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Although credit unions are smaller than traditional banks, their members still need quick access to cash, and ATMs are the go-to resource to that end. ATMs are a ubiquitous part of society: According to data from the ATM Industry Association, there are over 3 million in the world. The prevalence of these tools can be attributed to the level of convenience they provide. And for current and former members of the armed services, these tools and their accessibility can be helpful because they eliminate the need to visit a branch location for basic banking services. 

Credit union serving military personnel can use ATMs to provide increased support

Virginia-based Pentagon Federal Credit Union has been making efforts to provide military members with added means to better manage and protect their finances with the nonprofit PenFed Foundation. The credit union has $23 billion in assets and 1.5 million members across all 50 states. Many of its members are military employees and the institution serves members on military bases in Okinawa, Puerto Rico, and Guam. 

In 2015 the institution joined the Allpoint Network of ATMs, granting its members surge charge-free usage of around 55,000 worldwide ATMs. Many of these ATMs in the United States are located in grocery and retail stores, pharmacies and other convenient locations.

"By becoming an Allpoint Network member financial institution, in an instant PenFed grows its surcharge-free ATM footprint to more than double that of even America's largest bank," said Bill Knoll, managing director of the Allpoint Network in a PenFed News Release.

PenFed is the second largest credit union on the United States, sitting behind Navy Federal Credit with its 7 million nationwide members and $80 billion in assets. Navy Federal is another credit union that aims to serve military members, with branch locations on or near military bases worldwide, and is part of the Co-Op network which grants members free use of over 28,000 global ATMs.

Veterans sometimes come home from their tours of duty with physical and mental injuries that require professional assistance and care. This assistance is not always cheap and families of veterans can be impacted by the financial burden. Although PenFed and Navy Federal have locations both international and domestic available to aid members in the armed services, these members may not all have the convenience of being able to access a credit union's branch functionalities all the time. 

An increase in the nationwide number of ATMs can accommodate all military service members in managing their finances without visiting a branch. They will also prevent members from being charged fees for using ATMs of other institutions, saving them money and lessening financial strains.