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A longtime ardently loyal Penfed customer with 824+, pays cards in full often early each month, never missed any payments due even while on extended distracting trips abroad, yet yesterday & today decided to end a multi-decades primary banking use of this deteriorated institution. Their seemingly backhanded hidden unilateral profit-squeezing actions from, what I firmly believe in my firsthand accounts, the staffing of untrained, incompetent, at least twice outright lying or grossly fabricated & inconsistent query responses by supervisory level staff, has finally pushed me to not hold any sense of trust or honesty in their operations or my fiscal holdings.
I am minimizing then shifting then ending my accounts with PenFed. Perhaps I'll revisit in the future if necessary, but for now, it's a risky prospect for anyone needing a trusted consumer oriented vs unilateral profit making through endless management control changes only communicated to customers who catch them. I want to give all cost/benefits of the doubt latitudes as a cu in a competitive fiscal environment but they proved too costly in time & expense to warrant even measured uses. Watch your nickels, dimes, interest & accounts with these folks as skimming profits are what I've seen them incrementally shift their wily management & bad oversight towards. A great economy for us doesn't translate to greater service or management from Penfed, just the opposite I found after hours over days spent resolving their inept mistakes.
Today, my using PFCU for most of my banking needs has stopped!! First let me state that I have been with PFCU for over "40 years" -- yes, that's right -- 40 years!! Now, in those 40 years I have bought homes, new cars, new boats, vacations and etc.... I always pay off the balance of these charge cards in 30 days and maybe 60 days -- sometimes. My credit score is right at 800. I am taking my granddaughter to Disney in September. I have two Visa credit cards with them. One has a limit of $16,000 the other has a $9,300. I want to use the $9,300 card for the trip. So, I called to extend the limit on the card to $16,000 -- just like the other one. We are only talking about $6,700 more?
They rejected the raising of the limit because -- are you ready for this -- "I have a second person on the charge card"! The second person is my wife of 52 years!! She has been on the card for the 40 years that we have had it!! I talked to two supervisors that state nothing can be done about changing the limit. When I think about all the money they have made off me (and would have made in the future) for over 40 years -- it is mind boggling. If you are even remotely considering using them for "any" banking needs -- run, don't walk to the nearest exit!! Just think, if you join this CU and take out a Visa charge card for let's say $2,000 and 10 years later you decide you want to extend the limit -- if your wife is on the card (let's face it all married people are on the charge cards) -- they will reject it and tell you that you cannot do anything about it!! STUPID!!!
A long time customer with PenFed and holder of my mortgage. I was given an opportunity, I thought, to do a few upgrades on a low interest Signature loan. Now I’ve never been late on anything in my life and have a FICA score near 800. They approved my request for $5000 dollars only. I agreed to an ACH for to have payments made from another credit union checking and deposit the check to the same account. I found out the loan was approved by looking at my online account and finding a deficit of $5,000 ready to receive payments. I then found out online they had attached an interest rate of 14.99 percent. More than twice of what I was expecting and never called to see if I approved of the higher rate.
Processed the loan and supposedly sent a check in the frigging mail. I wrote, no response. Called and spoke to the two most incompetent people in CS I’ve ever had the misfortune to deal with. Told me to rip the check up. No apologies. Meanwhile the account is still reflected as a debit on my account and in my credit report causing a drop in my score. Submitted a grievance with the BBB and these people are ignoring it. Can’t believe they would treat a good long time customer and Military Vet in a way that is totally disrespectful and incompetent. It may also be illegal and that I’ll need to take further action on.
Cd's have changed. I will pay one year's penalty for breaking a long term cd, but not a penny more. They have also made the penalty complex to figure out without a calculator. I don't think they offer the 5% cashback card on gas anymore. I expect a letter in the mail telling me the card has been canceled. PenFed has become useless for me. It's changed. Hope it's easier to close the account than to open it. I'll likely just leave the $5 in there till the end of time. I hope I don't have to fax a copy of my SS card, dr. lic, and mother's CT scan.
