conversion, contact PenFed to have a first order placed free of charge.

Can I continue to use Aspire bill pay/online/mobile banking?

Yes, continue to use Aspire bill pay/online/mobile banking until the account conversion is complete. Once the conversion is complete, you can use PenFed Online, including Access Bill Pay, for bill payments and PenFed Mobile banking to view account information online. Exact timelines and additional communications will be provided prior to the conversion of online and mobile services.

Where do I send my loan payments or deposits?        

Payments and deposits should continue to be mailed to Aspire until the accounts are converted to PenFed.  Any changes to mailing addresses and other contact information will be communicated for specific products throughout the conversion process. All PenFed contact information can be found online at https://www.penfed.org/contact-us/

What will happen to ACH, direct deposits or other electronic payments I have setup from my employer or other financial institutions?

Any existing direct deposits, preauthorized deposits/ withdrawals will be transferred to your new PenFed accounts when the account conversion takes place.

Does PenFed use Shared Branching?

No, any existing shared branching agreements will be discontinued in the coming months. Announcement of these changes will be communicated to you at least 30 days prior to any service discontinuation.

What will happen to ATM service?

Both PenFed and Aspire are participants of the Allpoint Network. PenFed also is also part of Co-Op ATM network. With PenFed, you will have access to over 85,000 fee-free ATMs nationwide. For a complete list of ATMs please visit https://www.penfed.org/locations

If I currently receive electronic statements for my account, will I continue to receive them as electronic or paper from PenFed?   

PenFed requires that all members elect to receive statements electronically. Electronic statements will be offered when you first register for PenFed Online (PenFed’s online banking system).

Will the annual percentage rates (APR) on Aspire loans remain the same with PenFed until payoff?

All loans (except credit cards) will retain the same rate, payment and term you have with Aspire.

Will I get a new credit card?

Yes, PenFed will convert Aspire credit cards to a similar, award-winning credit card offered by PenFed. Additional details on the credit card conversion will be provided to card holders in the coming weeks.

I have reward points on my Aspire debit/credit card. What will happen to those points?

PenFed and Aspire are reviewing these programs to determine how rewards points will be handled for the conversion of debit cards and credit cards separately. Additional details will be communicated once full details of these programs are evaluated.

What will be the office hours at the Aspire Branch?

The Aspire branch is not currently open due to COVID restrictions. PenFed has made considerable investments in internet, mobile and call center banking. PenFed’s investments will allow convenient and efficient servicing of your banking and transactional needs. PenFed anticipates closing Aspire’s branch.

Why are you doing this merger?

Aspire’s Board of Directors has always put the interests of our members ahead of everything else (or – of our members first). As a small credit union, it had become difficult for us to remain competitive. This merger with PenFed will ensure that Aspire members receive an expanded range of quality products and services at the competitive prices they deserve.

What if I already have accounts with PenFed?

For dual members, all Aspire accounts will transfer to the members’ existing PenFed profiles as separate accounts. If desired, you can ask that the new, transferred accounts be combined with like PenFed accounts that you previously had with PenFed, or you can keep the transferred accounts separate.

Will I have to change my internal transfers for share deposits and loan payments?

PenFed is able to convert most internal transfer types, but we will not know for sure until PenFed begins the account conversion process. You will be notified if there are any transfers that cannot be converted.

For Auto Loans, how will I retrieve my auto title once paid off?

If after, May 31st, you can contact PenFed for a title request.

What if I opt out of converting my Credit Cards to PenFed?

You may close your credit card account prior to May 31st by contacting Aspire FCU.  Once underway, you will be provided with details of the Credit Card Conversion and will have an opportunity to opt-out at least 45 days before the conversion date.

What does this mean for Aspire employees?

PenFed has made it a priority to take care of Aspire Members and employees. Aspire employees are being taken care of, and we greatly appreciate your concern.

Will my Select Employee Group change when transferred to PenFed?

No, your SEG or association to Aspire will remain the same.

Am I still able to apply for a loan or new membership?

After, April 5th Aspire will not be accepting any new loans or new memberships.

You are welcome to apply for a loan with PenFed now. Aspire and PenFed accounts will be merged through conversion.

What happens with my current loan or new membership application?

Aspire will continue to work all applications that have been opened prior to April 5th, 2021.

Will my loan rates change?

All fixed-rate and term loans will remain the same with no changes to rate or term.  If you have a variable consumer real estate loan (mortgage, equity or HELOC), these terms will also transfer to PenFed unchanged. Credit Card holders will be provided information regarding their Credit Card prior to the conversion date and will be offered an option to opt-out of any new terms if desired.  For any other variable rate product, additional communications will be provided regarding the transfer of these accounts to PenFed.

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