Thank you, you have successfully subscribed to our newsletter! Enjoy reading our tips and recommendations.
A link has directed you to this review. Its location on this page may change next time you visit.
- 2,377,283 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 ConsumerAffairs.com please visit our FAQ.
Had an question with my mortgage payment and while the service member didn't know an immediate answer, they did some quick research and made some helpful suggestions to resolve the problem. I felt like they were genuine and wanted to help vs. transfer me to person after person to resolve the issue.
I joined in 2013 because they had the best deal on an auto loan. Very smooth experience. Since then I have a credit card, checking and savings account. Also a very good experience. I use their credit card overseas because they don't charge a foreign transaction fee.
I applied for Pen Fed credit card with 0%, to move some balances from my other card (already have one - it was application for second card), my credit is a little down due to some balances, so I got declined, oh well I understand. A few days later I recieved a 25.000 check in the mail from Pen Fed. (Here take it. Pay down cards.) It was a great response from Pen Fed, even though I have to pay interest and it is not too low, but I got all my debt in one and my credit will be up because loans don't affect your debt on the credit as much as credit cards, so as soon as it goes up, I'll have doors open for many options how to save money, refinance and have not much debt.
So gues what, everybody entitle to make profit, keep your credit excellent shape, get low rates and anything you want. Can't keep it up? Pay high rate if you want something. Business is business. You get what you deserve. Me and my husbands are big fans of Pen Fed. I read some reviews and one thing I can say pay bills, so you don't have to pay high rates!!!! Vv.Iv
I would give People need 5 stars for customer service and varied choice of savings and CD accounts and they offer competitive (usually higher than most on line banks) CD 6 months and 1 year rates.
Opened account to buy used car - easy process and set up because it was automated online application. They DO have best rates on everything but if you can stay with the checking/cc side of finances you will be good. Avoid the mortgage department - financing or refinancing your home - absolute nightmare of ignorance and lack of professionalism: you will spend days waiting on the phone; if you leave a message you will never hear back from anyone. Save yourself the headache. Those agents must late their work or are paid to do nothing (since PenFed has no closing costs).
PenFed has continued to hit lows in all aspect of service on our mortgage -- right back to the application. Every month we pay a little extra as a principal only payment and EVERY MONTH they misappropriate the money. This has happened at least 9 of the last 12 months and EVERY TIME I have to spend hours on hold and wait weeks to get them to fix their errors. I send the payment in with "PRINCIPAL ONLY" written on the check, accompanied by a letter that says "PRINCIPAL ONLY" and every time they put money in escrow and double charge me interest for the month (since they've already taken interest out of my normal payment). EVERY MONTH I send it multiple emails, letters and wait on hold for 30-60 minutes (I'm not exaggerating) only to be told that they'll have to open a ticket for someone to look into it and then it takes days to weeks to get the money paid back to our principal. I HATE THIS COMPANY!!!!
First off, I currently have a used auto loan with PenFed. I have had the loan since 2017 for a truck I bought, and everything has been simple - until now. I applied for a loan on a classic car from 1971. The loan amount was about $16,000 after I paid for some in cash, and I was pre-approved right there on the spot. The car is a completely rebuilt classic with only 2,400 miles on the new engine and transmission. The car is in pristine condition.
First I was told they needed pictures of everything outside and within the car. Okay, easy enough. I got pictures of the inside, outside, engine, trunk, etc., and the title. Everything was good there, too. Next they wanted an appraisal. Alright...a pain, but I went through and got the appraisal completed by a local Chevrolet dealer. In big words on the top of the page are "USED CAR APPRAISAL FORM" which apparently wasn't "what PenFed was looking for" and wanted a full appraisal of what made this car worth $16,000.
The car was rebuilt by the previous owner out of his own pocket. He didn't take it somewhere to have it done, he worked on it for over 4 years to get it where it's at today. The previous owner and I sat down with the appraiser and listed out all of the things that were done with the car, and the appraiser still signed off on the appraised amount of the car. That is the job of this person, he appraises cars. Apparently a Chevrolet dealer isn't a "certified" appraiser, and PenFed wanted someone different to look at it. I refused, as this is absolute nonsense. I should not have to be running around left and right for all of this to get a car loan. ESPECIALLY when NADA auto sales appraises the car at $14,219. It is absolutely ridiculous.
