PenFed Credit Union Reviews

Average Rating:
Based on 180 review

Bware If Hidden Costs

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If I could give it no stars I would. Beware of their conditions! They take forever to close an account. Its been over two weeks and I still cant get my money. I have two cds with them and I need the money so I have to close two of them. They dont tell you that if you have to break it before the term, that you lose all interest and if its over 365 days, you get charged not only all the dividends and interest you made but the amount that you would have made for the term of the cd so now its eating into your prinicipal! I had money transferred from another bank into their savings account and then opened a cd with it. Now I cant get my money back for 60 days until money has been transferred into an account with them for at least 60 days. I am fed up. Who does that. Beware!!! Everytime I call or send an email, I am told to wait another 10 business days. I am just warning all of you out there, do not put your money in Penfed!

Penfed,S Website Changes Suck Biggly

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Credit Card pages give very limited information. Can,t tell what charges are pending as totals don't add up and seem to include pending charges. Only three transactions are shown on first page and no running total is shown by each item.
Too much white space....
Go back to previous design...

Penfed Lost Its Way - Now You Get What You Pay For

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Avoid Penfed. I started using them decades ago. Their technology has always been several years behind but their low fees made up for it. But that is no longer the case as the quality of service has eroded other the last five years.

The mobile app is frequently non-functional. It's almost always slow. And its features, such as depositing checks, are not as good as other apps, e.g. TD Ameritrade.

The website used to have all of your accounts on one page so you could quickly and easily move money between loans, heloc, credit card, savings, and checking. They removed heloc access from the page for no announced reason. Now that account is almost useless since it is much more inconvenient to pay off and is no longer a useful source of short term liquidity.

I've complained but the cost to do so it very high. They are extremely understaffed and the staff they have can do very little on their own. The wait times are always long (>30 min) and resolutions take a long time once the call is answered since the helper needs to consult for just about everything. Again, their tech is behind, most services call you back when a rep is available. Not penfed, they direct you to a link on their website which does not respond.

BillPay is functional, though I have had a couple of recurring payments fail for no reason (not NSF). It could have been the recipient, but no one at Penfed could help -- as usual.

The fees are low and sometimes the online savings account pays a lot on a relative basis. I plan on finding a new bank, but the cost to switch is high. Presently I am minimizing use of the bank by transferring balances to my brokerage account which has much better banking services (but no loans other than a margin account).

You should avoid this bank. Penfed does not care about its customers, at least they don't care about me. Maybe if I racked up lots of fees.

I know another customer that moved to Navy Credit Union after reaching a similar level of frustration. I wish I had that option.

Penfed Member No Access

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it has been since March 2017 that I have been locked out of my checking and savings account I am a service connected war veteran complete and totally disabled and this bank has all my funds for over 5 years now they keep asking me for the same things over and over again and I have provided them then they ask me to buy a new phone and provide the statement for account access I would like to gain access to my account on Monday and don't know what to do

Website From Hell

The site is notorious for being slower than dial-up but recent changes have rendered it nearly useless. Clicking on a credit card account used to bring up everything needed to track transactions and reconcile against spreadsheet records. Unfortunately, that is no longer available as clicking on any card account only provides a list of "Latest Transactions". Missing in action are Posted Transactions and Pending Transactions. I don't know what this change is supposed to accomplish but it's like putting on a blindfold and makes it pointless to visit the site. If this mess isn't corrected soon, my only option will be to look else where and migrate my Bill Payments back to Fidelity Investments.

Remarkably Incompetent

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.

Penfed Should Be Ashamed

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Penfed should be ashamed of themselves. I was using a power cash visa for personal and business purposes for 6+ years. Out of nowhere they seized $17,368 in rewards points earned and claimed it was because I violated the terms and conditions of the card. My father served in the Vietnam war and recommended I support Penfed with our business spend. All these years of spending millions with this bank and then out of nowhere, they pulled the rug out without any warning and literally deleted my rewards account. Do you think this bank needs my $17,000? THEY SHOULD ABSOLUTELY BE ASHAMED OF THEMSELVES. I even told them, I wanted to donate a large percentage of the money and all the agents want to do is read from a script. Literally, every time I made a payment I had to speak with a supervisor to push the large payments. That means the hundreds of times I called, not a single supervisor told me I should not be using this card for business. NEVER! I subsequently learned that I was in fact not following the terms and conditions. There is no denying that. In their letter, they said I violated, " Section 7 - account abuse/misuse and fraud". The issue I have is why couldn't they notify me 6 years ago.s Why couldn't they shut the account down after 1 month, 1 year, 2 years, 4 years, etc. Why couldn't they call me? Why couldn't they warn me? Talk about COWARDS! They waited and waited till I accumulated a large sum of money and then basically said, ok it's game over. Your rewards are being seized. They called me a criminal basically. It's not like their credit card is any more beneficial than my capital one spark where I get 2% cash. IF YOU ARE ACTIVE MILITARY, A VET, THE SON, OR THE DAUGHTER OF A VETERAN, PLEASE PLEASE DO NOT SUPPORT THIS CREDIT UNION. THEY DON'T CARE ABOUT YOU!!!!

Bad Practices, Bad Customer Service

I am writing concerning PenFed’s unethical and unprofessional behavior. I was approved for a loan on January 23rd, 2022. They sent me an email asking me to upload my ID and utility bill. I followed the directions. I hadn’t heard back from them, and I noticed it was taking a while, so I called them in the middle of February. The woman on the phone asked me about a confirmation code, which I could not find (I am not sure if I received one and/or recorded it). In any case, she said she has an alternative method for me to upload the documents. She explained it to me. I uploaded a new bill and my ID. I recorded the confirmation number. I still hadn’t heard anything from them.
I called on the evening of February 28th but didn’t get through. Then I called again the next day. The woman I talked to said my application was closed because it was more than 30 days old at this point. I explained that I did exactly what I was supposed to do, and in fact, I did it twice. She said that the other representative should have made sure I got a reference number (different from a confirmation number and given by a representative) so they could attach my documents to the file. It was a Friday when I called, so that wouldn’t be done right away, and unfortunately the paperwork wasn’t put together on time, she explained. I asked to speak to a supervisor. The woman said that she would say the same thing, but I asked anyway. I explained the situation. The supervisor said she would escalate it, and have a senior lender take this into consideration. Two days later, I received a letter dated February 22nd stating that I was denied.
I called and spoke to a man who said he would have to put me through to sales. The woman I spoke with said I was denied because the credit check was more than 30 days old. My issue is that I sent in the paperwork in a timely fashion, and I was approved, only to be denied due to their negligence. This last woman I spoke with told me I would need to reapply. I said I was waiting for a senior lender’s response. I don’t remember her exact words, but they were to the effect of, “You really want to do that, why don’t you just reapply?” Why should I have to do that? Hard inquiries make my credit score go down. This is totally unacceptable and unprofessional. This was a simple process that they could have and should have taken care of easily instead of wasting my time, energy, and credit score. As of March 12th, I have still not heard from this senior lender. Take some accountability and do your fiduciary duties!

Great Nationwide Credit Union

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With years of banking expertise I decided to give PenFed a try. I recently joined and obtained a few of their products and have been impressed by the service so far. Customer service is not 5 out of 5 however they do go above and beyond to correct any errors and you can email their customer service team and get a quick response. My personal experience has been top notch all of my accounts function better than expected I have no holds or any issues transferring funds. I appreciate the somewhat lower rates on their loan products and the lower fees. They finally offer free checking which all credit unions should offer and they have a nationwide network available to use fee free. Overall a decent credit union if they have products that meet your needs.

Excellent Organization

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Just opened 3 CDs online - great process. Customer Service extremely helpful and accessible.

Straight Amazingly Great Service

its super great service to try

Horrible Customer Service

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I transfered large amounts of money by wire to open new account. My bank the wire.
I called PenFed to confirm. The representative did not want to check with wire transfer department for the receipt and said that it will be in your account by tomorrow if it came . When I requested to check she was rude and yelling at me.
Finally she called wire department and told me they received the money. I asked why it is not in my account. She informed me very rudely that it may be deposited in my account tomorrow or end business day. When I asked what is the end of business day and she said she does not know!!!
I asked for supervisor and she did not want to transfer me to a supervisor either! After back and forth she finally transferred me to a supervisor where I found some information.
I have never experienced such a bad service at any bank. This is the last time I will ever do business with PenFed. Then my account matures I will pull my once and for all.

Skip Penfed

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After having had relationship with over ~40 financial institutions over 20 years, Penfed is pretty much at the bottom of my list for putting any money in - maybe one spot over Fort Knox Credit Union that had changed CD terms for preexisting CDs. Penfed has been deceiving in their practices on a few occasions (some involved not paying the right amount interest due because of their own way of incorrectly calculating it; another one was misleading on credit card rewards). There were other instances of clearly misleading customers and coming up with tricky gotcha fine print.

They'd have to lower EWP and THEN pay at least 0.5%-1% over top of any other 5-year CD before I'd invest any more money with them.

Disappointed In Penfed

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PenFed used to provide good customer service in the early 2000s when I first joined.

In early August I posted all of the documents I was told I needed to get my money market certificates (CDs) into our family trust. I got no response at all from them for weeks, then when I complained about their inaction they started to respond, but to this day my certificates don't show on the website as being in my trust, even though they've told me through several emails that the accounts are now the trust's name and should be showing that on the website. I've asked repeatedly for somebody to aid me in how to navigate to what they claim I should be able to see, but now they have stopped responding to me at all. It's been nearly three months since I started the process to get my accounts in our family trust's name, but it still hasn't happened. I deal with many financial institutions and have never had near this trouble getting my accounts into a family trust. Their is something terribly wrong with their website process, and the service in the trust department is completely inadequate. I suspect that they are short-handed, but they won't admit this when I ask. I had asked for the names and contact info for their board of directors so that I could complain, but never got it from them. So I looked it up myself and yesterday sent an email to its chairman, Edward B. Cody. Let's see if he does anything.

And it's not the only problem.

Earlier this summer I was checking my profile on their website and two of my money market certificates weren't showing. I inquired about it, and it took several days to fix and I didn't even get an apology for temporarily losing my money. Whoever leads PenFed customer service is failing badly and should be replaced.


As of 09-01-21, their Log-In appears to be back to it's original format. However, 2-step Authentication is now working fine with VoIP numbers such as Google Voice.

Rental Car Coverage Dropped

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Rental Car insurance coverage was one of the premium features of my PENFED Visa card when I first opened that account. They suddenly dropped that benefit at the beginning of 2021, but only notified their customers by adding a cryptic footnote at the bottom of the last page of their monthly statement. This is unsat. People depend on that insurance coverage being in effect when renting cars using their credit card. They should have notified their customers boldly and provided a new document listing what the current benefits of their credit card are. They should also have provided at least 30 days advance warning of this change. I'm sorely disappointed in PENFED management of this change. Customers deserve better tratment than this blindsided action by PENFED.

Downhill Fast!

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I joined PenFed over 4 years ago due to higher than average rates. Their service was just acceptable. Now, chat and phone wait times are almost infinite and when you do get someone, they are incompetent to solve even the most basic issues.

Unfortunately, I must highly recommend staying away from this bank. Their rates are now in the ditch and their service is third world.

2 New CD Rates Available For Limited Time!

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LIMITED TIME OFFER! 0.75% APY* for 15 Months 1.00% APY* for 5 Years Start with as little as $1,000.

Non Existent Customer Service

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Things were great for the past years considering no issues arose.

When I purchased airline services with my PenFed Cash Back card, the merchant sent an email stating the fare was refundable. The merchant failed to issue a refund/voucher, so I then filed a dispute with PenFed. A temporary credit was issued, but which was later reversed.

Per PenFed “This merchant has denied our attempt to arbitrate the matter… please contact the merchant to resolve the matter."
15+ minutes on hold for customer services, I spoke with a representative that had no clue as to what to do. She requested I email the same documentation that was initially provided with my dispute and they would look it over.

After posting my initial review on Trust Pilot, I then received a call from Nate at PenFed. He stated there wasn't anything they could do with Visa regarding arbitration and to contact the merchant because "$112 isn't a lot of money".

I had over $25k parked at PenFed and didn't earn $112 in dividends for the year, so I can see why he feels it isn't a lot of money.

