Totally Dysfunctional Organization

This credit union and its VISA paltinum rewards credit card is a nightmare. The customer reps do NOT know what they are doing giving conflicting info from one call to the next. Bank policies are thoroughly lame.

Example:   Now, I am a physician established 30 years at the same address, with excellent credit, own my home, have NO debts and a credit score of over 800.  I was "graciously" extended a $5000 credit limit! This card was obtained only because it charges no foreign transaction fees. This was to  be useful for multiple trips abroad. But not with a $5000 limit.

Another example ACH transfers from the savings account to another non Penfed account are limited to $50!!! So don't expect to move any money around. 

Another example. My credit card was severely LIMITED to less than $500 after I OVERPAID my monthly balance. Yes, that is overpaid!! In effect I duplicated the monthly payment having forgotten that autopay had been previously set up on this new account. So despite a $4500 NEGATIVE balance and very few small charges against my monthly credit limit of $5000, Penfed decided to limit my balance to less than $500. No amount of reasoning with the customer rep would unblock the account. Further they would NOT reverse the payment back to my local bank and even blocked the credit for 10 days even within Penfed so I could not move the money to the Penfed savings account. 

So I can't use the card to bring down the overpayment credit and I can't get them to reverse the payment to my local bank. Basically they are holding my money hostage. 

I'm moving on and will close the account once the above is resolved. I've found an excellent no FT fee card with Bank of America which actually has in addition the new European chip (smartcard).

The lack of professionalism I experienced with Penfed in this small matter makes me shutter to think what someone else might experience with a mortgage or car loan.

I recommed everyone stay away from Penfed.