About Pentagon Federal Credit Union
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Like Jennifer who reported in August 2021 she felt that the Penfed customer service dept is disjointed and on something (paraphrasing her review), I too felt the same way. Something is very very very wrong/off with Penfed. This is NOT the Penfed of OLD but the Penfed of new and this is a wake up call to upper management to check your front line. Your customer service reps are TERRIBLE!! They don't answer questions, emails correctly. They constantly hang up on you. They don't show any empathy. Based upon my own personal experience, they don't have any respect for the customer. We're just another number to them and they don't care what they tell you.
Penfed of new behaves like a careless bank, not a credit union. I read somewhere that Penfed just recently purchased a jet? Why in the world does PENFED need a jet? At the very least this comes off as a major sign that Penfed is not a member oriented CU. At worst it shows the world at large that this is now a big institution pigging itself out while others of us are suffering. You need to sell the private jet. That's a luxury item. It doesn't bode well for your employees or your membership.
I received a flyer from PenFed saying I’m preapproved for up to $30,000. (And I have an account with them but bank with USAA.) Decided I would get a personal loan for $10K to pay off another higher interest loan. First, their website…On your phone and probably other hand held devices…primitive, lagging and all kinds of issues. It’s 2021 and you don’t have a website that can work properly?? That’s a good clue to probably stay away. After several tries I finally sent in the information to be approved or not. I understand that they do a soft pull and see I could possibly get this loan but not a guarantee. After hitting send You’ll get the standard “you will hear back in 24-48 hrs on our decision”.
Fast forward a week later and I send them an email to check on the status. At least they wrote back within a few hours. But, I was told that I’ll receive an email or letter on why my loan was denied?!? Why? I have over a 700 credit score and great income. Income to debt ratio is like 20%. But I’m denied??? The kick in the face…after 10-15 mins later I get an email from PenFed saying that I’m preapproved for a loan up to $20K…really?!?!? No thanks! Horrible communication, horrible website and based on what I’ve read here…I’ll never apply for anything here again. I don’t care if it was 0%. This Credit Union is a joke. Stay away!!
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I am seriously at a loss for words at the way I have been treated by this company. Not once, not twice but three times now!! I should not write a review now as I am still so angry. Dealing with the people who work in member services, (toll free number), is like dealing with two year olds who are in their own world. It is like dealing with zombies! I ask a question and the responses are not even related to the question! Are they on drugs? I'll write more later. I am too ticked off right now and I very very rarely post bad reviews but this company should be ashamed of the way they treat people. The people who are training and doing QA need to be fired, along with the employees. I am closing my accounts ASAP today!
I have been very frustrated with PenFed regarding my loan for many reasons. First, I have reached out via phone call and email several times to have a supervisor contact me and no one ever did. Eventually my loan officer reached out to say the underwriters were still processing the loan and never explained or apologized for the delays. The loan took 5 months to close! I always provided all documents within in days but then it took weeks to review then ask for additional documents. This process was a torture. I finally signed the closing documents then it took 11 days to send funds to my old bank and 2 weeks to send me my funds which was suppose to be overnight!
Started a refi application in March 2021. I checked with Penfed being that I have an auto loan and cc account with them all in good standing. The penfed employee was great, took tons of personal info, pulled my credit, etc. and was approved by penfed confirmed by the employee. The employee said I would be contacted by another employee with further instruction. Well that's where it went downhill. After about two weeks I'm asked by a loan officer for a ton of information, most of which was submitted with the initial application. Send in all the info, two weeks go by then another loan officer contacts me requesting the same info, submit all the info again, two weeks go by then another loan officer contacts me requesting same info, now I contact the initial employee expressing my concern as to what is going on.
In the meantime I drop $500 for a home appraisal. Weeks go by again then I receive an email from a new loan officer requesting all the info again and if not received within one week they will not approve the loan. Now I contact the initial employee and express my concern again so she tries to proceed with getting the process expedited. She is very understanding and not understanding why they are repeatedly asking for the same information. After a few emails I don't hear from her or anyone else even after sending in multiple emails. Now 4 moths later I receive a denial letter due to credit report, what! My scores are 780+, and a stellar credit history. So I just filed a complaint with the BBB for being mislead and spending $500 for an unnecessary appraisal. If you're basing my denial on my credit report then why proceed with approval on day 1. Very misleading.
The rates on deposit accounts are above average. Customer service falls incredibly short. Expect to wait 15 mins+ each time you call. I had a credit card charge that was disputed, as the merchant put in writing I would be refunded. With this in writing PedFed said “There is nothing we can do, and at least it’s only $112 lost.” Really? I immediately transferred all accounts $25k out… Trust is a major factor of banking and if I can’t trust a small issue to be handled, I can only imagine the maze with larger concerns.
We decided to refinance our home after 17 years and decided to go with Penfed. The loan processors were great until we decided early in the process to cancel. Now Penfed refuses to return our calls regarding our $490.00 appraisal fee.
Bad bad bad! They said I was approved for a credit card, but still have my account as restricted. They keep telling me I have submitted all required information but keep asking for documents I uploaded already. It has been over 90 days!
I wish I could give a NEGATIVE 5 star score. I have been a member of Pentagon Federal since active military duty in the 1980's and in the past I had no issues with their customer service. Recently I decided to refinance my mortgage with them. I spoke with a loan officer named Rocky, who seemed like he knew what he was doing. He offered a great VA loan rate and I decided to go through the process. He never discussed locking the interest rate and I was shocked when many weeks later the loan processor called and questioned why the rate had not been locked. This step had not been discussed with me and I was made to feel that it was my fault for their lack of attention to detail.
I sent an email to Rocky's supervisor requesting the initial loan offer be honored as it was a clear and unmistakable error on the part of the loan officer. Several days later after emailing, calling and texting, the supervisor named Manny finally called back and told me there was nothing he could do. They offered me a loan with a higher interest rate and additional costs, none of which was in the original loan offer. I was so incredibly disappointed with their lack of ethics and poor customer service that I discontinued the loan process and went to a local credit union. I HIGHLY RECOMMEND NOT DOING BUSINESS with Pentagon Federal Credit Union. They lack transparency and are unconcerned about customer service and satisfaction.
Had a horrible experience with PenFed Mortgage Department, I was on hold for a long time every time I called them and the loan officer “Randina” was totally useless and unprofessional, she never answered any of my question correctly, although I sent her all my documents ahead of time she never done her part to qualify me right, I worked with her for 2 months before I get into contract and sent her everything she asked me, when I actually got into the contract and after paid $300 to do the home inspection she told me that they can not get the loan done, she wasted so much of my time and not only that I paid for home inspection for no reason. I have many emails in writing from her that she confirmed that I am good to go for the loan.
She stopped communicating with me without any explanation as why she put me through all this, I even emailed the head of the mortgage team “Joe **” to see if he can help me to see why they put me through all this for no reason but I have not even received any replay from him either. These people were so unprofessional and this whole time I was honest with my response to them and tried my best to be nice and follow their process but at the end I was out of a lot of time and money and no one even bother to contact me and explain what is going on?
They simply stop communicating with no resolution or explanation. I don't recommend PenFed to anyone, they are so messed up, do not give them the chance to do what they did to me. Hope someone from PenFed call me and give me the answers I deserve, do not waste your time working with people like “Randina”, can not expect much more from her when “Joe **” her boss do not care either. Horrible experience, never deal with them again.
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.
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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