Penfed - Horrific On-Line Tellers

Spent 50 minutes on hold - when the PenFed teller FINALLLY received my call and I requested an international wire transfer, she promptly disconnected. Not the first time this has happened to me. Many of the PenFed tellers struggle with international wire transfers. Keeping a customer on hold for 50 minutes is unacceptable - PERIOD - no excuses!!

Prepare For SPAM (Mail And Email), Long Hold Times

I guess I'm naive to think that credit unions won't spam me with things like insurance offers. A few months after opening an account I received a mailer for a life insurance offer. Around the same time I received an email from AAA for mortgage refinancing which I strongly suspect is thanks to PenFed (I use a dedicated email for banking).

Checking their privacy policy shows that by default they share data with "non-affiliates to market to you" which you can opt out of. Note they also share data "For joint marketing with other financial institutions" and you cannot opt out of this. To opt out of the former, the only option is to call (according to their privacy policy webpage).

Upon calling customer service to change this, the hold time was 13 minutes (called at noon Eastern time). The rep understood what I wanted to do and put me on hold for another 5 minutes. 19 minutes of my time wasted for something that could've been done by unchecking a box at a proper banking website.

Going Down Hill Fast.

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Over the last two years they have been going downhill is basic banking needs.
They took 8 months to close a mortgage. As a result had to pull my credit report multiple times. I was on time with everything they asked and they would just make up excuses and say sorry.
They had a "computer glitch" that misplaced a 6,000 check and told me sorry figure it out on your own.
Just awful. Switching everything to NavyFederal.

Missing Transactions In New UI And Quicken Download

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with new UI from about a week or two ago
I got missing transactions for my credit card, while online balance is correct
if for the same day there are 2 transactions from the same vendor only 1 is shown and downloaded into Quicken
yes, there is "new" option to get to the old transactions UI that shows all transactions correctly

over period of time Penfed went from good to bad

after email about the issue with all details to service dept I got reply with b.s. instead admitting the issue or providing a solution

"-Reset device network settings.
-Power cycle/restart your computer or device.
-Clear your cache/history.
-Ensure that your computer has the most up to date operating system available, and/or your mobile device has the most current mobile app version downloaded.
-Open PenFed Online in an alternate web browser (i.e. if you are using Internet Explorer, try using Google Chrome, Firefox, etc.).

what that reply has to do with very specific missing transaction issue?

Great Credit Union

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Been with them for almost 2 years. Don't miss my old Local credit Union(crappy online and app) or my National Bank(High Interest Rates and killing me fees). Nuff Said!

Horrible Security, Incompetent Customer Service

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PenFed is the worst credit union I've ever used.

I had two fraudulent charges on my debit card. I cancel the card and report the charges. One charge was refunded the next day. After 10 days of waiting for the other refund, I called them. They only submitted one of the charges as fraudulent.

I try to report the second fraudulent charge. Well, to do that, I have to speak to the woman handling my case. She doesn't answer her phone and never returns calls (after 4 messages). So, I can't report the second fraudulent charge. After multiple calls and making a big enough stink, eventually another employee takes care of it.

Seeing how bad the bank is, my wife calls to close her accounts and have the all the money mailed to us. Then we wait, and wait. After 10 days we call to see what is going on. Well, they just closed the checking account and put the money into the savings. So, she again asks to close all accounts and have a check mailed. Then we wait. After a week, we call again. They still didn't do it. Now she is going to have to call daily. And how bad will it be when I try to close my accounts, assuming I get my refunds?

So, fraudulent charges, very difficult to get refunds, nearly impossible to get your money out, and multiple customer service reps that are either too incompetent to handle simple requests or are told to make refunds and closures as difficult as possible.

Caveat emptor.


So I signed up with the credit union and everything was absolutely amazing, the customer service is nice and friendly, services offered are manageable and it just worked out great until....I western unioned because I was waiting for my atm card. Then all hell broke loose. I sent in my id, my ssn, and everything that they asked for but they insisted on holding my funds because assumed it was fraudulent. I can’t imagine how others felt. This is a legitimate account and I’m fully verified how is it fraudulent. Then to top it off the representative had the nerve to accuse me of being fraud and got very snippy. I’ve never had such a bad experience with any other bank yet alone company. It’s not right to call someone out if their name and lie on them. I was baffled when the call ended and they didn’t want to give me MY money to pay my rent. I had to ask my friends to help me with rent and it was just so humiliating when I had money in my account. Penfed just wouldn’t let me access it and still to this day won’t. I don’t think it’s right and I’m sure others have experienced this situation. My family has been with them for years and after hearing this are definitely switching banks. Penfed holds thousands of my family’s dollars and they are afraid something like this would happen to them and their life savings be stuck in the bank. Such bad business.

Penfed Is The Worst Company Ever

PenFed is the worst company ever. Their fraud detection department is a joke. It seems like every month I'm talking to one of those clowns, verifying the purchases I made. This happened to me last year 9 times in 12 months. Their employees are incompetent when talking to them about any issues. It seems they can't do anything but read off a script. Bank with anyone else except PenFed. I'm about to bank with bank of America, where they know how to treat customers right.

Cash Deposit

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I deposited cash in the ATM, and Pend fed put a Five day hold on it... How can cash funds have a five day hold on it, I called Customer Service, and was told since it was done at one of their CO-Op ATM, that was the reason for a dame five day hold on a cash payment DEPOSIT!

Premium Svgs - CAUTION - Hold On Internal Transfers

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If considering a Premium Svgs. at PenFed - be sure to read all the FAQ's -- I was shocked they have a 6-business day Hold, on INTERNAL TRANSFERS. ... I CLOSED A CD AT PENFED - with the FUNDS TRANSFERRED INTO PREMIUM SVGS -- and they put this 6-BUSINESS DAY HOLD ON THE FUNDS. "OUTRAGEOUS !!"
........These holds and limits are extremely restrictive compared to similar accounts at other banks / credit unions.
........Have been a customer for many years and until this issue -- would have said they were one of the best financial institutions. Obviously once these holds expire, I'll be wiring the funds elsewhere to a more reasonable bank.

Subpar For A Large Credit Union

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I opened the account because I liked their early direct deposit option, they claimed to have offered contactless debit cards via their website but the 2 customer service reps (and a supervisor), were clueless. The biggest thing is that you have to keep track of your spending at all times as the online/mobile site does not keep track of pending balances (but it does show pending transactions). Yeah I think I'll stick to the largest credit union in the US as well as my small local credit union.

I WAS A Great Customer

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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.

CD Mature Dates

I’ve had several CD’s at PenFed. They do not close the CD out until midnight on the date of maturity. So the funds aren’t available until the next day, making the maturing date actually one day more. However, when I called the CSR, I was informed that they can manually transfer the funds on the true mature date. So overall, PenFed did okay by me.

Satisfied Customer

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I've been a member of PenFed for about 10 years now. They're not my primary bank but I've do have a savings account, and previously refinanced an auto loan and my mortgage through them.

Although I live within a reasonable distance from on of their brick and mortar locations I've been able to do everything online or by phone. Even when it came to closing on my mortgage refi they set everything up and sent a notary to my house to sign all the paperwork.

The pluses is they have great rates on loans that beat other credit unions and banks I've done business with. If you're comfortable doing stuff remotely, their website and interface are pretty simple and easy to use. Paying your loans to Pen Fed via an outside account also has been super easy.

The minuses there are a lack of brick and mortar locations and some of their locations are on military bases or other government buildings where access might be limited. There aren't a ton of banking products to choose from as far as checking and/or savings accounts.

The main reason I never opened a checking account is I couldn't figure out the fees as it related to ATM withdraws for cash, it seemed based on the fee schedule on their website there was a fee for this or a fee for that related to checking accounts. So I opted to open a checking account elsewhere which gave me more freebies.

Always Liked Penfed

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Not too happy with finding out that money moved between your own Penfed accounts is unavailable for 6 days! Never experienced that with any other of the many banks I have used. Most transfers from Outside institutions is only 3 days between most banks!

Very Good Service, As Always

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I recently conducted an important account transaction/transfer with PenFed, and it was handled very promptly and professionally. However, I wish I could do those transactions from the webpage, instead of having to mail a letter.

I'm very happy that you can now have the FULL AMOUNT of your maturing certificate sent back to your linked bank via ACH. I wish they would allow us to do the same with money in regular savings. (current ACH transfer limit is 5k per day?)

And lastly, I'm glad to see a new premium savings account with a 2% yield. That's a good start, PenFed. Any chance that rate may increase to 2.30 or 2.40%? :) Thanks for the great service.

Unfair CD Practices

My CD matured on 12/16/18, a Sunday. The maturity proceeds were supposed to go into my Money Market account. Not seeing any activity in my accounts this morning, I call customer service. After a long 20-minute hold, I am told the CD maturity amount will be made available at midnight today (12/17/18) since yesterday was not a business day. So, effectively my money is not available until Tuesday, 12/18/18. Keeping fingers crossed that it will actually become available and no hope for any interest after 12/16/18. Wonder if they will pay interest only upto 12/14/18, since 15th and 16th were not business days.

Excellent Service

Their branches in various locations were very convenient to go to. Staff in customer service (both in offices as well as online) there were very welcoming and easy to approach and didn't have to wait for too long in lines (most of the times). It was very convenient and useful to go to the website and login to the account to deal with billings or simply to monitor my past transactions or to download statements whenever I needed it. I would say fees were reasonable too but, of course, I would have preferred all of them lower or everything served up for free. I can say with confidence that my overall rating of the experience is excellent if not the best.

PenFed - A Great Bank, If You Can Find It

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I have been a customer at Pentagon Federal Credit Union since opening my first checking/savings account there at my Mom's suggestion while transitioning between my Fairfax County high school and the College of a William and Mary. Most of my interactions with PenFed have come through the phoneand either by calling them or through their website or apps. PenFed clearly has invested in competent and effective IT infrastructure and their website is fast, user-friendly and consistently reliable, and their security protocols are strong. All of the PenFed folks I have dealt with, by phone or in person, have been great. The main problem is that branches are few and far between. I have one on the military base where I work, but that's the only convenient location and the nearest branch to my home is about 45 minutes away. PenFed sometimes feels like an online-only bank because of this. However, there are some perks to having physical branches, even if only a few and I've used their free (for members) check-cashing and Notary Public/document services only a few times, but each of those times was a HUGE help to me, and I'm very glad that I had PenFed near my place of work on those days.

Great rates, very satisfied

I've been a member of Pentagon Federal (PenFed) since August 2008. I primarily use them for CDs and a Money Market account. Other than the initial membership paperwork, it's been smooth sailing and I've been able to handle everything online. Do they have the absolute best rates in the business? No, but they are consistently near the top, and it's not a fly-by-night operation. The few times I've contacted PenFed, wait times have been minimal and the representatives have been very good. If they had a brick & mortar location nearby, I'd probably switch most of my banking over to them as well.

Penfed; a hotel experience for a banking institution.

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So I've been with Pen Fed for over 5 years and I can say without a shadow of a doubt that they have been of the upmost excellence so far.

My experience with PenFed

I have the PenFed Platinum Rewards card and I also have a checking account PenFed Credit Union. Setting up the account was really easy; I think it took a week or less. I never did get any checks in mail, but I don't need checks any. I mainly use my credit card. I set the account up and applied for the credit card when I was on active duty. I have a free checking account with a low minimum balance. I'm not exactly sure what the minimum balance requirement is, but I keep $50 in my checking and they never charge me any fees. I love that PenFed has no fees, and the credit card rewards are pretty impressive. My card gets 5% cash back on gas, 3% gas on groceries and 1% cash back on everything else. The only thing I don't like that much are the redemption options for my card. The rewards look more like 4.5% and 2.5% respectively when you use them to order a visa gift card or specialty gift card, but that's still pretty good. I plan on getting the 2% cash back card eventually. It's one of the few 2% rewards cards I know of that doesn't have an annual fee. Also, the website is pretty easy to use. I've never had a problem with online banking or mobile banking. I have actually never had to interact with anyone over the phone. I've been able to do everything I needed to online. I may look into their home buying program when my husband and I are ready to buy. Overall, I'm impressed with them. The account setup is streamlined, and I haven't run into any hassles.

Penfed has been a good bank to store our savings.

