Pentagon Federal Credit Union

Pentagon Federal Credit Union

 4.0/5 (488 ratings)
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About Pentagon Federal Credit Union

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Page 8 Reviews 190 - 220
Rated with 1 star
Original review: May 7, 2013

Immediately after applying with them, I am being bombarded with phone calls and emails from every Honda dealership in a 50-mile radius. I have never felt so betrayed by a company with my information. My email is one thing, but to give out my phone number to all these relentless jerks... wow, I really messed up by trusting in these people.

11 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: April 24, 2013

The completely inept loan specialist, who calls herself a senior mortgage specialist, has left me in the dark since the start of the loan process. She does not return emails or phone calls and barely speaks fluent English. I applied for a home loan on a second home with the intent to sell my current second home concurrently to my brother. He applied after me for his loan with Penfed upon my initial advice to keep continuity between the two loans. The moron mortgage specialist proceeded fully with his loan and placed mine on the back burner for 8 days and failed to update me of this.

She then forgot to order the appraisal on my new home which has delayed the loan approval due to complexities with the property and its location. Now that I am unsure that the loan will fund, I had to put a stop on the close of the sale to my brother. This has cost me thousands of dollars. She had no business advancing the sale of my current home ahead of the new one and should be fired for complete incompetence. Steer clear of Penfed. It is not worth the savings to stray from a reputable lending institution like Wells Fargo or Citibank.

14 people found this review helpful
Rated with 1 star
Original review: April 6, 2013

This is the most unprofessional financial institution I have dealt with in 40 years. They have no communication, no clue what they are doing, no response to update requests, no knowledge of previous communication and no desire to have your business. If you want to spend weeks spinning your wheels, apply to PenFed for a loan or mortgage. I've fallen for it 3 times, always thinking they will get better. They never do and remain a mess.

15 people found this review helpful
Rated with 2 stars
Original review: Jan. 10, 2013

I received many offers from PenFed and applied. My credit is good, but they obviously require incredible credit. The reasons reported back on my application were impossibly inaccurate, not sure what bureau they were using if they were even using one.

7 people found this review helpful
Rated with 2 stars
Original review: Oct. 22, 2012

I applied for a home equity loan. After three months of waiting, I was approved but for a counteroffer, which was less than I was applying for. No biggie to me. I had wanted to pay off a temporary no interest loan. Pen Fed wouldn't do it because they would not be the third lien holder. I've got to tell you, this wasn't my first rodeo. They knew from the start that I had two lien holders (mortgage holder and a small equity loan) but never told me that it might be a problem for them. They wouldn't even pay off the second lien holder and then part of the temporary loan. I couldn't believe it! I have excellent credit, good assets. This company doesn't know how to operate efficiently. If you apply, just be careful or you might get caught in the same problem I did.

I finally had to just cancel the loan. Very frustrating place to deal with. Check out your local banks - you can probably get just as low a rate right now. Customer service is also not very good; the left hand doesn't know what the right hand is doing. Their computers are not kept up-to-date and you will receive "secure" messages that don't mean anything. After dealing with 4 different reps, I managed to finally get a good one. She kept me informed and answered my questions. I was grateful to her.

6 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 10, 2012

Pretty much what you have read about the mortgage division is true! Stay far away from them. Great rates but you will pay 400% more in closing costs for the rate than other banks. I just locked in 15 year 2.7% for a $390k refinance loan with cash out for about $2,600 in closing costs versus PFCU 2.85 with $9,800 in closing costs! Outrageous. Direct questions were either ignored or lied about. I was told three different things until I was ready to sign then I was told, "Oh cash out? That's going to add .25% onto your rate" or roughly $80k to the loan over the full life. Oh yeah, that $65 charge just to accept preliminary paperwork. It's gone, not to be seen again by me anyway. They get 1000-3000 new loan apps at $65 regardless of acceptance. That's a nice chunk of free money. This used to be a great credit union, but I'm looking around now after 25 years.

7 people found this review helpful
Rated with 1 star
Original review: Oct. 3, 2012

I had been banking with PFCU for the last 3 years and had my cellphone bill being paid automatically each month, mistake #1. I went to my cellphone company (a foreign company since I was living in Japan) and asked to have paper bills mailed to me each month since I kept having to call customer service about the high bill and having the bill lowered. The cellphone company told me I had to contact my bank to have auto pay cancelled, which made no sense, but I contacted PFCU anyway. They just turned me right around and told me the cellphone company had to cancel the auto pay. Long story short, I lost my wallet and had to renew all my cards, and I changed my accounts as a precaution.

The cellphone company was still able to access my account, my savings account, and my money market account. The cellphone company completely drained everything and left me with a negative amount of money in the $300 area. I contacted Penfed to see what the hell was going on, and the nice guy on the other end fed me a lot of lip service and tried to help, but really did nothing. I called multiple more times and even went to a branch to talk to a rep there. Nothing worked. PenFed just left me out to dry. So, I paid off my student loan in full and paid back the negative amount of money PenFed continued to pay the cellphone company.

