About Pentagon Federal Credit Union
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Literally PENFED is messing up my credit score! The payment method is outdated, the application is horrible and 70% of my payment get kicked back for "insufficient funds" no matter how much money I have in the account. It makes no sense and it takes a whole week for the payment to process? No more payment options? I don't have this issue with my other vehicles! They need to update the payment method and let the customer pay at the spot with their debit card AT LEAST! The late fee is extravagant and it should be like that if you have the funds. When you call, nobody knows what is going on, there is no use when they "leave a note" in the system. AND STILL WAITING for my debit card in the mail AFTER 8 MONTHS!
I never write reviews, good or bad but here goes. I did an early withdrawal on 2 CDs in November knowing and paying the early withdrawal penalties - no problem. For the next month I tried to set up an external account online to transfer my money to another institution. To set up a new account you log in and go to Link External Account. Once there you are presented with 2 options: Immediate Verification and Manual Verification. Using Immediate verification I enter all my financial institution info, respond to their validation text and then get this message: "Unable to Complete Request. We had a problem gathering the account details from your other Financial Institution. To register your account, either use the Manual Verification option, or you may attempt Instant Verification again later."
I try again the next day and then the day after that; same thing. I call and they tell me immediate verification doesn't work at all for any institution. Great- maybe you should fix this or get rid of the option? I do the manual verification. It seems to work, only now I have to wait up to 3 days to verify how much they transferred into the account. Only it doesn't happen. So I try again (another 3 days) and same thing. Turns out you can only link to 1 account (I already had one set up previously). Nowhere does it tell you that. So now I have to delete the first account. Only I can't. Had to call and have them do it - twice. Took more than a week. They also wanted a copy of my driver's license which I emailed right away
Finally they delete the account, I set up the new external account only to find days later there's a $2500 daily limit on transfers. Again, nothing states that up front. This place is total amateur hour. Took about a month befiore I finally had to go in to a local branch and do a wire transfer, which cost me $25. This whole month of frustration cost me hundreds of dollars in lost interest. Every other financial institution I belong to (5 or 6) works as expected when transferring money online. No limits. With my remaining characters let me save you the time Pen Fed: We’re very sorry to hear of your negative experience. We can assure you our top priority is helping our members achieve their financial goals, and regret any inconvenience this situation has... bla bla bla
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The level of dysfunction of the online banking website is becoming intolerable. Functions like links to external accounts for transfers, and the online payment function for loans…inc my mortgage…just “disappear”. Customer service is a joke, want to make it look like problem is with my “device” though same problems with multi devices and OS. After literally decades with PFCU and some pretty sizeable savings accounts, I am exploring alternate online services.
PFCU has been my go-to bank for many years. However, recent "updates" to the website have made it slow and cumbersome requiring multiple clicks to do anything. Getting to your credit card charges takes multiple tries and is very slow to pull up info. I've been trying to change something online to no avail. So I called them, only for them to tell me they needed a "verbal" passcode that I assume at some point provided them (?). The first person I spoke with said it would be a couple of hours for the request to delete was "processed", when I called back later the second person said 3 hours and then when I called back again a third person said 24-48 hours. (??)
You can no longer link external accounts online -- it has to be over the phone. (??) However, the PFCU website says NOTHING about it, so you click through screens only to have an error message pop up and be booted out at the end...thinking you've done something wrong. SMDH. The only plus was the phone wait times were minimal and the reps were pleasant enough except for lying about the processing time.
The customer service rep just told me their IT department doesn’t work weekends and can’t fix their app (won’t deposit checks) until Monday when the staff come to work. What kind of organization has a major functional issue and doesn’t have it fixed before three days have passed???? Not one that I can count on, that’s for sure.
Penfed is the worst checking account, transactions are slow, just deposited a check that will take 5 days for availability. The absolute slowest bank or credit union mobile check deposit there is, come on it's 2022.
For 40 years PenFed was my “go to” lender. After negotiating a loan & term online, drove 60 miles to pick up check & they had changed the interest rate & electronically “forged” my signature on forms.
Penfed Credit Union allows customers to initiate a Non-Fraud Card Dispute process on a credit card transaction. However, they do not take any action and the dispute is always closed in favor of the merchant. They say that they can only handle fraudulent transactions. I have never seen this behavior from a credit card company. Also, they miscalculate the statement balance and keep tacking interest charges and finance fees. I email their customer service ahead of time indicating the statement balance calculated by me based on the transactions for the previous statement cycle. I do not get any kind of confirmation. After I pay the balance, they add interest charges and finance fees.