I've had a pentagon federal account with my husband for a few years now. We have a savings account and use it to store our money out of our reach. We haven't had many problems with them, so we haven't contacted customer service often ,but the few times we had to, they've been helpful and friendly. We lost our login information and our security pin once, and had to call customer service to get our information. They were very easy and kind to work with, and asked many straightforward questions to verify we were who we said we were. Once we were verified they gave us our information and we were on our way. From our experience I would give their customer service a 5/5.

I do not use their website often, but when I do, I have found it a little hard to navigate. It wasn't very clear on what to click on to get what you needed. I would give their website a 3/4.

Overall as a bank to use for a savings account, I would give penfed a 4/5.

Great Place for Savings Account

I opened a savings account with PenFed Credit Union about a year ago. I have been pleased so far with the service I have received. While I do not not have a branch close to my home I am able to transfer money easily via their online banking portal from other accounts to my PenFed savings. There are no fees associated with this account. I also had a checking account there but was not using it as often as I figured I would. The fees that I encountered from lack of maintaining the proper balance were credited back to me when I explained and asked to close the account. I appreciated them doing this for me.

Savings and Checking

We had several accounts with PenFed Federal Credit for almost six years. We closed down our accounts because we moved and they did not have a branch at our new location. We kept our accounts open for almost a year after we moved because we did like PenFed's service and working with us on our needs. We only closed down the account when they could no longer serve us exceed what a local Credit Union could provide us. Even though we did close the accounts down we have not forgot about PenFed and if they opened a branch in our area we would considered returning to them even if they only provided the same services we are currently receiving form the Credit Union we have accounts with. The best part about PenFed was how well they worked with us and how they were able to provide us with the services we needed when we needed them.

Competitive CD rates

I'm going to preface my review with I have been a Penfed customer for nearly 20 years and while I do not use them for my primary checking account I still have a checking and savings account with them. My savings account actually makes a responsible .05% interest which is pretty competitive for a savings account. I like their CDs best though. I can make decent interest in a very safe way without worrying about the bank crashing or worrying about the market. Also, their customer service is awesome. Whenever I have had a problem they are readily available and handle everything in a quick and courteous manner. Overall, this bank is very awesome and I highly recommend them!

Access America Checking Account is perfect for me!

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I have an Access America Checking Account with PenFed Credit Union. I love this account because it pays a fairly decent interest rate. It also has no monthly fees as long as you have a direct deposit. The customer service is great, although I have had to wait longer on Fridays because they seem to be particularly busy on this day. Opening the account was easy because I was able to do everything online. I did have to go to the branch to show my driver's license, but otherwise it was a simple process. The opening deposit amount was also very low compared with other checking accounts that pay interest. Overall, I would definitely recommend PenFed Credit Union to anyone interested in a traditional checking account that wants to earn a little bit of interest on their money too.

PenFed: Pretty Good When You Can Find It

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Pentagon Federal Credit Union provides user friendly, convenient and secure deposit banking with a good network of ATMs, excellent online and phone services and solidly competent staff. The only drawback is the lack of retail branches; there are few of them, and many are in remote, unusual or restricted-access areas such as military bases. PenFed does do a good job of providing services to Savings and Checking account holders over he phone and web, so how much of an issue this lack of brick and mortar will be depends on your specific needs and interests.

PenFed Summary

PenFed had some pretty excellent checking features and saving account features that were uncomparable. The offered extremely low rates for it was a credit union. Very low minimum start up fee. You wouldn't have to be a millionaire to start a bank account here. The customer service was always very friendly and very helpful.

Tuned to the Customer

PenFed is overall tuned in to the customer. They are competitive on the types of checking and savings accounts that they offer. Anyone can join PenFed for a small fee, but if you have any connection to the military, then there is no fee for joining. I am currently looking for CD offers. It looks as though PenFed may be able to offer me what I am looking for, although I am still investigating other banks that I do business with. Their website is somewhat user friendly; it could definitely use some updating to make getting to the page you want quite a bit easier. I find myself clicking numerous times before finding what I am looking for. Their customer service is truly great. They respond very quickly to emails and always answer my questions appropriately. When I place a phone call to them, they make sure to get the correct information for me. If the person I'm on the phone with does not have an answer, they will take the time at that moment to do so. They value their customers. Emails as mentioned are always promptly addressed. More importantly, they always say thank you and let me know when I can expect something to be accomplished.

Awesome company and service!

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I was lucky enough to use PenFed as my father did military service and next of kin are eligible to use it. First off, they have probably the best customer service of any major bank I've seen or been a part of. Their reps are knowledgable and fully understand the different products in the company. I also really like that they have great rates in terms of interest on their accounts. My checking account was easy to use and see the balance at any given time using the web program. If there's anything that could be improved, I think it would be that they do seem to have a limited selection of some products. I do think they could improve that aspect in order to get an even higher rating.

PenFed is an excellent choice as a credit union

I have been banking with PedFed Credit Union for about 5 years now and I only have positive things to say so far. I have checking, savings and money market accounts with them, and they are my primary bank. Their website is beautiful and easy to use, and their mobile application is great. The mobile app lets you deposit checks directly into your checking account, which makes it so much easier than having to go to the bank. Anytime I have had an issue, I have been able to reach a customer service rep within 10 mintues of my phone call. One time, someone got a hold of my debit card info and charge my account numerous times. I was able to alert my bank and they cancelled my card and reversed the charges within 3 days. I would definitely recommend PenFed Credit Union to anyone who is looking for a reliable credit union bank to use.


I have banked with penfed for a number of years and am highly pleased with their service. Their customer support team is always very helpful and fast to resolve any problems. About a year ago, I had my credit information stolen from a restaurant. I checked my account online as I usually do every day and noted that a very large transaction has occurred that I definitely did not make. I immediately called their customer support and had the card closed. Within 24 hours, the transaction was credit back and I had a new card in the mail and headed to me. I was very pleased with the speed at which they handled my situation. I would highly recommend penfed to anyone searching for a new bank or just want another account.

Severe Restriction Transferring Funds From Penfed

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Very conspicuously, PenFed's website announces that nearly $1 million can be transferred in but nowhere did I see that a mere $5k is the measly amount allowed to be transferred out every 72 hours.

Only after purchasing some CDs was this discovered. Until there is a change is this one-sided policy, I will not purchase a CD from PenFed again.

Pentagon Federal Credit Union Review

Pentagon Federal Credit Union or PenFed for short is a U.S nationwide credit union. Although PenFed offers modest services when compared to larger banking institutions such as Chase or WellsFargo, PenFed makes up for it with strong interest rates. For example, as a customer I opened up an Access America Checking Accounting, and this service has tiered interest rates. With this account and a daily balance lower than $20,000 a customer could earn as much as .20% APY or .50% on $50,000. The negative of PenFed's checking account is their overdraft fee. PenFeds overdraft fee is $30 a day and PenFed can charge that fee multiple fees in a day depending on how many charges were made to the account. Regarding online banking, PenFed offers a user-friendly website & a mobile app with digital tools that enable any member to join the credit union with relative ease.

Pen Fed - Great CU for all banking needs!

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I love Pen Fed! I've had a savings account with them for the last 2 years. I opened a checking account one month ago. I opened it online and the process was extremely easy. I also love how I was able to apply for an overdraft line of credit while opening my checking account. The process was painless and simple and I received a decision immediately. The checking account opening form was simple and mostly complete since I was a current member of the credit union. The account has no requirements as far as minimum balance or direct deposit. There are also no account fees associated with the account or the debit card. I've only had to call in once and that was to ask a question about obtaining an atm card for my savings. I remember the rep being friendly and was eager to make sure I received the best service. Pen Fed is the best when it comes to Credit Union Banking!

Great rates at PenFed

I opened money market certificates at Pentagon Federal Credit Union because they had a branch in the neighborhood (within 3 miles) and they offered very good rates of return. In comparison to my other credit union, there was an order of magnitude difference in what I was earning. As such, when the rates were high, I opened up accounts, creating a 'ladder' of savings certificates. I have found the in-person service to be just average and on Saturdays there is a long wait to talk to a representative but these are small inconveniences given how much additional interest I have earned by opening these accounts. Lately, the rates for short-term certificates have continued to rise, even higher than I have seen historically. I find them very competitive. Plus, I find the mobile app to be easy to navigate.

Very competitive CD Rates

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While I'll admit that the first time I put any money in a CD with PenFed was to lock down the better rewards for their credit card, I've found that they actually have very competitive rates for their CDs. Discover Bank, for example, is roughly the same at a year but their six-month CD is much lower. I have a ladder of six-month CDs (6 in all) that one of which renews every month.

Great Bank

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My experience with them has always been positive. They are always helpful and quick to answer my questions. Their staff is friendly and their call center employees are extremely knowledgeable and helpful. I trust this bank to keep my money in it. I also have a home loan through them. The rate is phenomenal. When i purchased my car, they where the first place I went for a loan. And as always, they were friendly and ready to help me out.

Perfect Bank for Our Needs

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I was very happy with my experience using PenFed Credit Union where I was a customer for three years during my time working in the federal government. From the basic services such as checking and savings accounts to my Money Market, I could not have been more pleased. I found the mobile app to be clear and concise and had all of the features I needed on a daily basis. My interactions with customer service have always been pleasant and even received a follow up call regarding an issue I had from an associate. I do feel that the minimums for a share certificate is higher than other institutions, however. Unfortunately I had to cancel my accounts there when I no longer lived in an area that was easily accessible to their services.

Typical Credit Union

Although my title seems boring or unimpressed, the truth is that I love credit unions. Just like other credit unions, PenFed has a large amount of services that are available with lower than average APR and interest rates. Personally, I have had a checking account with PenFed. Coming from Chase Bank I was nervous to try a bank that was not nationwide because I have to move often. However, this bank is pretty good. I like the service because whenever I would call with any questions they would always help me in a timely and efficient manner. For example, when I called in to ask about a pending charge that I had not made, they immediately closed my account and froze any further transactions. This was way more than any other bank had done for me and considering the prevalence of identity theft, it was much appreciated on my end.

A Great Bank

As a PenFed Credit Union Member I have free access to 68,000 ATMs. I use it for my savings deposit accounts. PenFed offers a smart phone mobile app and online digital tools.This is one of the best tools that I use for my account when I check my checking account.The bank is great and has a $5 minimum balance with a APY of 0.05% for all savings accounts. The checking accounts a great also. It only takes $10 monthly fee. I had my monthly service fee waived because a my daily balance is above $500. I had not had any problems from them and I would recommend them to any one who want to starta small savings account. My experiences with the debit cards was good, which is important since the bank is located miles from my hometown.I give them a 4 star rating.

Very competitive bank with great rates and few to no fees.

I applied to PenFed money market and checking accounts in order to gain viability for great CC offers(I know I'm not going to expand on CC offers, only this is pertinent information as why I opened my accounts). I was not expecting much from PenFed as I already had other competitive checking and savings accounts such as Ally. However I have been pleasantly surprised by customer service, fees, and benefits offered to members. The savings/money market accounts could offer more competitive rates; however, as a number of other online banks considerable beat them out. I have had to call them a few times to iron out details or confirm certain transfers or offers and the customer service has been knowledgeable and not foreign sourced which greatly helps in understandability. I have had no complaints so far. I have actually recommended this bank to several friends.

Penfed is just ok.

I had two accounts with Penfed and I had to close them both because they kept putting my deposits in the wrong account. Even when I would give them a deposit slip with the correct account number the money would always end up in the other account. They were always very nice about it and fixed the problem but it was too much of a headache after it kept happening over and over. I know others that are still happy with them so it seems my problem was an isolated issue. I just wish it wouldn't keep happening.

Excellent government bank

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PenFed is an excellent virtual bank for me because I deal with their services 100% virtually from my residence in TN. I can scan my paychecks or other checks using their mobile app for deposit into my savings or checking account, which typically takes 2-3 business days for the money to be in my account. I am not charged any monthly fees for having a minimum balance in either of my checking or savings account and I have opted to use their overdraft protection in the event I accidentally go over my checking account balance since they do charge fees for not having funds available if you opt out of the overdraft protection. In addition, when I have contacted their customer service related to issues on my account, e.g. unknown charges, the PenFed Fraud Department was always quick to rectify the issue to keep my identity and money safe.