You are probably wondering where the hell PenFed got the money to pay the cellphone company because it was definitely not coming from my account. I have asked the same and received no response. I didn't have overdraft protection, and they confirmed that is not what it was. I closed my account weeks ago, and the cellphone company came back a few days ago and still was able to charge my account after I closed it. I am not on the phone with PenFed ... on hold for the last 20 minutes while they gather a load of ** to feed me. PenFed is a joke - they are a scam. They just want to get you roped in so you have to pay them back, so you are in debt. Do not go with this credit union. If you have to go with one, I highly recommend doing your homework and checking out Navy Federal and USAA.

5 people found this review helpful
Rated with 1 star
Original review: Oct. 1, 2012

I requested all my accounts closed during my divorce. The bank missed one and when my ex-wife over spent the account, the bank went after me instead of my ex-wife. The employees were rude and didn't care that it was their mistake. They seemed happy with dinging my credit until I would pay. Even then when I finally broke down and agreed to pay, they said they would remove the late on my credit score and then they reneged.

6 people found this review helpful
Rated with 1 star
Original review: Sept. 7, 2011

I can't even think of where to begin with this company. The headaches began with signing up with them for a new car loan. Being 23 at that time, my credit was hardly established. To PenFed, apparently this makes you a risk. They forced my father to co-sign this agreement, so that I could not default on the loan.

Now, in order to set this up, they need a record of a pay stub to verify income. No problem for him; he works for a major corporation and he routinely receives his check in the mail every other week. I work for a small company who offers direct deposit - a convenient, no-hassle way for an employee in the 21st century to be paid on-time, every time. PenFed is not in the 21st century. Therefore, unable to produce said printed paystub (it's electronic), my father had to co-sign on the loan. "Whatever, this will get set up and I'll never think about it again" - wrong!

Moving onward and upward in my carrier, I decided to change banks to one that would offer a better interest rate in order for me to gain some beneficial interest for money I didn't touch much. PenFed will not make this move easy.

They'll tell you, like they did me, to fax in a paper form (good luck even finding it on the website without a map and compass). That's right, fax only - nothing electronic. Like I said, PenFed doesn't embrace 21st century technology like email or online forms. By the way, if you're looking for the form it's called "Authorization Agreement for Automated Clearing House (ACH) Debit", so I wish you luck in finding it.

So, I close my account at my old institution, fax in my form to PenFed, and go on with life, until a month later when PenFed withdraws funds from my old account. Seeing as that account no longer exists, I'm issued a statement by PenFed informing me I have no source of payment. They inform me it takes 1 month to process their proprietary paper form. I wonder if it would take a month's time if it were electronic. Somehow, I doubt it, and don't ask me why it takes that long, and don't ask them either because they don't know. It's just the rules, they say.

So upon changing banks one more time, I'm in the same situation, only this time, I was prepared. I filled out the form in advance, actually 2 months in advance. Two months, same **.

I'm told this time by a supervisor that they don't know why it took longer than 30 days to process. I swear I was told, "We don't know". I would tell that to a jury, hand on the bible. The company just doesn't know why it took so long. Imagine GEICO or another Fortune 500 company saying that they didn't know.

Never ever do business with this sham of a company. They're no more than a group of low-level, uneducated **, who somehow got approved by the federal government to form a financial institution. Absolute **.

11 people found this review helpful
Original review: July 23, 2011

Pentagon Federal charged me $30 as a fee for an ACH start up. No, it is not a late fee. I paid the first month of my loan by personal check. They asked me to do this even though I requested auto withdrawal from my checking account. They said I should pay by check the first month or two to avoid a late fee if the ACH did not go through correctly.

7 people found this review helpful
Original review: July 23, 2010

I once had a regular share account with Pentagon Federal Credit Union, which I passed over to my son, Peter. He now tells me that Penfed says the account is no longer valid and there is no money to be had. Please help me get the facts. Thank you.

4 people found this review helpful
Original review: June 15, 2010

I am a PFCU member since 1980. All services have been excellent until two years ago. Since then, PFCU reps (customer service) have failed to act upon services I requested: loan apps, transfer of funds from PFCU accounts to other financial institutions, failure to stop payments on ACHs, and checks, even after the PFCU rep stated that the request have been inputted into the system and would be effective the next business day.

The typical PFCU reps’ response is, “I am sorry that your request was not acted upon and there is nothing I can do now.” The financial impact to me because of PFCU failing to accomplish my requests was I have to pay additional bank fees for stop payment requests (even though PFCU never stopped the payment) and overdraft fees by other financial institutions due to PFCU failing to accomplish ACH stop actions. PFCU has gone downhill. Forget doing business with them. Even PFCUs loan processing is filled with "undisclosed fees" that will bite you in the end.

