About Pentagon Federal Credit Union
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Penfed Credit Union was a great decision. Jeremy ** was our loan officer and if I could give 10 stars, I would. He was great and very helpful in the whole process. Not only did the rate beat every other rate, but Jeremy also took time to answer my texts, emails and calls to help walk me through every step of the process. He responds quickly to all of our questions and was a great help on each and every step of the entire process. I had an amazing and impressive customer experience because of Jeremy. Highly recommend Penfed and Jeremy in particular! Thanks to both!
I had back to back BAD experiences with Penfed over the past months starting with their mortgage department. I just needed a final quote for the closing on our house 9/8/2020. The title company had sent them a request (with our signatures) more than 3 times, several weeks prior but no response. Long wait over 4 hrs and whoever answered cannot help me anyway. I was the one who actually solved the problem when I mentioned to the customer rep to guide me through the new mortgage system they touted on the phone while I was waiting for someone to answer. Lo and behold, the final quote was in a letter form along with instructions for the title company what to do. They need better training for these customer reps. She did not even offer to check the new system. By the way Penfed's new mortgage online system is excellent.
The 2nd bad experience I had was when we applied online for the Premium savings account which Penfed touted as quick and easy application. Not really. They emailed back that we need to fill in a signature card and send back the form to them by mail or by their secure upload link. We did that. Penfed incorrectly documented the ownership designation (payable upon death) was incorrect. We indicated owner and joint owner with survivorship in our application. I called them, I emailed them several times. I uploaded the scanned forms again as instructed.
It's been more than a month of trying to fix the problem. Today, I was so fortunate to have LARRY, customer rep who did an extra mile to solve my problem. Within a few minutes, the problem was solved. Owner designation on our premium savings account was corrected. Wow! I spoke with his supervisor right away and expressed my appreciation for this person who did things right. That is why TODAY I am giving Penfed 5 stars!!!
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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.
Don't leave a bad review. They will drag their feet and become more inept. My wife and I are trying to refinance our home, but once we hit 140 days waiting to close, and for them to do their jobs, my wife wrote a review saying that they are slow. Know today, we hit 183 days!!! We have an email telling us closing would be in a few days. THINKING it was finally over, what happens they never pulled the title. BLOW US OFF. NOT EVEN A CANCELATION EMAIL, NO PHONE CALL, NOTHING!!!
HERE IS THE BEST PART. THE VA (YES THIS WAS A SECURED LOAN) APPRAISAL expires at the 180 mark and guessed what THEY NEVER INFORMED US UNTIL I CALLED TODAY. We HIT 183 days so we have to start all over. TO MY BROTHERS AND SISTERS that have Served they don't care. They Claim to be overworked and it's not their fault. PENFED likes to pass the buck. PICK SOME other company!!!! This will happen to you! Day 1 or 182. AIR FORCE 81st (A-10).
I started the VA Loan process on 9 June 2020 and received a closing date of 10 AUG 20020. I was contacted a few days prior and told that, “due to covid” the closing would be postponed, but my rate (2.5%) would carry until closing. I requested an increase in the loan percentage, I borrowed, and lowered the APR, but all paperwork was completed by 7 OCT 2020. It’s now 16 FEB and the closing dates I was given (one at a time) “the end of January” and when that didn't work, “5 FEB” have both passed, uneventfully!
Last night I spoke with a senior manager, Andy, and he hung-up on me when I got frustrated and said “I’m tired of this [**]” (meaning the lack of responding back to me, the length of time it's taking, etc.). He immediately said "I do not have to tolerate that kind of language" and promptly hung-up. Are you kidding me??? This snowflake didn’t even give me a chance to apologize for saying it (which I was started to), when the phone went dead. I called back and told him that PenFed had "horrible customer service" and that I expect someone to call me immediately and tell me when the closing date is. It’s now 16:16 on 16 FEB 2021 and so far no calls or emails. They really don’t seem to care! Run Away!!!
We started a home loan with PenFed in July with a closing date of Dec 31, 2020. They waited until Nov 15 asking for a ton of information, to process it, which we provided. Then on Dec 2, 2020, they tell us they can not get an appraisal done before closing which meant we would lose the house. This left us scrambling to find a new mortgage company with less than a month of closing. Very bad service with no concern to help with this.
They froze my debit card for unusual charge to a vender that I make monthly purchases from. No text, call or email asking to verify purchase. Instead you have to call and wait on hold for about 30 minutes to get verified by one agent then they transfer you to another agent who you are placed on a long hold again. Then you have to verify as well with that person and start over like they have no idea who you are or why you are contacting them. This was a huge time consuming process but I could deal with that. These things happen especially this time of the year.
The biggest issue is that they don't care that you were inconvenienced in any way. They treat it as if this ordeal happened because of something I personally done and it was me inconveniencing them. When I tried to make them aware of my experience they just ignored my experience and rushed me off the phone. I have had a couple of ok experiences with them but for the most part they are bad. I would steer clear from this company.
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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