Outstanding Customer Support

I have been a faithful member of PenFed Credit Union for many years. I am completely satisfied with the service I have received over the years. I have used PenFed for all of my banking needs from Checking, Savings, and loans both home and auto. I also have used PenFed for my debit and credit cards.
There rates are competitive and often better than most. Whenever I have needed help over the years for any number of reasons, PenFed was there and delivered. I am and have been a proud member of PenFed and have no plans on changing. I would recommend PenFed for anyone who is looking for a long-term quality financial institution. They are simple the best!

Overall Good Credit Union

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I love being a customer of PenFed Credit Union. It's a great credit union to have both checking and savings accounts. They offer many different types of savings and checking accounts. I use and enjoy the Access America checking account as there is no monthly maintenance fee if you have a direct deposit of $500 or more, which unfortunately is a little higher than other financial institutions. However, you can also avoid a monthly maintenance fee by having a sufficient minimum balance. Another bonus of the Access America checking account is you can open it with only $25. The only downside of PenFed Credit Union is that there are not many physical branches to visit. I like the branch in Hanover, MD. However, although there are not many branches the have an amazing online banking experience and you have access to over 60,000 free ATM's.

My experience at PenFed

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PenFed Credit Union is one of the best banks where we do business. We opened our account with PenFed while we were stationed in Northern Virginia as we were both working at the Pentagon. PenFed only requires a $25 minimum to open an account and a daily balance or direct deposit of $500 without incurring any fees. We use this account for savings purposes. When we opened the account it was super easy. There are no ATM fees and you can find an ATM fairly easy throughout the Northern Virginia/Washington, D.C. area. The bank offers Online & Mobile Banking as well as 'Overdraft Protection' if needed. The only negative aspect of this bank is that they do a hard inquiry on your credit to just open a Savings Account but other than that we have had no issues. We have no complaints with the customer service as they have always been very helpful when dealing with our account.

PenFed Review

PenFed Credit Union has mostly been a positive experience. I have yet to have any major problems with them involving checking or savings accounts. At one point I had a small and accidental overdraft charged to my account from a charge that was refunded to me, which they reversed at my request, making my customer service experience with them more positive. I also had a similar experience with other smaller charges, which despite overdrafting to nearly $200 in fees, was refunded due to the accidental manner of the charges. The few times I have had to enter the PenFed Credit Union offices they have been kind and patient with me. It is also worth noting that PenFed Credit Union has accepted my requests for medallions and other legal fees at a much cheaper rate than other banks would offer. Overall PenFed Credit Union has been a mutual benefit to me and my family.

Awesome bank!

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I have been a member of PenFed for many years. Even though I don't have a relative in the military, I made a small donation many years ago which enabled me to use their products. But I really love about them is their great customer service. When you call them, they actually pick up. The reps are very knowledgeable in knowing what needs to be done to help you out and the means to do it. They also have a very wide assortment of products for banking. But what I especially love is there interest rate is higher than most banks. This puts money back in my pocket which I can build a use for other things. Overall, if you qualify, I believe PenFed is a great thing to use and highly recommend.

Best bank you can find online!

PenFed is one of the best online banks bar none. There are many things to like about them, but I'll go over just a few examples in particular. The first thing I like about them is that when you call their customer service, they actually speak to you like a human being and don't outsource everything which I appreciate. They are also extremely knowledgeable about their banking products so you don't get passed around endlessly. I also think they have some pretty competitive interest rates overall on their standard banking products. I don't think they are necessarily more competitive than other sources, but inline with expectations. That being said, because of the ease of use of their site and great customer service, if you qualify, it's a definite must!

Compassionate, Excellent

Very compassionate, respectful, and knowledgeable in regards to establishing a simple checking accounts. They have many great programs. I'm overly happy to be choosing PenFed for my future banking. The teller at my particular location had no problems having me signed in to wait to speak to someone to establish an account. Overall, I think I was in the bank for a total of maybe 30 minutes. I even was able to open a savings account just for my daughter when she is ready to use it.

PenFed Is Great

I have a savings account with PenFed Credit Union. I had initially joined the institution because I know they have super competitive loan rates for vehicles and homes. They require you to have an account with them to gain membership, so I opened the savings account with the intent to get a car loan through them. I have paid off the car loan long ago, and I ended up staying with PenFed, however, because their service has always been excellent. I had a situation where a payment was not taken out of my savings account appropriately, and a late charge was charged to my loan. I was able to contact customer service over the phone, and they were extremely nice and able to fix the issue quickly. Not only did they fix the issue, but they were also very generous and offered a small credit for their mistake. You can't beat that anywhere.

Big Bank Firepower, Small Bank Customer Service

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I first was interested in PenFed Credit Union due to their good credit card offers for military. Then they introduced me to their checking and savings accounts. I was amazed by the benefits of their checking account. They deposit my pay the same day the ACH hits their system, not the day after like other banks out there. I was impressed by the interest rate being offered for both their checking and savings accounts. The mobile check deposit system on their mobile app was a little difficult to use at first, but they have upgraded it since then and it has been flawless. It detects checks, money orders, and other bank drafts which other bank software can sometimes reject. I also really like that checks are immediately credited to my account instead of having to wait the usual 2-3 waiting period that other banks impose. A great bank with great customer service!

Wonderful PenFed

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I have had a wonderful experience with using PenFed as my primary bank. I use the branch located in woodbridge VA, and their tellers are very kind and helpful, they go out of their way to make you feel like family. The great customer service is def my favorite thing about my bank. The website is easy to use and I have never had any issues with it at all, which I love because as a busy mother of 5, being able to access online banking is a convienience that I cannot live without.

PenFed the snail

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I have a PenFed checking account that I want to get rid of! For starters, I hate how long it takes for transactions to post to my account. I can swipe my debit card at the store, and the charge not show up for 3 days. This is especially alarming due to fraud commonality these days. Another thing is that this credit union has antiquated procedures in place for requesting a new debit card or closing an account. You have to download forms and mail them. They do have a convenient billpay service, but one must use this with caution. My bills were always paid late, even when I submitted the request a week early. There is no easy way to transfer money fast as with other CU's, this is so inconveneint. Lastly, the $10 account fee that I am paying for this account irks me to no end. I have never been happy with this account, my debit card deactivates on its own and hardly works with all merchants. I am giving away free money. When I call customer service to request better service or accommodation, the agents sound like they just awoke from a nap. I was told to just withdraw my money from the account and send in the form to close it. No effort to keep a member at all. They are very nonchalant and have to empathy skills whatsoever. I have an account at another CU that I prefer to use, so so I just need to get with them and close this account asap. If you have any further questions feel free to contact me.

Simple and Easy with Minimal Fees

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Part of why I enjoy using PenFed is the low fees associated with the checking accounts. I have my bi-weekly paychecks deposited into the checking account, and I don't have to pay a monthly fee since my account is above $500. The interest rate is not that great, at 0.2% but it's better than other national banks I have used like bank of america. Additionally they have a ton of ATMs I can use so it makes it not too difficult to get money even though they aren't in any physical locations that I know of. In terms of customer service, I have not had a problem. I feel like they are way more friendly on the phone than other national chains because its more exclusive than other banks to use.

Never got anything!

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I have been trying to get my account activated for a year now and they were suppose to approve it but have not got back with me. I cant transfer money in or out, they aren't very helpful when it comes to figuring this out.

I started my savings thanks to the customer service at Pen Fed

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I just started a new job, and I was making more money than before. I had quite a bit of money left over, so I needed a new account for my savings. I looked around at a few different banks, and then I saw a commercial for Pen Fed. I had never used a credit union before, but I thought I would give them a try. I went to the office down the road, and they explained how credit unions work to me. I liked the way it sounded, and they were very helpful, so I went ahead and opened an account with them. If nothing else, they are more friendly and helpful than my normal bank.

The Best Credit Union

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Pentagon Federal Credit Union is by far the best credit union I have had the pleasure of banking with. I was skeptical at first as to the quality of their products and customer service, due to their small size compared to larger banking institutions. All of my worries were soon put to rest. The customer service at Penfed is amazing. It was quite easy to open an account. They even have a header that informs you if you are qualified for any other products they offer. All in all I am quite satisfied with my experience with Penfed. My only criticism is that their mobile compatibility needs to be updated.

Limited Branches, but Competitive Rates

If you're looking for a bank with many accesible branches, then this is not the banking institution for you. But with banking options such as, online banking and ATMs, who goes into a financial institution "branch" anyway? Although the actual centers are limited, they provide access to many surcharge free ATMs. And, you have access to online banking! However, the ultimate selling point is the great rates. They are really competitive with their CDs and savings account rates.

Penfed is pretty good

Pentagon Federal Credit Union is a nationwide credit union that provides a multitude of services to thousands of customers. The downside of Pentagon Federal Credit Union is that it doesn't have brick & mortar branches nationwide, instead it's physical branches are localized to the East Coast. Even though a customer typically can't walk to their nearest branch, I have never had an issue talking to their hundreds of customer service representatives. Whether I was calling to arrange a transfer, request a new pin, or establish a new product/service, the request was handle quickly & efficiently.

Great stuff and return

I use PenFed exclusively because my father was in the military and their rates are better than any other credit union or bank I can get anywhere. But I really appreciate about them was their customer service. Many banks and credit unions when you call just don't treat you very well. Because this is associated with the military, they seem to take an extra step and make sure that you're welcome and that you like with the product that you're getting. In addition, they have a wide range of checking and savings accounts, much more than I've seen other credit unions are banks. Really liking recommend them if you can get into them.

Good fees, great benefits on CDs

I have a few PenFed CDs and they do fairly well. If you check their rates versus others, Penfed has much higher savings rates than most banks that you could compare them to. The fees at this institution are less than at others I have had the displeasure of banking with. Additionally, I also have a checking account with them, and the fees there are almost non-existent. It is a great set up. I try not to keep all of my eggs in one basket, so I do have other banks that I use, but PenFed is my primary one. They also have excellent fraud protection, something that is becoming more and more useful with all of the recent hacks that have occurred in our Country.

Half Good

Half the people working there are awesome and the other half I need to intentionally avoid. The half I need to avoid do not know what they are doing and it makes me believe something bad will happen to my money. They pull my credit on a monthly basis and deny they do it. I only have a checking account with them and never had a loan or line of credit of any kind. There is no reason to pull my credit.


I began using PenFed a few years ago. My experience with them has been okay. The branch closest to me has some friendly people, but I don't go there very often. I mainly use their online banking. That experience has only been so-so. I've had trouble logging in several times. Sometimes, it seems like it takes forever to update my account. Their customer service people have been helpful, though. Overall, they are alright.

PenFed Review

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My wife and I have banked with Pentagon Federal for 8 years and have been pleased with their service. We have a savings account, and a couple of CD's with them and are pleased with both. The CD's always have the best rates in comparison with other banking institutions and the savings account has comparable rates as other institutions. When dealing with customer service representatives they are always prompt and helpful, which is very important because there is no actual branch I can go to in my area to complete any transactions. Everything I have done with them has been online or on the phone and I have never had an issue with any service. The CD's I have automatically renew but I am always alerted ahead of time by PenFed that I am nearing the end date and given options of what I can choose to do with the money in the account.

Pentagon Federal Credit Union

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Pentagon Federal Credit Union was my first bank. This bank was located on the Island of Okinawa. I used it as my primary savings and checking for 5 years. I never had any issues and I was able to retrieve my money from the ATM with no issues. Even though I didn't have a lot of money in the account i feel that my money was well taken care of. I was never under any stress if my money would be ok. I only switched from this bank when I joined the military and didn't have physical access to this bank. One of the best things for me was that I was able to deposit cash at the ATM's located around me. That was very convenient as I had a side business that didn't allow direct deposits.

Awesome credit union if you qualify!

Due to having some family in the military, I was able to use Penfed for a variety of programs. What I really liked is that their rates for normal returns on just your average bank account were higher than competitors. Couple that with the fact that they have good turnaround time on any email inquiries and that their agents are helpful enough and you have a pretty strong case of them being one of the better institutions out there. I also enjoyed using their mobile website as it was easy enough to navigate. I wanted to invest in some of their IRA's as the rates were attractive, but unfortunately had to set my money aside for other things. Overall, this is a great credit union to use if you meet the qualifications!

