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- 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.
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.
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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.
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.
My experience with these PenFed employees was terrible. Angela **, Megan **and Brandi ** don't know what they're doing. Angela is a Mortgage Processor, Megan is a Digital Mortgage Loan Officer, and Brandi Balch is a Director of Mortgage Operations. Unfortunately I had to do their job. We were supposed to close on 03/11/2022, but since Angela doesn't know what she was doing, she submitted my documents late to the VA. Obviously, VA has its own rules. I had to contact the VA loan department to get information that the lender was unable to obtain for some reason. Then I had to email them the information the VA gave me. Also, they do not verify the documents you send them. Why am I saying this, because when I contacted the VA, the officer told me that the Closing Disclosure was unreadable. PenFed has a good rate, but these mediocre employees raise your blood pressure. Buyers should be aware of these mediocre employees.
Pen Fed Loan Officer had me pay for an appraisal for $580 then told me my debt to income ratio would not permit loan approval. I clearly explained my income reduction due to COVID impacts on my employer out the gate because I didn’t want to waste time. After charging my credit card $580, the loan officer then told me underwriting wouldn’t approve the refi and that I should not have been required to get an appraisal because they knew my debts and income long before and had analyzed it. They stole my money, wasted my time and lied. I will NEVER spend money with them again although I’ve been a member for 30 years. I withdrew all my money and deposited it in another institution. PenFed is a fraud, the loan officer is incompetent and they’re both thieves. I hope everyone takes their business elsewhere. PenFed is criminal.
PenFed uses the acronym "credit union" when in fact they do not help anyone lower income! I have perfect credit and was looking to refinance my home with over 200k in equity. I have been receiving emails almost every other day from Penfed asking me to refinance with theme, they will even offer $500 at closing and no closing costs to try and bait you in. So I finally gave in and applied, most of my income is rental income which my loan processor told me I should not include on my application? I knew that was a mistake, but I went ahead and of course was eventually denied by the underwriting department because of excessive debts relating to income without any further communication from Penfed. SAVE YOURSELF the aggravation and apply for a HELOC or look elsewhere other than PENFED!
Pentagon Credit Union redesigned their website and now it is not user friendly. It is difficult to make a payment on a home equity loan. If you click on make additional principal payment it removes the standard payment for principal and interest making your account delinquent. It looks like you must make the interest and principal payment, then log out and log in again to make an additional principal payment. I am not happy with their website.
I have over 25 years of investing experience and secured over 40 loans from 20 banks other than PenFed. I have never witnessed such incompetence, never experienced such a lack of basic communication and never received such abysmal treatment as I did with this company. The following are some warning highlights based on my personal experience. Failure to head them MAY cause severe financial upheaval as well as destroy your ability to buy your dream-home...
1. The Loan Officer, Venessa ** was quick to run my credit and "lock in" a low rate based on my high score but had no working knowledge of how to calculate self-employment income. She ignored my suggestion to wait until my 2021 taxes were filed which was a severe mistake. She argued and became irritated when a manager was requested.
2. I lodged a complaint with corporate and was contacted by Home Loan Operations Manager Chris ** who referred me to the Manager, Consumer Direct Mortgage Loan Officers Jennifer **. J. ** displayed the same lack of understanding of Fannie Mae guidelines and although I again suggested waiting for my higher income 2021 returns insisted that she "go ahead and send 2019 and 2020 over to underwriting to see what they say". Horrible advice especially from someone managing the loan officers.
3. I started with 5 weeks to close requesting that PenFed inform me asap if there would be any issue with securing the loan. They squandered 3 weeks before declining the loan making it impossible to start over with another bank. 4. While this travesty could have been avoided on the FIRST phone call had the Loan Officer possessed even a basic level of training regarding self-employment income, it CERTAINLY should have been handled correctly at the management level which was NOT the case.
5. Both individual operated under the FALSE assumption that Fannie Mae would accept a 24 month averaging of income. However, when income declines from one year to the next they ONLY accept an averaging of the most recent 12 months. Had they headed my suggestion and I submitted my 2021 taxes I would likely not be issuing this warning. I will soon be closing my accounts with Pentagon Federal and will invest in an organization I deem to be competent and who values their clients enough to listen and respond effectively.
My husband and I just closed on our refinance with PenFed, which we used based on a friend's referral for a good rate. While we did get approved for a decent rate, the experience after the initial quote was absolutely horrible. I'm not sure it was worth the .2% we saved. Our loan process began on 9/24/21 and was consistently delayed despite our providing every requested document in a timely fashion (4 months to the day!!). The loan processor was rude, treated us like a chore and like she didn't have time for us because she was just so busy (like we don't have jobs), and always tried making up a zillion excuses as to why she couldn't manage our loan properly.
As for our Loan Officer, he was barely involved and twice he and the processor basically ghosted on us... We went weeks without a response or an answer to our questions. I had to call multiple people on the main line begging representatives to figure out what was going on so we didn't miss anything and nobody had an answer. Turned out our processor had Covid, but guess what...that doesn't mean you just drop your customer. Someone should have been handling her clients!! Then they tried charging us (twice) to extend our rate and I was like, "NO! You do not get to cause a delay on our loan and then put that extension fee on us." If WE did not submit our documents in a timely manner, then of course, that is for us to pay. But if PenFed is the cause behind that delay then that is THEIR problem.
They treated us like 2nd class citizens and couldn't answer questions properly, made us hunt down payoff items that we were later told we never needed to get ourselves, were always telling us late in the day on a Friday or before a holiday weekend that important documents were required ASAP that made us drop everything to accommodate them because they couldn't be bothered to do anything in a timely manner. Our website was never current with the status of our loan, we received conflicting information from every representative we spoke with regarding who was responsible for what... And when we finally did get a manager involved to help, they got moved to a different department and we had no way of knowing our updates.
I finally had to call a new manager and have a polite fit about the service because we were going past 3 months trying to close on this mortgage and it was becoming impossible. FINALLY this gentleman was able to make it happen, but all the way through closing there were surprises and curveballs because these people couldn't be bothered to communicate anything with us and what to expect and how things would play out, and then acted baffled and confused that the average person didn't know the full ins and outs of mortgage lending or could read their minds and anticipate every next step. It was horrible, I wouldn't recommend this lender to my worst enemy.
My only hope, now that we are done, is things will just be managed in the background and we won't ever have to talk to someone from this company ever again. Although after reading reviews stating issues with their escrow accounts I'm becoming very nervous. Absolutely abhorrent customer service. I do not know how these people have the high ratings they do... It would seem they are a new company these days who doesn't give a hoot about their customers.
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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