Mind you, I mentioned my auto loan I currently have. I have paid over $10,000 on this loan and NEVER missed a single payment. I have a 753 credit score. I would consider myself to be extremely LOW RISK to lend money to. My credit history is perfect in terms of payments made on time and everything else. With all of this nonsense running around for this vehicle, I will be refinancing my current loan so I don't pay a single penny more to PenFed. They have lost all trust and faith in an active duty service member, and I will be ABSOLUTELY sure to tell all of my battles to never use PenFed for any type of service. They are a disgrace to their claim of being there for service members. I will gladly let all I know to never walk in to their bank. I would rather pay a higher interest rate to a company that takes care of its members than to pay money to a company like PenFed.
I have been with PenFed for over 20 years, going back to when I was in the military. PenFed was a good deal 20 years ago but they have failed to keep up with the times. The first issue is PenFed is unable to deliver a functioning mobile app. This is no longer a luxury but a requirement. Paying bills using the mobile app works maybe 10% of the time and the app usually requires 2-3 restarts just to be able to view transactions. After complaining about this to the bank I was told to use the "web browser. It works fine". I know the web browser works fine - I want to use the mobile app that you gave me that doesn't work... I am tolerant of bugs in apps and that they take time to correct but this has been going on for 2 years. The app is garbage. Where does the $60 per year online bill-pay fee go?
The second issue is that I have applied for some form of credit approximately 5 times in the last 20 years and have been denied by PenFed on 4 of those occasions - I simply visited another bank, applied and was approved for credit in each case. The odds of getting a loan from PenFed are about the same odds as winning the lottery. Several of my friends and colleagues have had the same experience. Why be a member of a credit union if I cannot get credit?
Next comes the fraud detection department and associated process. I have been doing banking with another institution for a while now, I had a small business account with them and a personal account - never with has my debit or credit card with this other bank been locked due to basic activities. PenFed's fraud detection system is equivalent to a helicopter parent keeping their child safe from the dangers of walking through a grassy field.
It's a constant nuisance and has caused several issues for my family when trying to pay for something only to have to switch to another card (from another bank) because the PenFed card is locked. Why have a card with PenFed that is suddenly locked every so often? The final concern I have is the excessive advertising that PenFed does. It strikes me that they are overly focused on recruiting new members instead of keeping the ones they have. It is a lot of work to leave a bank that you've been with for a long time but I have had it - I'm out.
I have never dealt with a bank as bad as this. The hold times on the phone are insane. They will fee you for ANYTHING and everything under the sun. Even if it's THEIR fault. The menu to even get to a live person is clunky and deliberately made to make it hard (they want you to use the automated system). I was so fed up with PenFed that I asked them to do a ACH transfer (ALL MY MONEY) to Chase.
They transferred a few dollars. I was charged a fee. Even though they transferred the wrong amount they still argued with me that I was responsible for the fee! I also racked up 300 dollars in insufficient funds fees for a bunch of small first class letter shipping charges I did through paypal for business. They WOULD NOT waive the fees, despite it being an accident that I quickly caught and called in about. The customer service is extremely rude. I dealt with about 10 people there and only 1 of them was pleasant. I signed up with PenFed initially planning on getting an Auto Loan. NO WAY NOW. I will never have a relationship here again.
My NRA card account was taken over by PenFed. The first bill I got from them said my payment was past due. I never carry a balance. Paid in full immediately online and submitted a complaint. Got call from their robot the next day with message to call. I called thinking they wanted to discuss my complaint. Nope, they said my account was delinquent and they wanted payment. I told them I paid in full yesterday. They argued about it. Finally after several minutes they were like "Oh, there it is, now I see it." No apologies, condescending tone, their auto pay options are so lacking compared to other cards I have. Like simply a selection to draft my account for statement balance.
Also, if I didn’t sign up for paperless relationship they were going to charge me a fee. So I did, only to be told they would not send me a statement or a reminder when statement is due. They said I was just going to have to remember to log on on the 2nd of each month. Very lacking in capability, very poor attitude and almost every comment made was condescending. I didn’t even ask to be their customer. They told me previously that they would be opening up an account and issuing me a card and That there was nothing I could do to stop it because their opt out date had passed. I really do not like the way this relationship has started. I will probably cancel my membership. Just an awful experience with the 2 representatives I have talked to so far. They probably feel the same because I let them have it.
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
- (800) 247-5626