The Best

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PenFed Credit Union is the best bank that I have ever used. Each time I have an issue PenFed Credit Union always addresses my issues in a timely manner. I recently had an incident where my paycheck from work was going to be deposited a little later than usual into my checking account. This late deposit was going to cost my checking account to be over drafted. The customer service representative was very gracious and gave my checking account a grace period so I would not incur in overdraft fees. This grace period allowed my bills to get paid even though I was short in my checking account and when my pay check was finally deposited no over draft fees were ever taken from my pay check.

Great credit union with competitive rates

I have had a PenFed MMA savings account for more than 8 years now. Originally I had a checking and savings, but I have let the checking go after finding another credit union with a better rate. But, I like their CDs and savings accounts, so I use PenFed mainly for my savings. I like their online presence. I use the online banking platform to check my balances and move money when needed. I like the accessibility it gives me when I don't have time to go to a branch. Overall, I say they are a great credit union and plan on staying with them a long time.

OK, Not Great, Not Terrible

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* Can be very generous on cards & loans
* Pays better interest on checking than many banks & CUs
* Customer service is usually pretty friendly
* Free credit score & no HP pre-approvals every quarter

* Online banking experience is clunky & outdated
* Restrictions on new accounts (ACH limits, remote deposit, etc.) are a bit overzealous
* Hard INQ on EQ to do most anything
* Better interest checking and loans available elsewhere
* Long wait times if you have to call

Not the best

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I have been a PenFed customer for many years, since my family member worked for the US government. I find that it is inconvenient to use, the ATM fees are are not returned quickly (when I use the ATM). Also, I have not found that they give me the best rates on products, or even access to products like loans, etc. I understand the concept of "credit union: but if you have the option you should choose another institution. I can get more options at my local bank or a national bank. I can show what a good customer I am with another bank. I do not live close to any PenFed branches so it is kind of difficult to get to one if I need to. I do not find that they have the most up-to-date online tools either.

Great Banking If You Can Get It

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I have been banking with PenFed since I was 25 years old. This is, in my opinion, the best credit union by far. I started out by just opening a checking and savings account with them. What I really like about PenFed is that their website makes it super easy to see if you pre-qualify for any other financial product they offer. I qualified for a Visa card and a personal line of credit. I applied for the credit card and was easily approved with a more generous limit than my other issuers. My PenFed card remained my highest limit card for almost 6 years. The only thing I don't like is that they don't have branches outside of Virginia, but that is a minor issue given the wonderful experiences I have had over the years.

Great credit card and checking

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Use them for checking and credit cards, and they are wonderful. They have no fees and a ton of ATMS anywhere in the world. On top of that there credit card gives great rewards x2 when you have a checking account with them its wonderful. Their customer service is all USA based and they are super helpful! Highly recommend, will never bank again with any of the big banks.

My PenFed experience

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I joined the Pentagon Federal Credit Union shortly before leaving the Air Force in 2011. I joined PenFed because it seemed like it was very military friendly and I thought I could get a lower rate on a loan. I applied for a personal loan of $2500 in March of 2012 and was accepted. It was easy to pay towards my balance online. The site had easy navigation and I did not require any additional help when going through the menus. Everything is laid out in a logical fashion. The only downfall of that loan was the interest rate was a little higher than other places I looked. I went with PenFed anyways since I trusted the name more. The only issue I have with this credit union is that it does not have any locations near where I live.

Lifelong PenFed customer

My father worked for the federal government my whole life and PentagonFederal was where we banked my whole life. When I was young I would just go with him and see the smiles, but when I got a bit older I was able to make my own account as the child of a government worker. My first savings account was here and I did well with it, so I've kept it for years. Since I've had the account for a long time, my savings has increased and in turn my earned interest. Overall I've been quite pleased with PenFed.

Why I like PenFed

I had never heard of PenFed until a friend told me of their experience with getting a great rate and service on a car loan. They said that subsequently, they opened a checking and savings account with PenFed and were very happy with both the rates and customer service they had received. We decided to open up a savings account with a little bit of seed money to see "how it went." After 6 months of steadily increasing the amount were were depositing into the account, we started to ask questions about their checking and money market fund accounts. We had a great experience with their customer service so decided to start both. We've been with them now for almost 5 years and have not had anything remotely what would be considered negative with PenFed. In fact, it's been exactly the opposite. We even eventually took out a car loan with them since they had a great rate.

Good overall experience but not competitive

Overall, I had a good experience with this bank. I prefer to use credit unions so I am always looking for one that I can join based on my job or other interests. I was able to join with no problem and I got my online account and login set up easily. Banking with this institution has been easy and no nonsense. Customer service is helpful and I have had no issues with calling them or using the website. However, I do think that some of the rates on products are not as competitive as other institutions. In comparing with other banks, I had to look elsewhere for aevery one of my banking needs. I do think deposits and normal, every day banking is good though. I cannot meet all of my needs at this institution only, however.

PenFed credit union is one of the best

I've been banking with Pentagon Federal Credit union for almost 10 years now. I have always counted on Penfed for the most competitive products in the banking industry. I first applied for a CD certificate with the union for a great rate. The application for the union went smoothly and they were quick to process my application. Everything from checking my identity to wiring money transfer from other bank could be done either online or via customer services on the phone. It took me less than 30 minutes to complete the application process and took Penfed no more than a few days to have my account and fund available. Over the years, there were number of times I have contacted Penfed customer service representatives, and I was always been greeted with a pleasant experience. All my questions and problem would be taken cared off. The Reps were so understanding and details on helping me to solve any issues i have had. What more is Penfed always try to be competitive with other banks by offering great products such as high rate saving, checking, money market and great on the home loan. I'm a happy Penfed customer.

Awesome service

I bank with Penfed (also known as Pentagon Federal Credit Union.) I have been there for many years. My experiences with PenFed have mostly been good ones. I recall one time I had forgotten my user name and password and after messing up the login enough times I was locked out, so I called them on a Saturday night and got a real person who was very helpful and even fun to talk to on the line. After he asked me some personal security questions I was able to figure out what was going on and get into my account. It was awesome to me that I could get someone late on a weekend and not just an automated machine like most banks do anymore. Get personal service, that is PenFed! Highly recommend.

Awesome rates and great service

I had heard that Penfed had great rates for members. It's designed for government workers and the military so I met the requirements for being able to use the service. I wanted to open a CD for my emergency fund. They helped me figure out a good length for the CD and the rate was pretty good, especially compared to a bank close to my office. Their checking and savings accounts are pretty good as well. I don't like to use online banking but I do like getting the online statements. Overall, they are exactly what I expected: nice, helpful, and great rates.

PenFed Credit Union is great!

PenFed Credit Union is a great credit union. They offer good rates on CDs their other savings accounts. Their online banking is good enough for what I do. It's not overly complicated to navigate and I'm able to transfer money easily enough. I also have a checking account with them and switch money between my savings and checking whenever I need. The people at the branch I use are always nice and helpful. I would definitely recommend them.

Great Credit Union

I have used PenFed CU for several years now. I have had several issues that they have helped me solve. The first was I was a victim of identity theft and my account was hacked, they were very helpful and even helped me with some of my accounts that weren't even with their CU. I think their fraud dept was professional and they made me feel like it was going to be ok the entire time. There is nothing worse than realizing you have lost 10k overnight to a thief, you feel helpless and really worried. They eased those concerns and made me feel secure again.

PenFed Credit Union is better if you can go to a branch

I have accounts with three credit unions: USAA, PenFed and a small-town local CU. After having used them all for deposit accounts among other things and for a number of years, I have concluded that PenFed is the best of the three. They offer good products,; however they do not offer the community-oriented service I've come to expect from both my local small CU. However, what they lack in service can sometimes be made up in product availability and marginally better rates of return on products such as savings, CDs and the like. I think that I will stick around going forward, as I see no reason not to maintain a relationship with PenFed.

Great Credit Union

PenFed Credit Union has been my bank for the past ten years. I opened savings and checking accounts with them at first. The people at my local branch are extremely nice and helpful. Their online banking is okay, nothing really special. The main thing I like are their interest rates and the friendly service. I eventually opened a couple CDs with them and continue to keep all of these open. Overall, I would recommend them and plan on staying with them for now.

Rates Lowball

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Been with Penfed for quite some time but they are disappointing as far as rates go lately , and for some reason think its fair to PUNISH Ira's with yet LOWER rates.

To be fair, rates are low everywhere , and Penfed is not the worst of them .

It's a pain to move IRA money around but may have to on a sizable sum, as giving up 100's of dollars a year in interest is a bad idea.

Gone Way Downhill

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I was a member here for quite a few years, used to be a good CU, but rates have made me move about 10 CDs elsewhere over time and now customer service is terrible.

Tried to log in the other day to get statement, was locked out and sent to a page saying my browser (Opera 47) was not supported. I'm a computer geek/programmer and was surprised cause Opera is maybe the most secure browser out there.

So called, busy, busy busy signal and finally got thru only to be on hold for over 15 min. so hung up.

Then sent an email about this, was told that Opera is supported (v39 and above) ... mine is v47. So I replied telling them this and after 4 days never got another reply.

Called again this morning and it wasn't hard to tell the 2 ppl I spoke to had no idea what I was talking about, asked me to send a screen shot to another email address which I will but done dealing with this CU regardless of rates.

I think it's strange they didn't reply to a direct email inquiry for days but as soon as I posted a negative review I got an instant reply. I am a little suspicious now of some of these great new reviews.


Ridiculous! I still suspect some of the excellent reviews here for them are fishy.

Fairly average for online banking

I signed up with PenFed credit union roughly 10 years ago as an alternative to USAA. I initially signed up due to the better rates for there saving account as compared to USAA at the time to get access to their other products. My one complaint with them is that there web interface seems to be a little dated. Sometimes it can be hard to transfer funds from one account to the other especially to another bank. I usually have to break down and call. When talking to a live person generally any issues are resolved pretty painlessly but it would be nice to have a better web interface. The rates on the general saving share and the money market certs are not as good as they were when I initially moved over but the customer service and experience working with military members has kept me with them.

Great way to save

We started this account because we figured it'd be an easy way to save money. Originally, it was not easy to transfer money from this account so we set up a small transfer to this account each pay period to help grow our savings. We recently found out it is very easy to transfer money into our general bank account as well so the ease of accessing this money has greatly increased which is a major plus. Granted it kind of killed our original idea of having a savings account we wouldn't touch.

We checked the account a few months ago and found there was not as much money in the account as we had assumed. We found that we were being charged a fee every time the transfer didn't go through - a large fee of $30. Our small account was hit hard by this. We knew we were obviously unclear on the policies regarding this transfer, but we contacted them to ask if they would refund a portion of this money as we did not OWE them anything. They were very easy to work with and refunded a portion of the fees to us. We were satisfied with the result and will now keep a closer eye on this account to ensure we don't run into an oversight issue on our end again.

I'd recommend this bank for this purpose mostly - there are very limited physical locations.

Great Interest Rates

I really like Penfed credit union because of the interest rates on a certificate deposit can go up to 2.15%. This will only go up to 2.15% on a 7 year CD, however if you are looking for your money to grow this is a good place to start. This is a steady guaranteed source of income and their is no risk of losing the money like it would be if you put this money into the stock market.

Also, if you only want to lock up your money for one year you will be available to get an interest rate of 1.30%. This is also a great rate and a good return on your money if you compare it to other banks. Penfed is a great overall bank in my opinion.

Why I love My Credit Union

I have been a credit union member just about all my life. When I was a child my dad opened an account for me and I kept it until I joined the Air Force and was able to open one at a military base. I love my credit union. They offer many accounts and services. Over the years I've had savings, checking, mortgages, credit cards, car loans, and retirement accounts with the credit union. The staff is always professional and courteous. They offer good rates and very low fees to include FREE CHECKING! I have not yet taken advantage of their Wealth Management service but with retirement coming sooner than I'll probably be ready for it may be a good idea. When anyone asks me about what bank I use I always point them towards my credit union, the credit union available to anyone who is active or retired military or works for the federal government. I've been 100& satisfied and believe they will too!

