Pentagon Federal Credit Union

Pentagon Federal Credit Union

 3.9/5 (351 ratings)
  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

About Pentagon Federal Credit Union

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pentagon Federal Credit Union Reviews

  • Recent
  • Oldest
  • Most helpful
  • Any
  • Rated with 5 stars
  • Rated with 4 stars
  • Rated with 3 stars
  • Rated with 2 stars
  • Rated with 1 star

A link has directed you to this review. Its location on this page may change next time you visit.

How do I know I can trust these reviews about Pentagon Federal Credit Union?
How do I know I can trust these reviews about Pentagon Federal Credit Union?
  • 4,010,213 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Sept. 13, 2022

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.

Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: Sept. 2, 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.

2 people found this review helpful

Not sure how to choose?

Get buying tips about Banks and Credit Unions delivered to your inbox.

    By entering your email, you agree to sign up for consumer news, tips and giveaways from ConsumerAffairs. Unsubscribe at any time.

    Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.

    Rated with 1 star
    Verified Reviewer
    Original review: June 28, 2022

    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?

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 16, 2022

    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.

    16 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 7, 2022

    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!

    10 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: June 4, 2022

    I have been with PenFed for about 3-4 years, I always accounts in good standing, banking and savings, and I never missed any payments. All of a sudden I keep getting late charges from PenFed for payments that I ALWAYS made on time. The past few months every time I've made a payment I get a system error, but then eventually I get it to go through. Then when I go back the next month to make a payment on my credit card, the payment I made is gone, and I'm charged crazy fees, which equate to 4 x what my payment was. I'm curious to know how many other people have experienced the same thing for several months now. I can only imagine how much all of those fees add up to.

    I keep trying to get it resolved but every time I tried to contact PenFed, their system is "under maintenance". Now, this has been the 3rd month of these erroneous charges and somehow nobody is available to fix it. It is very concerning. To make matters more concerning, is their financial statements aren't looking so good and they keep changing their policies, which when I read the fine print almost gives them the OK to make charges for whatever they want and to hold funds and deposits whenever they want. The combination of these things, especially their company financial statements, and the state of the market, is worrisome to say the least.

    Any one of these things alone might be somewhat explainable but the combination of issues, random fees and charges, and their recent revisions to their deposit policy is making me think that maybe I should move my money. In hopes of settling my worries, I reviewed their financial statements which are publicly available and I'm starting to feel even worse. I'm starting to feel like my concerns are valid, and not just for my own money.

    If only I could speak with somebody at PenFed, and without the banking system constantly experiencing "system maintenance issues", I could figure out what is going on. Instead, I'm left to seek out answers, as are many of their customers who seem to be experiencing similar unusual activity from PenFed. I think consumers would be wise to do their homework, and maybe hold off on banking with any institution where there are so many red flags.

    12 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 14, 2022

    - In person was not very customer service like. Rude employee who assisted me in applying for an auto loan for used vehicle. - Today 20220505 I spoke with an employee on the phone about several questions with my pre-approval loan and she was rude as well. Not to mention that when I was asking about which APR I would select and what my payments would be for the used auto loan, she informed me that my loan was a new auto loan, and that my rates would be different.

    I told the first employee in person that I was applying for a used auto loan for $20K. - So tell me how I ask for a $20K used auto loan is set up for a new loan? With the current economy, tell me where I can buy a new car for $20K? - Navy Federal has always been very customer friendly regardless. I have never experienced anything with them compared to PENFED. NFCU has better rates, better Customer Service and better options and process when applying for any loan. Especially treating service members with respect. I decided to give PENFED the benefit of the doubt and I will never do that again. - The only time I have had great Customer Service with PENFED is on a military Installation that treats the service members with respect.

    I am very displeased with what I have experienced in the last week with this corporation. Not to mention after trying to reach out and speak to management, I have played email tag just to be on the runaround still. That was about a week now and still no one has reached back out to me. I will be closing my account with them and will not refer anyone when they ask me which credit union is good business and more importantly Customer Service friendly.

    - A disappointed customer.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: May 12, 2022

    As a Pentagon Federal customer for the better part of 20 years, it is startling that people that are obviously barely employable have access to financial information. The hoops and the nonsense and the button pushing and the waiting on hold is insane. It took me 45 minutes to get connected to a 'mortgage officer' and once I gave him all the information I never heard from him again. I emailed, I called, I emailed, I called.

    Five days later and another hour wasted, I talked to a 'mortgage manager.' He had no reason for me being ghosted by one of his team members and the only thing he did was refer me to someone else that dropped the ball. In the real world people are fired when they cannot or will not perform their job. Not sure why Pen Fed refuses to hire quality people. In a world where everyone is looking out for the next scam or identity theft, I wonder who is watching these people that are barely employable. Good luck and make sure to take your ** prior to any interaction with these people.

    11 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 26, 2022

    They made a mistake when reversing a fraud charge at the same time they were converting from one accounting system to a new one. They put the charge back on my account and 6 months later I still cannot get anyone to actually fix it or that knows what happened to actually call me back. Their customer service reps are very low functioning and seem completely untrained. Always several transfers to someone else that I then have to re-verify with. They are a nightmare to deal with.

    Their banking system and mortgage/equity line system are now completely separate and don't talk to each other at all. In order to make a payment on my equity line I have to create an external payment account on their mortgage system. They also changed my equity line account number and are reporting both accounts as if I have 2 equity lines with them to the reporting agency. I have made multiple attempts to dispute this but to no avail. They say "it's right". They are completely incompetent.

    8 people found this review helpful
    Rated with 1 star
    profile pic of the author
    Verified Reviewer
    Original review: April 19, 2022

    After over a year of trying to close my autistic younger brother's account so we could deposit the money in a court-ordered trust fund, they finally sent the check, to the wrong address! This sojourn started over a year ago when my mother died and her estate went into probate. After supplying PenFed with the court order placing myself and my brother as co-guardians and co-conservators of my autistic brother's estate, plus all relevant information, they continued to drag their feet on liquidating the account month after month. Finally, they mailed the check on April 2nd of this year to the wrong address after they had been supplied the correct address well over a dozen times as well as it being recorded on the court order! As the title sums it up, the level of incompetence is unprecedented. If you open an account with these people, be aware that you may not be able to close it without playing musical chairs for the better part of a year.

    11 people found this review helpful
    Loading more reviews...

    Pentagon Federal Credit Union author review by Barbara Friedberg

    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.

    by Barbara Friedberg Personal Finance Advisor

    Barbara Friedberg, MBA, MS is a former investment portfolio manager with decades of financial experience. Friedberg taught Finance and Investments at several universities. Her work has been featured in U.S. News & World Report, Investopedia, Yahoo!Finance and many more publications.

    Pentagon Federal Credit Union Company Information

    Company Name:
    Pentagon Federal Credit Union
    Year Founded:
    2930 Eisenhower Avenue
    Postal Code:
    United States