6 people found this review helpful
Original review: April 27, 2010

My husband and I applied for a refinance with Pentagon Federal Credit Union. They selected an appraisal company in Doylestown, PA. The location of our property is in a different county altogether. The appraisal came back, and the comps used were from older than 6 months ago, because they couldn't find any and over a mile from our house. The appraiser came in for 10 minutes with our babysitter, who was here during the day. We noticed many discrepancies on the appraisal, not taking into account appliances that were asked on the appraisal, our deck, and our upgraded doors/windows with energy efficiency. The percent of our basement finished is more than what they stated.

We disputed the appraisal, and they made us get other comps and they would compare. We got other comps, and they said, "No, sorry. They are too many miles from your house." But they initially stated they would consider as long as they sold within the past 6 months, which they did. The dispute process they used went to the same appraisal person. What kind of dispute process is that? The person you disagree with answers a dispute?

I am wondering if this is a scam to get people interested in lower interest rates to low ball their houses and make money. I told them I would pay for an independent appraisal and have not received an answer. That to me is an appropriate dispute. They forward it to their supervisor, and they said that it should not even go to dispute?

6 people found this review helpful
Original review: April 23, 2010

Applied for the "no fee" home equity loan. When I received the truth in lending statement, there were actually $139.00 in hidden fees. Pentagon brushed this off as a legal technicality - we have to add the fees, but won't really charge you and then told me I would have to pay $300 for an appraisal which brought the "no fee" loan to $439. This is excessive, being that I was only looking to pay off the balance of an existing mortgage between $39,000 and $40,000. I explained that an appraisal was done less than 3 months prior which valued the home at $205,000, but they would not accept this outside appraisal. I believe that their advertising is deceptive and they deliberately strung me along until we were so far into the refinance that I would go along with the fees.

During the loan process, PenFed required that I change homeowner's insurance showing PenFed as 1st lien holder prior to the completion of the loan and prior to PenFed disclosing the fees. Regrettably, I did so and now for insurance purposes PenFed is the 1st lien holder and I am stuck with the aggravation of undoing this. I am certain that when the actual lien holder gets wind of this, I will be forced to liquidate assets and pay of the balance of the loan.

5 people found this review helpful
Original review: April 12, 2010

I applied for a refinance of my 5/1 ARM. I submitted the application online and then was contacted by an agent (Diana M.). Pen Fed holds my current mortgage and a home equity line with zero balance. So they were well aware of this. The things get somehow complicated and they said that they would require a second appraisal. I did not want to pay the cost of the second appraisal as they chose the appraiser and the cost was supposed to be covered by me - a violation of the good faith estimate.

A few days later, the appraiser showed up at my door anyway. I was not home and the nanny let him in, he did his job. The loan eventually did not get approved. We were called by another sleazy sales guy asking us to close the heloc and other conditions that were not brought up before. After the refinance fell through, they still charged us $1300 in fees. I wanted to talk to them about this and after 5 calls and no reply, I am looking at other legal means to settle this down.

4 people found this review helpful
Original review: Jan. 25, 2010

I applied for a fixed equity loan at Pentagon Federal Credit Union. In their home equity disclosure, it states for applications with an LTV, 60% or less, a tax assessment (in approved counties) or AVM can be used for value, if available (tax assessments in approved counties) and AVM's can only be used on loan amounts $250,000 or less. I am borrowing far less than 50% loan to value. They tell me I have to pay $300 for the appraisal.

When I tell them my loan that the documentation seems to lack any clarity, they tell me it's policy and required by the National Credit Union Association. I finally got a hold of a manager and it seems for him, everyone has to pay this fee. I wish that they had some clear truth in lending laws that shed clarity on this, but it seems all they have to say is it's policy and you are supposed to accept it. Is there some federal banking oversight committee that I can talk to? Every time I call, I get a different person.

2 people found this review helpful
Original review: June 3, 2009

I have dealt with Pen Fed for many years and they were always very helpful and courteous. Lately, I have no idea what has happened. My husband and I applied for an equity line of credit for a small amount of money; in order to adopt a foreign child. Maybe my mistake was telling the equity loan agent my reasons, because what I thought should have been a very easy loan application turned out to be a 90-day nightmare.

Let me remind you that I have an 880 credit score and the home is valued in equity for over $150,000 more than I was even borrowing. At the same time, a relative of mine was trying to refinance a loan and there were nightmares just getting appraisers to the house! Six phone calls and two appraisers and we are still trying to hear back from them. Everything is automated, even the damn workers

Horrible service! We're still waiting to close on this! Ninety days later, I could have bought a house quicker than this. What a horrible service! I will not deal with Penfed again. I tried to speak with managers or customer service reps- they don't even care. They transfer you to the person's voicemail that you had the problem with in the beginning. Wow! I guess that should explain a lot, given it is a "Federal" credit union!

7 people found this review helpful
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Pentagon Federal Credit Union Company Information

Company Name:
Pentagon Federal Credit Union
Year Founded:
1935
Address:
2930 Eisenhower Avenue
City:
Alexandria
State/Province:
VA
Postal Code:
22314
Country:
United States
Website:
www.penfed.org