Convenient deposit accounts, online access, and general credit-union trustworthiness

I always prefer credit unions to banks because of their nonprofit nature, and PenFed hasn't disappointed in this respect. They have no-fee checking and savings accounts that are easy to access and free of some of the ridiculous fees you see at other banks. I don't feel like a cash cow for the bank; instead, they help to serve my interests. Their mobile app and website make it easy to check balances, set up transfers to other banks and credit unions, and so on. In particular, setting up transfers with the website is more convenient than with other banks; the interface is simple -- it hasn't been updated in years -- but the process is streamlined and I've found it more convenient than the processes for other credit unions and banks. It's easy to use my PenFed savings account as a "hub" to organize my other bank accounts. I've also always been able to reach customer-service people on the phone without waiting a long time.

I've considered adding CDs to my banking relationship at PenFed (they call them "share certificates" there, like most credit unions do), but their rates haven't been especially good recently. Occasionally they have an extremely good offer on a CD (or "share certificate"), however, and in that case I recommend them without any reservations. It's worth checking, as I do, every few weeks to see if they've updated their rates. Their checking account in particular has good rates for a checking account, although this changes now and then.

Great credit union!

I've been banking with PenFed for over 40 years now. I've been very happy with their products and service. They serve members around the world, so even though there usually hasn't been a branch near me, they were one of the first institutions to make it easy to bank by phone, and later by computer after the internet was invented. Their website is easy to use, although not the best, it does everything I need. You can make transfers online, and send money by ACH to other banks. Their bill pay service is one of the best. You can make deposits by mail and you can also use selected ATMs in the credit union network. Their rates are competitive, and as a credit union, they tend to provide much better customer service than most big banks. I would highly recommend it to anyone, now that membership is open to the general public.

Love Penfed

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I've been a member of Pen Fed since 2004. I've had some little things happen from time to time that I didn't like (one time I deposited a check from them into my bank and through some computer glitche they took it back or rolled over a few cd's that I had asked to be deposited to my share.). With a phone call their csr's handled my complaints instantly and satisfactorily. I at present have a car loan, money market and 3 percent Ira with them that I am extremely happy with. However I transferred a large number of cd's that matured last winter because of their lower rate and onerous early redemption fee (although I've never cashed a cd in early yet.). My Ira will mature this winter and since I love being a member there am hoping for a decent rate. We'll see.

Military option for credit union

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I signed up with PenFed credit union roughly 10 years ago as an alternative to USAA. I initially signed up due to the better rates for there saving account as compared to USAA at the time to get access to their other products. My one complaint with them is that there web interface seems to be a little dated. Sometimes it can be hard to transfer funds from one account to the other especially to another bank. I usually have to break down and call. When talking to a live person generally any issues are resolved pretty painlessly but it would be nice to have a better web interface. The rates on the general saving share and the money market certs are not as good as they were when I initially moved over but the customer service and experience working with military members has kept me with them.

Excellent Experience with Penfed Deposit Products; Need Higher Rates

I have been a longtime customer of PenFed Credit Union (10+ years). My initial experience was with the share account and checking account and I later opened a Money Market account and Traditional IRA. Having always used direct deposit, I have always been pleased with the ease of the deposit, the timeliness of availability, and the ease of transferring funds from one account (checking) to another (share savings or money market). I have rarely needed customer service support but when I have, I have been served by friendly, upbeat, and helpful representatives. Most recently, I had an experience where my PIN didn't seem to be working on my debit card. I rarely EVER use the debit card so I called to inquire regarding the accurate PIN. The CSR was helpful, explained all the verification processes, and allowed me to select a more reasonable PIN that I would more easily remember.

My only cons with the credit union are the subpar rates. Many of the rates probably pay average on a nationwide scale but they seriously lack and I have opened an additional savings at another institution at a much higher rate. I also can say the same regarding the IRA products. For someone just starting out in building a savings goal, this would be highly frustrating as the rates are practically nothing. The online / mobile banking is attractive enough but could probably use an upgrade in terms of modernizing the look. However, it is VERY easy to find information and do transfers.

PenFed Credit Union is Good

I joined PENFED about 5 months ago and have enjoyed banking with them. They offer great interest rates on savings and other options. Although I do not work for the government, it was an easy process to sign up with them. Just do a google search and you'll be able to find out how. The customer service is great when you're actually able to connect with someone. Many times, if you call after 3pm, you will get a busy signal when dialing their main customer service number and then have to go through a different number that takes you to their robot system and only then will you be able to connect to a service agent. A frustrating process if you need help fast. The service agents are very knowledgeable and friendly so you don't have to worry about having to call multiple times to get a trustworthy answer. Besides the calling in issue, banking with PENFED has been great.

PenFed ease

I joined PenFed (Pentagon Federal) when I was stationed in Washington D.C. The bank had an ATM in the building I worked in. They charged high fees if you did not use a PenFed debit card, so I switched my accounts. The bank offers really good rates and ease in resolving transactions. I wish they had more brick and mortar locations and offered more products. The customer service reps are easy to understand and really know all parts of banking as well as all services PenFed offers. I highly recommend this bank to all of my coworkers, friends and family. In fact, I recently opened accounts for my kids st the bank and have started a savings account that earns a nice interest for all three kids.

Customer Service

I have been a loyal member of PenFed Credit Union for over 10 years and I am completely satisfied! Their customer service is second to none. I have multiple accounts with PenFed to include my home mortgage, checking, savings and insurance. They work with me and understand exactly what I need. When I call or visit one of their branches I am always treated with respect and tremendous customer care. I have recommended PenFed to all of my immediate family members and most of my friends. I will continue to be a proud member of this institution for as long as I live. They know how to treat their customers right.

An afterthought account

I worked at a non-profit and PenFed was an institution that offered certain discounts/benefits to our members. I am a longtime NFCU member but decided to open up a savings account through them and have money sent direct deposit each paycheck to that account. I thought their rates were low to average but it was convenient and I could put the money in and not think about it. I did not have an ATM or checks through them so I really didn't access it. Basically it was a good way to save up some money. Like a set it and forget it kind of thing. I would log on to their website every once in a while. I found the site itself very informative and easy to use but I didn't use any of their other offered services. When my balance reached a certain amount, I would have them cut and send a check. This went fine the first time, but the second time, I received no check. I called their customer service, verified my information and they canceled the first check (which I never received) and re-issued me another check. This was my only direct contact with them but I was very happy with the outcome and their service. Overall, it wasn't a bad institution at all, but wouldn't tempt me away from my current bank.

Fantastic Mobile Banking

I have been with PenFed for over 5 years, and despite no longer living in the VA area, I am able to continue banking with them via their mobile app. Most income I make is deposited directly into my checking account, which I can move as I wish between savings as well as reserve. For checks I receive that are below the allowable threshold for mobile deposit, I have no issue depositing them remotely using PenFed's Android app. My on-site experience has been equally as enjoyable. When applying for a rewards credit card, the bankers did a great job of laying out my options and explaining the card's benefits so I could choose one that fit my spending habits. I plan to use PenFed for a 30-year mortgage on a home I plan to purchase within the next 18-24 months.

Penfed a bit overrated

I have always heard good things about PenFed and decided to open a checking account with them. I wanted to take advantage of their fast ACH times (about 1 day from penfed to others) but it turns out it was only $50 until you are a member for 6 months and you have to requested it to raise to 5,000/day. The fast ACH times is because they credit you for pulling into your account instantly. Essentially, I enjoyed their customer service via e-mail despite being a bit slow, they do answer questions such as closing accounts and changing addresses pretty easily. If you need to transfer more than $5,000/day this is not the credit union for you. Their saving and checking interest rates are subpar compared to Alliant and other credit unions that are as renown with PenFed. They weren't to bad as a service but for my own reasons I don't think they were sufficient. They also ding your credit for requesting for a raise in my ACH limit which was really annoying.

My experiance with Pen Fed

Upon moving to Maryland in 2015 I signed up with PenFed as a secondary bank. I have used PenFed primarily as a savings account to be used for vacation and Christmas funds. I have found their interest rates for their savings account to be competitive, and their location right outside of Fort Meade is ideal for my banking needs. I am able go into the branch with very little hassle both before and after work. I have found their employees have always been very friendly and helpful, whether I depositing a large check into my savings account or a few dollars.

A pretty good credit union

I have had pretty good experiences with Pentagon Federal Credit Union (known better as Penfed) over the last 7 years that I have been a member. The savings account rate is kind of low, but most banks are these days, so dont expect to get much in terms of interest. That said their rates for other products such as CDs are a little higher, but you can still get better deals at other places. Transfers from your savings or checking account out to other banks can be done, but they can take a few business days to be processed. The checking and debit card experience at Penfed is good, I dont think I have had any issues to speak of in the last seven years. The ATM network is small, but they work with other credit unions to share reciprocal access, which does expand the network by quite a bit. What really sets Penfed apart in my mind is the customer service which is quite good, almost every issue I have had has been resolved on the first call. On the downside, the technology such as mobile apps and the web interface can be a bit on the simple side, but they have almost all of the features one would expect for online banking - check deposits, transfers, etc. It does seem like there are fewer branches in my area than a few years ago, but I am glad to be a customer and know that if I pick up the phone and call, although it isnt 24/7, I can get real help from a person who is empowered to help, and not just a call center rep, like other banks I have used in the past.

Penfed Checking and Savings

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PenFed has been a great banking and loan company for me. I was recommended to them from a coworker a few years back when I was interested in refinancing my auto loan. I found that their rates were the best of any other bank or credit union I had previously investigated. I signed up, which was a small fee, and got a loan with them. Then I realized that they offer online banking services, so I started a checking and savings account that houses the income I make from online. It has been a great experience overall.

Pen Fed is fantastic!

Recently, after dealing with a certain national bank for a few years, I decided to check into credit unions. I was impressed with Pen Fed's checking and savings accounts and their features. After a lot of consideration and discussion with their employees, I decided to switch and I do not regret it. I have found them friendly, helpful, and always willing to go the extra mile to answer my questions;. They've helped me choose the right checking account and even set up a CD for long-term savings, which I never thought about doing. Their website is ordinary and I don't use their online banking for much more than keeping an eye on my balance. Over all, I would recommend them and would choose them again.

Penfed Checking and Savings

I have been banking with PenFed for several years now. I never knew it existed until a coworker mentioned refinancing an auto loan with them. When I investigated their services, I realized they have great rates not only on loans, but for checking and savings. Their service is exceptionally great for money that I make online, so I can keep that money separate from my main source of income. My checking interest rate is relatively high for a checking account at 0.50% APY (as long as I maintain certain requirements). That money then can transfer to my savings account. The rate isn't spectacular at .05% apy, but I enjoy it being housed with them and in a brick and mortar shop. So far, for the customer service I have needed, they have been very attentive to my needs and quick to help.

Penfed, Useful for Some

I started an account at PenFed several years ago. I wanted to establish an account to think of getting a loan in the future. I used the account for several months. However, I found out later than another institution had better rates. However, I thought he usability of the mobile app and website were great. Everything was easy to use. The few times I called customer service the people were helpful and friendly. I enjoyed the experience for the time I used this bank.

PenFed Credit Union

In early 2015, I started a checking account with PenFed Credit Union. I opened my account for checking and, the same day, I went home to set up my online account. I noticed that the money had not yet gone into the checking account. I was a little upset, because I was excited to use my new card. To this day, there is a 24 hour wait before your deposits are accepted into your account, which is inconvenient. There was also a time when my debit card was stolen. I noticed on my account that 300 dollars had been over drafted. I called them immediately and to my surprise, they decided to clear my entire account and forgive the theft.

PenFed feedback

I have an account with PenFed because I work for a military supplier. I have really had minimal experiences with them, because their products have worked and been good. The one or two times that I have talked to someone for customer service issues, they have been nice and got answers for me and I was only on the phone for 5 minutes or so. From there, their website is fairly similar to any other financial institution I've worked with (I also have a citi credit card) - it's fairly simple to navigate and was simply to set up automatic payments on my credit card. They are a fairly normal financial institution in my opinion.

Great Rates

The best thing about this credit union is the rates they give you on checking accounts and also on CD. They are much higher than the national average. In face they are a full one percent more than the national average. It makes me happy to know that I am getting paid to have my money in the bank and not just having it sit there. It makes me feel more like it should be and not that I am being taken advantage of like with the national banks. They also do not have tons of fees tied to their checking accounts so you actually may make money off of the interest rates instead of it being sucked up by junk fees. I also like the way they do overdraft. You can make a mistake and not have money to cover a check without getting slapped with a large fee like you do at many other banks. They also have a great customer service on their checking accounts at the branch and when you deal with them online. The online service rivals any other bank and really makes it such a great product.