I've been a customer for over 15 years, first with Belvoir Federal Credit Union and then with Penfed after they acquired BFCU. I applied for an auto loan and was rejected. My credit score isn't the greatest, but it's far from bad and I don't have a lot of outstanding debt. "Penfed's got great rates for everyone"? I call BS. Everyone with impeccable credit, maybe. At the very least I expected to be approved at a higher interest rate. Had to go through the dealer. I'll be shopping around for another bank very soon.
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As a long time member with almost $40000 of my money in accounts, I received a letter with a offer for a personal loan with an interest rate of 6.49%. I decided to deposit the check that came attached. A few days later I received a package with documents to sign with a totally different interest rate. Called customer service. Was told to sign those documents ASAP. I informed them that I was not signing something that wasn’t agreed! Shame on them. Should I seek legal advice?
I applied for a mortgage online and indicated that I wanted to be part of the real estate rewards program. I used the real estate agent PenFed linked me to as it is a requirement of the rewards program. I received very poor communication and customer service from my loan officer Blake **. He kept asking us for documents we had already provided him, was unable to answer questions we had and was VERY slow at responding to emails and calls. On closing day of our loan, I contacted him and asked when and how we would be received the real estate reward. He replied "I didn't know you were in the rewards program." I informed him that it was indicated on our loan application. Then he told us, "Well you didn't use the real estate agent we linked you to." Once again, I proved to him we did use the real estate agent that PenFed linked us to.
Finally after "researching" the issue. He came back and told us that we didn't qualify for the program because we didn't use the title company PenFed required. I told him that he never told us which company to use and we used the one that he sent all our documents to. I reminded him that his job was to guide us through our loan process.
After more than 2 months of trying to contact someone at PenFed to get clarity, we never received any response until we sent an email stating that we were going to report them to any and all possible banking authorities for the lack of transparency and poor service. The response we received was that our issue would be submitted as an appeal and after a "review" they deposited $500 into our account. Considering our reward was to be more than $2000, I am very unhappy with the loan process, the customer service and the so called "reward" program. I will be refinancing my loan with another lender ASAP and I will not use PenFed for any of my banking needs. I served 22 years in the Air Force and am rated at 90% disability and this is how they "served" me.
I transferred money to PenFed to apply for a credit card. After 6 days, two phone calls, two emails, PenFed customer service finally requested hard copies of Gov't issued ID. Home Depot issued me a credit card while I was standing in line at the register. I am a former customer since I canceled the application and requested a refund of my deposit. After some internet searching I discovered their reward points are not equal to other cards and there are redemption charges.
I've been a long time happy PenFed Checking customer that would have given them 5 Stars on every website under every category. Today that all ended today. I had an NSF on a small ACH transfer. I immediately the same day went into to a local branch and deposited $400 cash to cover my error. I never even complained about the $30 NSF fee. Now, any check I deposit shows as unavailable funds for 9 business days. I'm just waiting for my last deposit to go out of unavailable status and I will close my account including my mother's large account that contains her retirement funds. I spoke with several customer service reps to fix the 9 business day hold, but they all concur in different language that their security department feels they don't need to do anything to keep customers. That's just bad business.
I am extremely dissatisfied with the PenFed organization. Attempting to pay off my auto loan, I called them no less than 5 times to ensure the payment transaction went smoothly. Each time, I received different, and erroneous, information causing me to still not have a lien release. I was led to believe the release process would happen quickly.
However, after six days I continue to wait. My state will only accept an electronic lien releases. While PenFed has the documentation showing the loan as "paid", they still refuse to send the lien release information. This is after PenFed representatives indicated that lien releases were available, and after trips by myself and the new owner of the vehicle to the state Bureau of Motor Vehicles. The organization is totally unprofessional, and needs to completely retrain their staff on PenFed policies and procedures. Additionally, PenFed must train their staff on just how to communicate the correct and accurate policies to their customers. Finally, since their system is so lacking, they need to put measures in place to accommodate these issues until appropriate training of their staff takes place.
Pentagon Federal Credit Union expert 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.
Best for: PenFed is ideal for civil servants, government employees, military service personnel and their families.
Pentagon Federal Credit Union Company Information
- Company Name:
- Pentagon Federal Credit Union
- Year Founded:
- 2930 Eisenhower Avenue
- Postal Code:
- United States
- (800) 247-5626