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Dear Valued Member,

During a Special Meeting of the Membership on March 11, 2019, it was announced that 83% of voting members of McGraw Hill Federal Credit Union (MHFCU) voted in favor of merging with PenFed Credit Union.

The merger is scheduled to take place on May 1, 2019, where members of MHFCU will become members of PenFed. Please be assured that your accounts will continue to be federally insured by the National Credit Union Share Insurance Fund to the maximum extent allowed by law. 

PenFed will continue to operate MHFCU’s two branches—located in East Windsor, NJ and 55 Water Street in New York, NY—and has plans to add an additional Manhattan branch in the summer of 2019. You will continue to see familiar faces when visiting these locations as PenFed will retain all MHFCU employees. 

Management and the Board of Directors are excited about the opportunities this merger presents for you and your family. You’ll soon experience improved products and services and realize the positive impact of continuous investments in systems, security, employees, and our community to help protect your financial future.

Please be on the lookout for more communications from PenFed regarding your accounts and cards. You can also review FAQs at the bottom of this page. If you have any additional questions regarding the merger, please do not hesitate to reach out to us at 1-800-226-6428 or

It has been a privilege to be your financial services partner since 1935, and we look forward to continuing to serve your financial needs as PenFed.


Michael Sullivan, President/CEO McGraw-Hill Federal Credit Union

Michael Sullivan
President/CEO | McGraw-Hill Federal Credit Union


Enhancing the Value of Your Membership


McGraw-Hill Federal Credit Union

On May 1, this website will redirect to PenFed Credit Union.

PenFed Credit Union

McGraw-Hill Federal Credit Union

Pentagon Federal Credit Union

Total Assets
(As of December 31, 2018)

$425.77 million

Additional financial data >>

$25 billion

Additional financial data >>

Member Care Hours

5 Days a Week

Monday – Friday: 8 a.m. to 5 p.m. EST
Saturday: Closed
Sunday: Closed

7 Days a Week

Monday – Friday: 7 a.m. to 11 p.m. EST
Saturday: 8 a.m. to 11 p.m. EST
Sunday: 9 a.m. to 5:30 p.m. EST

Branch Locations

2 Locations

• East Windsor, NJ
• New York, NY

Locate >>

51 Locations, plus

Two existing MHFCU locations
Additional Manhattan branch opening soon

Locate >>

Surcharge-Free ATMs



ATM access at Shared Branch locations remains surcharge-free. Shared Branch access will no longer be available.

Special Dividend



One-time special dividend on qualifying shares***

Savings Rates

View savings rates >> 

View savings rates >>

Loan Rates

View loan rates >>

View loan rates >>

Digital Payments

• Apple Pay
• Visa Checkout

• Apple Pay
• Samsung Pay
• Google Pay
Visa Checkout

Community Involvement

VOICE Foundation

PenFed Foundation



Frequently Asked Questions




*APY = Annual Percentage Yield. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Rates quoted assume excellent borrower credit history. Not all applicants will qualify for the lowest rate. The rate you receive on your loan will be the rate in effect at the time of loan disbursal.
**APR = Annual Percentage Rate\
***Special Dividend is available for eligible regular share accounts, which are defined as the following: Primary Share, Transactional Share, Secondary Share, Holiday Club, and S3 Prime Companion Savings. Special dividend is based on members; average daily balance on the eligible share(s) for the six-month period ending January 31, 2019. Eligible members are defined as those natural persons having a least one share in their main share account, and who continue to be a good member in good standing as of the date the special dividend is paid. The payment of this special dividend would be after member approval and prior to the effective date of the proposed merger.


  • 1-800-226-6428 |
  • Routing Number: 226077943 |
  • NMLS# 407684
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