Pretty good Credit Union

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PenFed is one of the best banks that I have worked with in a long time and I'm sad to say we had to give them up because of a recent move. However, I have nothing but good things to say about PenFed. A few months ago we had our business debit cards stolen out of the mail and the person who stole them wiped us out of a LOT of money. Due to the bank's "automated suspicious activity" we were alerted very quickly that transactions did not match our previous spending habits and Pen Fed was quick to turn off our debit cards for both the company checking, savings as well as our personal checking and savings accounts. The cards were quickly flagged as stolen and everyone we spoke to was compassionate and responsive to our questions and concerns. They even worked with me and the police to catch the criminal. Ms. J was our "go to" person during this entire investigation and it was comforting to know that we had a person that we could relay information to and receive updates from. Most banks will not refund stolen money for at least 30 to 90 days after their investigation is complete. However, PenFed had most of our money back into the account within five days. The investigators, customer service and our account manager were nothing but helpful during this very stressful time.

My experience banking with PenFed.

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I joined PenFed, also known as Pentagon Federal Credit Union, about 6 months ago. My initial attraction to them was their offerings of very low interest rates on various products, i.e. Auto loans, mortgage loans, personal loans as well as credit cards. Although I didn't have a need at the time in those products, I did want to open a checking and savings account with them and start building a financial relationship. Sign up was easy, did everything online. Set up direct deposit with a minimum monthly deposit of $500 to avoid the monthly checking fee. They also offer a monthly, free FICO score, which I like because I'm very OCD when it comes to my credit. I've had no problems with them, and the little contact I've had with them was in the form of secured messaging, reply was quick and answered my questions. Overall I find them a very competitive bank with courteous and helpful representatives.

Overall very satisfied

I have had a really good experience with this bank so far. Opening a savings account was really easy and their policies were actually pretty straight forward as well as fair. I haven't had much experience with their customer service, but I haven't needed it. Their website is a bit clunky if you're not use to it, but eventually I figured out how to use it effectively. I would say the navigation is just kind of outdated. Overall, I would recommend this bank for anyone as their rates are competitive and they're very flexible and easy to use. I have already recommended this bank to several of my friends and they all have had good experiences with it.

Great Rewards Cards

I'm a member because I travel for work, and spend enough on airfare that the Premium Travel Rewards card was a great deal. It works out to 4.25% back in the form of Amazon gift cards (which to me are as good as cash with the amount of money I spend with Amazon).

I also have the 5% gas card, which requires keeping $25 in a money market account, but the monthly gas rebate more than makes up for keeping the money on deposit for nearly free.

The web site is clunky, but functional. Never had trouble with it.

Not a bad bank, but not the best

PenFed is not that bad of an option if you are looking for a simple checking account with online features. Opening the account was simple enough and, once opened, you have access to the online features right away. I did have an issue with a check that I needed to stop payment on and while trying to get it stopped, it seemed I needed an act of Congress to accomplish this. The customer service people were nice, but they did not seem to know what I needed them to do. It took me several phone calls and finally I was able to get the check stopped. Other than that minor fiasco of a situation, I have been lucky to not need customer service for much of anything. As long as I don't run into any more issues, I don't see anything to worry about there. But, the online features are great, yet standard, and what you would expect to find. Overall, it is an OK bank with expected services and features for online banking.


I have been banking with PenFed for about 10 years and have had a love-hater relationship most of that time. As a credit union they do what most banks do, they are also fairly good at resolving issues, but you have to be very patient for results. When I had an over draft issue it took me serveral days of phone calls to figure out what went wrong and why. Also they were of little use finding a solution since their idea was not they same as what actually worked. All this was using their online banking. However their in person banking is not a lot better. I do not think they train new employees enough since I get different answers for the same question, depending on who I am asking something of. Overall though they are a good enough institution and better than most credit unions.

Fraud attempt with good solution

About a month ago, fraudulent charges were showing up on my account. I went to Penfed, and they disputed the charges and were very helpful in getting a claim started for me. They shut down my old debit card and ordered a new one for me. I received the charges back into my account and the whole process was simple. The customer service was great. Before this incident, I had never had any issues with fraudulent charges. I really have no idea how this person got my card information in the first place. The rep at PenFed said that people who commit these financial crimes are getting smarter and smarter. They told me about skimmer machines too and that they look just like regular credit card machines. I will have to be more careful from now on, but I'm so thankful my credit union had my back!

PenFed Review From Out of State Customer

I've had both checking and savings accounts with Penfed Credit Union for about 10 years, although currently I only have a savings account. I do not live in the area where Penfed has branches, so all my interactions with them have been through the mail or online. I can therefore speak best to the online experience. Penfed's website is easy to use and intuitive, and you can handle everything you need in one place. Tabs are easy to find and the services work well. The reason why I don't have a checking account with them anymore is because it required a minimum $500 daily balance or direct deposit to avoid fees. Other credit unions, like USAA, do not have this requirement so I ended up closing the checking account to avoid these fees.

Best Credit Union I've ever banked with

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I really can't say enough positive things about PenFed. I've banked with several credit unions and savings and loan type institutions in the past and have had mixed experiences. PenFed is consistently excellent in my interactions with them. The most important aspect of a banking relationship is customer service, and PenFed excels at that. Anytime I have questions about my account, whether it be just general questions about product offerings or my specific account activity, their reps are available and knowledgeable and I experience very short wait times. I currently maintain a savings account with PenFed but have considered transitioning my checking account as well since I am so happy with their service. I would say the one drawback at this time is mobile banking, as their app isn't as full service as some of the other banking apps I've seen. But bells and whistles sometime are outweighed by great customer service and rates, and I think Penfed deserves attention based on that alone.

PenFed Credit Union Review - 5 Stars

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Penfed Credit Union has really shined for me in so many ways. From the day I opened my account, and in every encounter, the customer service has been exceptional. I first opened a savings account and made some regular deposits, then I decided to also open a checking account. They helped me manage my money easier, with a great web site interface that I use daily. The best aspect is having no fees for anything, no monthly service charge, no fee for bill paying, and deposits update quickly. The mobile app allows me to easily make deposits on the go, which I require, they always go through without issues. One thing that makes them far superior to other institutions is the applications travel notifications. I love this feature, which saves me the hassle when I travel of getting my accounts frozen, like other banks often do. On my last trip, Penfed saved me from being short on cash, because my other bank locked my account because I was out of the country. Penfed had no issues because of the travel notification feature. I highly recommend Penfed Credit Union- virtually no fees, an intuitive application, and competitive rates on all their products.

Penfed Fcu

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I opened a checking account within the last 12 months and closed it on the same day because I found out i was not allowed to ACH transfer more than $5000 a day out of the credit union. on the other hand they allowed me to ACH whatever into the credit union, if I don't have the right to ACH transfer my money in and out of the credit union I do not want to use that account. I like their credit cards and will purchase their cds if the rates are high enough but I will not use their checking account.

A competitive one stop shop

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I would like to start off that I can't stand traditional banks and have had no fewer then 5 different credit union relationships over the past 20 years. Even though I do not live anywhere near a physical Pen Fed branch, I have been a loyal customer and user of their services for years. To date I have a savings account with them as well as a credit card and mortgage. The yield on the savings account, like nearly every other institution out there in this current interest rate environment, is virtually non-existent. However, their website has been ultra-reliable, linking you savings (or checking) account to any other products you have with them (credit card, mortgage, auto loan, etc) is seamless and easy. And their website is very intuitive and easy to navigate. Through my employer, I can have all or part of my paycheck direct deposited into the account and instantly link where I want the money to be disbursed. I have had to call their toll free customer service on a few occasions and have always gotten through to a real human being within seconds. They also appear to have a high degree of security both online on their website and when conducting conversations on the phone. Pen Fed is not my only financial institution. I do have an account with a credit union that has a branch onsite with my employer. However I will continue to be a loyal Pen Fed customer even if I move or change jobs for the foreseeable future.

Best CD Rates Ever

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Before I joined the Pentagon Federal Credit Union (PenFed), I was pleased to hear that PenFed had the highest CD rates in the country. We're always looking for the best rates. We frequently review the best CD rates online. At the time, PenFed was offering a 3% annual rate on a 60 month CD. There was nothing else like it at the time, so we opened an account there and never looked back. Their service is the best, and we've had no hassles at all. I have been very impressed with PenFed and would definitely recommend them. Some credit unions restrict membership, but with PenFed anyone can join. So, it is easy to get good service and higher rates. It was very easy to set up our account and transfer funds from another bank. We were able to do most of the setup online and were very happy with the very high interest rate which is still one of the highest rates around.

Great Credit Union. Go For Something Different.

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Penfed Credit Union is great for those looking for a change from your big banks. They offer a personal experience where you really feel that you are a part of the bank. I opened up new accounts at a branch and even transferred my savings account over from one of these other big banks. I am extremely happy with the rates they provide and the services offer. I no longer have to worry about phantom fees with their no hassle checking accounts. Do yourself a favor and check out Penfed. You will see the difference as it is night and day from typical big banks. I especially recommend their no hassle checking accounts which will save you time and money as you no longer have to constantly worry about whats coming in or going out.

Wire Transfer Very EASY

I had a CD mature this morning, and the wire transfer procedure was the best I've used, all done by telephone with an efficient (Jessica) CSR. The only thing is that they carefully verify my identity with 3 questions that only I would know. Other banks have tedious (faxing, telephone back, photo ID) procedures that are so onerous and time-consuming. This morning's procedure took about 6 minutes. I usually like to write a check when a CD matures, but had forgotten that I had canceled the account due to minimum monthly requirements.

Re-Ordering Personal Checks

When re-ordering personal checks always call the credit union and place the order through a customer service representative. That way there will be no cost. If one re-orders online through the PenFed web site the cost is $5.75. If one re-orders through the web site on the re-order form supplied with the checks the cost would be in excess of $20.00.

Too Many Hard Inquiries On Your Credit.

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I became a member and they check my credit. Shortly after, I opened a checking account and they add two inquiry. I apply for a debit, another inquiry hid. 4 inquiries just for opening a checking account. My credit score dropped around 40 points.

Update To My 11/14/2012 Review

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PendFed now demands that one keeps at least $25 in a money market account to keep their no annual fee 5% gas credit card. Originally they said they would charge a fee (I would have pulled a Donald Trump and 'fired' the card if they did that). But then their marketing department got semi-smart by, at least, coming up with a way to let the consumer keep their 'fee', if you will, by requiring a money market acct with just $25. Fine, I'm ok with 'lending' them that small amount to continue the same 5% gas rebate. It's a partnership in a way. If they start messing around again I'll fire them and get another card. But as of today all good with them.

Best Gas Card

I only have the minimum deposit and the Platinum Cash Rewards Card, which I pay off in full twice a month. Their CD rates look very attractive and some of their mortgage rates are also interesting, but I have not yet participated.

As far as the credit card - my family is used to having a gas-only card. The cards often just stay in the car and they are only used at the pump. It makes it easy to see how much you (or your family) is spending on gas and it separates this somewhat-sporadic expense from the checking account budget.

After years of seeing Discover and Chase cut their cash-back rates for gasoline, we finally came across this gem - 5% cash back for pump purchases! The rebate is automatically applied to the balance monthly - I just had my balance reduced by $11.51 yesterday for example.

Good Rates

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This is a smallish credit union and thus some things happen slow but they always pay dividend on time and I guess that's what counts! Rates are usually higher then piers too. Love this credit union but I can only speak of cd deposits...

Penfed Outage Started 1230 PT Expected To Be Back Up 1730 PT

Attempt to login is met with:  Our site is experiencing technical difficulties.  We are actively working to resolve the issue. 

A helpful CSR explained it is due to a power outage in Alexandria VA where all servers are located, not a DDOS (distributed denial of service) attack, such as University Federal CU and Patelco CU have experienced recently. 

Website is expected to be back up by 1730 PT.