Also, a bot from their company calls multiple times every day asking me to call back. Why can't they have a human call, since their customer service and wait time is pathetic as I have tried to call back and after being on hold for close to an hour have hung up. If they are providing credit card services, they need to support the dispute process completely like any other institutions. Calculate statement balance accurately and improve call wait times. Since I did not pay the unauthorized charges on my credit card, they have reported this to the credit bureau as a delinquent account. How are they even allowed to be in business?
I would caution anyone from ever using PenFed Credit Union for their Mortgage. Our initial call with the Loan Officer went great and they locked us in for 45 or 60 days at a rate lower than market value which appeared phenomenal. We put an offer in on a condo and PenFed claimed they may even be able to close in 25 days but guaranteed 30 days, which was great! Then the trouble began:
We called & emailed for updates on the Loan approximately 10 - 12 times over the course of 10 days. At the end of the those 10 days, we finally were contacted and connected to the Loan Processor and they finally began requesting documents from us to get to underwriting. Keep in mind, we were moving 8 hours away and had a short time frame for closing which they were informed of. We provided all the documentation to the Loan Processor within 48 hours and then received an out of office notification that they would be out of office for the next 4 days. We eventually got a hold of their boss and the boss's boss to get an update on our loan which took another 5 days of radio silence despite our repeated requests for an update or any additional information they might need.
It took another 3 days after that last update for them to call us back and let us know the Loan wouldn't be approved due to the condo not being within Fannie Mae guidelines. We received a response from multiple people at this point, all claiming a different guideline that wasn't met. Needless to say we were very upset and didn't trust their judgement. We were also 3 days away from our original close date (30 days).
Our realtor indicated the problem area and we discovered PenFed had realized this red flag over a week prior but did not inform us so we could get the required documentation needed. In the end, we switched to the Condo's preferred lender, spent an additional $15,000.00 in fees for expedited processing and Interest reduction, and closed with the new lender in a total of 13 days. PenFed will never get my business again and I caution anyone against them.
If I could give it no stars I would. Beware of their conditions! They take forever to close an account. It's been over two weeks and I still can't get my money. I have two cds with them and I need the money so I have to close two of them. They dont tell you that if you have to break it before the term, that you lose all interest and if it's over 365 days, you get charged not only all the dividends and interest you made but the amount that you would have made for the term of the cd money market so now it's eating into your principal! I had money transferred from another bank into their savings account and then opened a cd money market with it. Now I can't get my money back for 60 days until money has been transferred into an account with them for at least 60 days. I am fed up. Who does that. Beware!!! Everytime I call or send an email, I am told to wait another 10 business days. I am just warning all of you out there, do not put your money in Penfed!
Pentagon Federal Credit Union author review by Ashley Eneriz
PenFed Credit Union provides financial services and quality customer care to military members, government employees and their families. Established in 1935, PenFed has over 1.4 million members and more than $20 billion in assets. Their members span the United States and military bases in Puerto Rico, Guam and Okinawa.
Services and products: The PenFed offerings are tailored to their member population. In addition to typical checking and savings account products, PenFed has a suite of lending offerings for vehicle and home buyers along with personal loans.
Credit card products: In addition to simple debit and credit cards PenFed has rewards cards and military credit cards.
Auto loans: The credit union has loans for new, used and refinanced vehicles. Their additional auto loan products include a “payment saver” loan and a car buying service.
Calculators: To help members take charge of the money, PenFed has a variety of online calculators including mortgage, card comparison, auto loan payment and savings certificate growth calculators.
Home center: For members seeking to purchase a home, PenFed offers many tools. Their portal includes information for first time home buyers, a home ownership dictionary, rate comparisons as well as loan products.
Deployment guide: Immediate deployment is a reality of military life. The PenFed site has a complete downloadable guide for deployed members to ease managing financial and life details.
Financial Hardship Center: The PenFed Credit Union understands that life happens and offers guidance to help its members through tough times with specialized financial-assistance programs.
Pentagon Federal Credit Union Company Information
- Company Name:
- Pentagon Federal Credit Union
- Year Founded:
- 2930 Eisenhower Avenue
- Postal Code:
- United States
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