Let's Talk About Pentagon Federal (Penfed) CU

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Today I decided to visit the local PenFed branch and inquire about joining. I had previously read thru their online information and knew that I qualified for membership being a military retiree. I sent them an email about the $5.00 reqirement for membership asking where did it go, how maintained etc. Having not heard back by the time I visited I asked the rep about the requirements and again about the $5.00 etc. I was informed that the membership fee money goes to open a reg share account establishing membership. Then I could in this case place the am't. I wanted to spend in the CD that I wanted. Okay great. I then asked for the disclosure pamphlet outlining the way the CU does business in regards to the individual accounts. In this case a reg. share acct. In the literature I was given (effective Mar 2012) under Reg Share Acct disclosure it says that my account may be subject to fees and charges. Asking about that I'm given a insert I can only assume to the disclosure pamphlet. Okay, yes I see that if I get paper statements i will be charged $.50 or free if online. I read further that if I conduct no activity in the account (as I only opened it to acquire a CD) there would be a $15.00 charge per quarter. At this point I walked out with info in hand. Called the main office and talked with a rep discussing membership, fees, requirements etc. I indicated that the material given me showed a $15 per quarter in-activity fee for a share acct. opened to meet membership rquirements to ultimately buy a CD. She said that was wrong and that if the acct. remains dormant after 5 years then a per quarter fee would be charged. I told her that the material being given to potential customers or members is deceiving thus making me question if I really wanted to do business with Pen Fed. She assured me my concerns would be turned over to R&D and gave me her name and ext. in the event the local rep needed educating ( they do) I thanked her for her time and hung up. Now, what's the deal? I want to do business with Pen Fed but would like one of the folks in the know on this site to set matters straight. Thanks (sorry about the length, but it's an issue)

Okay, well I just found and read Ken Tumins article dtd 6 Dec 12 reference this issue. Seems as though PenFeds acct. disclosures still remain a puzzle. However I will follow the advice of keeping the acct. active and join for a CD.

Penfed Credit Card - No B.S. - Awesome For Gas And Immediate Rebate

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The PenFed credit card is currently the best card for gas rebate one can get. At the 5% discount I'll keep using the card. If they ever reduce that rate I go back to a competitor's gas card that I have. No B.S. here...I'M LOYAL TO THE CARD THAT PAYS ME. Their credit card marketing folks are very smart in that they don't B.S. me since they kick the rebate right back to my account at billing time. That is, unlike other cards, no waiting until the rebate amount reaches a certain level. They simply get 'it'.

Keep up the good work (& the 5% gas rebate) PendFed credit card department and I'll keep using it to get you your transaction fees from the vendors who I buy from.

The Best Banking Products Around.

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I have been a member of Pentagon for over 6 years and I think they are above average.  Their banking products are great with some of the best deposit rates in the nation.  I love the Platinum Credit card I have with them because the rebate rewards are outstanding.  They are always offering excellent loan promotions and I have found their customer service to be excellent.

Totally Dysfunctional Organization

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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.

PFCU Is The Worst!

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Avoid doing business with this bank. They prey on military members and their families.

Denied Used Car Loan

My 20 plus yrs in the Air Force mean nothing to Pentagon Federal Credit Union.  I am a retired MSgt and PFCU refuses to help me with a small, easily repayable loan for a used Ford Ranger that I desperately need.  And they didn't provide an explanation as to why.  My credit score is fine.  There is no reason for them to deny my loan but they did it and I say "Shame on PFCU!"  I will find a new place to do all my banking.  And I guess I have to find a loan shark who will charge too much interest so I can have a vehicle.  Here's the thing PFCU, if I cannot get a vehicle to drive than I cannot go to work.  So thanks to you I will stay unemployed.  Thanks for nothing.  Being a Veteran if Foreign War is irrelevant to PFCU.  They do not care.

Used Auto Loan

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I am broken up over PFCU turning down a small loan that I can easily pay back. I am a retired Air Force master sergeant. I have been with PFCU since 1992. They never help a veteran in need. I need a vehicle so badly. Cannot work because I have no transportation. So I guess I have to find a shady loan shark who will charge outrageous interest. Why does PFCU exist? Not to serve veterans. I am finding a better place to bank.

New Cds And Quick ACH With Penfed

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I just realized today that Penfed does not have Shared Branches in other cities like a lot of credit unions do. I have an account with them and so far no problems. I was concerned about how to open a new CD with them and didn't want to do a mail-in. I was told today that their way is very quick if I allow them to withdraw the funds out of my bank account giving them the routing number etc. and the CD can be opened the same day over the phone. Is this the same as what is called an ACH withdrawal? Has anyone done this with them and can share if all went smoothly?. Thanks!

Used To Be Good, Now Bad

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Nearly from the time I came in the military, back in the 1980s, I had PFCU as a bank.  They were great and on up through the 1990s.  Once I retired, I had two checks coming in: Retirement and regular pay.  I did just have the retirement check going into PENFED, and I had checking, savings and a credit card with them.  I decided to change my regular pay check to go into PENFED as well, so I had triple the money going through PENFED that I previously had. 

The problem came when I remarried and requested my wife be on the checking account with me.  They refused, citing credit issues.  Still I kept my money flowing through PENFED.  Not a year later, after being a dedicated client and paying my card on time, as well as running thousands of dollars through the bank a month, PENFED suddenly shut down my credit card, saying I was a bad risk. 

Doesn't matter.  I have USAA which is a bank which values the Service Member, and, in fact, is one of the biggest benefits to ever serving in the military anyway.  It just rankles that I ran 20+ years of paychecks through PENFED only to be shut down, even though I could still qualify for two car loans and a motorcycle loan with 6% interest each and make all payments and even make more than minimum payments on my credit cards. 

Bottom line is that PENFED cannot be trusted, because if you use only them, you may find yourself in a lurch one day.  They used to be good.  Now, they're not.  I just hope USAA doesn't turn rogue.

Two stars is because, as far as I know, nobody has ever committed suicide due to their banking shinanegans like has happened recently because of either Wells Fargo or BoA.  Those two....oh boy.

I Love Penfed

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PenFed was one of the first credit unions I joined. I joined because they had excellent auto loan rates. In fact, three other family members joined after I did and got auto loans through them.

The on-line banking system is great. I do all my banking over the Internet.

I also have a Visa rewards credit card through them and I use it extensively.

Any time I have had to call the phone support has been excellent.

I highly recommend PenFed.

Members Bilked By Automatic Insurance Charges

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Penfed years ago sold me insurance for accidental death with charges being taken automatically out of my account. I told them to stop. They say its out of their hands. They are not supporting their members just bilking them.

Most Expensive Checking Account On The Market---Terrible Option For Military

Terrible!  STAY AWAY from the most expensive credit union in the market place today!  In addition to charging for checks, PFCU now charges $10 a month for your checking account.  Don't be fooled by their advertisements.  You only get "free" if you have direct deposit with them.  I was with them for 7 years until yesterday when I found out they had recently started charging me this $10 monthly fee.  Imagine paying $120 annually for a no frills checking account!  For those of us in the military that move around frequently and keep multiple checking accounts for convenience...don't use PFCU.  Go to USAA or Navy Fed, for other military banking options.  I used to be a big fan after my first mortgage with them, but they have changed their culture and attitude towards their customers.  Spend a few minutes on the phone with them, and you will quickly notice the poor attitude.  Take it from someone that shops around a lot for the best rates and plans...AVOID Pentagon Federal Credit Union!

Just Another Credit Union

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Okay I opened an account with PenFed several weeks ago, everything with them take so long to process from forms to deposits. Unfortunately I do not have a PenFed branch near me so all my transactions have to be over the phone or by email. I have a share account with them and opened checking account with them and because I have less than perfect credit I was only offered Limited Checking. Which the representative told me the only difference was there was a 9 day hold on checks, and later found out also would not be offered a Debit card. I am closing both accounts and opening a new account with the local credit union in my area.

So, if you're a fed employee and think just because this is a fed/military credit union this has to be the best option, you're sadly mistaken.

My Pentagon Federal Credit Union Review

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I had trouble with PenFed's ACH transfer service.

Penfed Takes Too Long To Process IRA Transfer Paperwork

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I called them to find out about the transfer of my IRA account to another bank.  They received the paperwork from my bank, but, told me that they were "running a little behind" and that it would take 4-7 BUSINESS days to get the check IN THE MAIL to my new bank.  I asked if I could have the funds wired.  They said no.  I am very unhappy with their procedures on this matter.  I am collecting almost no interest in their IRA money market account as I wait because they are "running a little behind". 

Pentagon Federal Credit Union

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I opened up a three year CD ladder several years ago and found them very cooperative and competitive in thier rates. In addition, they assisted me in changing the title of the CDs to my family trust which increased my NCUA insurance to over a million dollars.

I am also using their low cost VISA Card which is easily paid by using my online brokerage checking account where I am credited with a monthly refund each month!

Having recently extended my CD ladder to 7 yrs, the ladder is providing me with a return of 3.45%. During the last several years I have found nothing that would prevent me recommending this institution to my family and friends.

Mail-In Deposit Issues

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I am AGAIN having issues with PenFed concerning deposits that I mailed to them.   They have been really very slow to post my deposits in the past and this time it is 13 days from when I mailed to a branch 200  miles away and still not posted to my account. I could have driven there in 3 hours. Does not seem to concern them too much --I emailed to report a possible security issue  and no responxe to that.   Mail sent 1500 miles away the same day has been received several days ago.

Pen Fed will not confirm after 3  requests that the address I mailed to listed on their website is valid for mail deposits.


Very bad customer service on this matter.


anyone else have this problem ? 


Chances that it is a postal issue is  highly unlikely  --- I have NEVER not had any mail not get to where I sent it.

Beware Of Making Automatic Credit Union Payments

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I really like PenFed, and their customer service is really great. But if you have a PenFed credit card that is set up for automatic pay from, say, an external bank's checking account, beware of a certain computer glitch that can really bite you. Lets say your end-of-month PenFed Visa bill is $500.00, and you have selected Statement Balance as your choice of payment. For some reason, prior to the end of the month, you elected to pay your $500.00 bill early. When the end of the month arrives, your checking account will be debited another $500.00 even though you have already paid that bill. This will also happen if you change your date to make the automatic payment. Lets say the present pay date is the 15th of the month. On the 15th the $500.00 payment was taken from your checking account. On the 16th you change your pay date to the 18th. Two days later on the 18th, your checking account will be hit with the $500.00 debit again. In either case, if there is not enough in your checking account to cover the second payment, PenFed will hit you with an Insufficient Funds fee, and so will your external bank. PenFed's customer service will erase the PenFed fee, but will your bank?

An Excellent Credit Union

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I have been with Pentagon Federal Credit Union for several years. They've satisfied my banking needs and the customer service is truly great.

10 Year CD @ 5% Offered In Oct 2010

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My three year old CD matured in October 2010, so I rolled it over to a ten year CD at 5%, with the special offer they had.  Can't beat that rate.  The bank is very friendly and helpful, and it was easy to join it even though I'm not in the military, nor in Washington D.C.

I do believe that I found their great rates back in 2007, right here at Deposits Accounts, because Bank Rates doesn't offer the great rates available from Credit Unions.

RE:Change In IRA CD Wording

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I would question this back to Pentagon as their Jan 2011 Individual Retirement Account package, page 18 still shows that there is no penalty to take a partial withdrawal from an IRA CD after 591/2 years old.





Penfed = No-Hassle Cashback Reward CC

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PenFed's Platinum CashBack Reward credit card is the primary credit card I've been using after Citibank changed their term on their cashback reward credit card. The cashback is credited to you each month with no hassle, unlike Citibank's $50 minimum requirement.

I turned to PenFed after a careful search and based on positive reviews. The application process was short and simple. The only drawback to me was I only eligible to the membership through National Military Family Association, which meant extra fee. If you are eligible through one of the other 6 methods, you should be able to give PenFed a 5 star.

Additionally, if you have reasonable credit score and need a load, PenFed offers many low interest options. It is a one-stop shopping place, I would say.

Penfed And Its Credit Card

I opened a CD with PenFed a while ago which gave me good returns. I am happy with their customer service too. Unfortunately the rate has come down a lot, and it's not that attractive except the 7 year CD which is 3.51%APY. However, you do need to consider whether or not the CD rate will shoot up later.

I like their visa credit card very much. Frist of all, VISA is accept almost everywhere except the places that doesn't accept any credit card. It rolled back to 1% on all purchases (planned roll back), but it still has 2% on grocery and 5% on gas. The cash return is credited to your credit card every month, instead of waiting for it to accumulate to $50 or $25.

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