PenFed Credit Union Reviews

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PenFed Credit Union

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PenFed Credit Union
Credit union in Bartow, FloridaClosed
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4 reviews
My mother lost her credit card and ordered Penfed to replace it. She has not received it and after 16 business days, she called CC services. They said CC was sent to her address without apartment #. They said the address was not … More
Rosa Madrigal
Local Guide·114 reviews·12 photos
2 weeks ago
I recently opened a credit card account with This credit union. I received a $3000 balance but then I was told I had to submit my Social Security card, two paycheck stubs, my identification. I went ahead and did all of that to then get a … More
PenFed Credit Union (Owner)
2 weeks ago
We’re sorry to hear you had a negative experience. If you’d like to discuss this further, please don’t hesitate to contact us directly at [email protected].
James Miley
10 reviews
4 months ago
Been a member for many years. I noticed some unusual charges on my account and called to inquire about these charges. I was told that my debit card was hacked and they were canceling my current debit card and was sending a new one out and I … More
5 reviews·1 photo
5 months ago
Terrible company stay away. Was approved for an auto loan through preapproval and regular application. Then was told over the phone that I was not eligible for any loan after they already pulled my credit. They said it was because I had a … More
PenFed Credit Union (Owner)
5 months ago
Thank you for bringing this to our attention. We’re sorry to hear that you were not satisfied with your service. We would like to make things right. Don’t hesitate to get in touch with our customer service team at [email protected]. They will be happy to help you out!
4 reviews
My mother lost her credit card and ordered Penfed to replace it. She has not received it and after 16 business days, she called CC services. They said CC was sent to her address without apartment #. They said the address was not updated. My mother never had to update her address as it never changed.. The rep corrected this error. My mother asked to send new CC overnight. He said the best he could do was 3-5 business days delivery. He transferred her to fraud department and said they could send overnight. Fraud rep mixed up my mother's CC which was in her name with another CC which was in her and her husband's name. They fixed it but could not mail CC overnight. They transferred her to Customer Sercoce to do it. CS could not handle cases with CC mailed to wrong address and transferred us back to Fraud dep. Fraud rep Art said the card will be mailed with 10-14 business days delivery because somebody has already entered it like that in their system. I told him we have been requesting an overnight. Art said he couldn't change it. I asked to speak to supervisor and spoke to supervisor Catherine. I asked Catherine her last name. She declined to give it. I asked her title. She said she was Penfed's supervisor. I explained to her that my mother hasn't received new CC after 16 days due to Penfed's error. My mom was using my CC ffor 16 days, I am leaving now and she needs her CC mailed overnight. Catherine said she could only send the CC with 10-14 business days delivery. I asked her to talk to somebody who had capability to mail overnight.
She spoke to somebody. Then she said Penfed can do fastest 3-5 business days. I asked her the name and title of person she spoke to. She said Nikkie. I asked what was Nikkie's title. Catherine said her title was supervisor. I told her that Penfed put a client in a bind, made multiple mistakes and refusing to fix it in the best way for client. She declined. But Penfed doesn't mind to handle my family money for their business!

20 Years Strong, But Stuck In The 70'S, UPDATED***

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Updated May-02-2024.

I closed my accounts with Penfed, They never followed up on their ticket numbers provided weeks ago.

I filed a BBB complaint to which they provided the bank 14 days to respond, they answered 19 days after providing notice.

Also as of today 05-02-2024, there's not a single complaint in the BBB for this year,

Penfed as it stands is a lingering headache.

Steer Clear!!


I've been a PenFed customer for nearly 20 years, trusting them with my mortgage two car loans, and the credit cards. Their experience in the industry is undeniable (almost 90 years!), but their technology feels stuck in the 1970s.

Every time I need assistance, it's a paper chase. Dealing with any issue requires mountains of paperwork, and follow-ups are a nightmare. I have to re-explain the entire situation, often for over 30 minutes, just for them to say they're "helping."

It's baffling that PenFed lags behind in streamlining procedures after all these years. Other banks and credit unions comply with the same regulations with a fraction of the paperwork. Why does PenFed require so much?

Equally frustrating is having to repeat myself on follow-up calls. It seems they're incapable of referencing previous notes.

Genisys Credit Union

Posted by: |

I would like to thank Shawanda Estelle, financial service representative, who works in Genisys Credit Union, 2881 Crooks Road, Rochester Hills MI. It was my first visit to this bank and Shawanda made her best to help me. She is very professional, helpful and polite.

Don't Be Tricked By The Points Game

(Updated 04/05/23) With the money back cards, why do they reward you with “points” rather than simply telling you the percent of each transaction rewarded? The stark truth is that they want to dazzle you with a lot of points where each point has very little value. To know what you are actually getting, you must divide your reward card by the number of points required to get that card. With the Platinum Signature Rewards card, it takes 5,880 points to obtain a $50.Visa Card. Doing the simple division, 50/5880 = .0085 cents per point. Multiplying by 100, this is equivalent to 0.85% for “Other”, 2.55% for “Grocery, Restaurants, Streaming” and 4.25% for “Gasoline & EV Charging”.

Max Of 1 External Account? Are You Kidding Me?

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I've been a longtime member but this is getting ridiculous. First they completely botch their new digital rollout. Their new site is a complete mess and not user friendly. With constant bugs and errors. Now they prevent members from adding more than 1 external account? Oh, and you can't delete the 1 account online, you have to call in and wait 24 hours. I will be looking for new banking options...

Closed My Accounts

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Presently, PenFed has an appalling low HYSA rate. Anyone who keeps money there is asking to be taken advantage of. I pulled all of my money out, and placed it with Atlantic Federal Credit Union through the Savebetter website, at 4.40%. I will say that their customer service representatives were prompt in replying to my requests to close my accounts. So, there is that.

Finished With Penfed

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Recently opened several accounts at PenFed and have had numerous problems, the worst being customer service.

If you need help they will "start you a support ticket".
I don't want a ticket, I want a rep.

Even the call for the support ticket never arrived.

After reading through the horror stories here I will begin closing my accounts. PenFed had a great reputation at one time. Don't know what caused the reversal but I'm pulling the plug before it gets worse.

When PedFed asks why I'm closing my accounts I'll tell them that I'll fill out a support ticket and get back to them.

Penfed Practices

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I recently applied for a credit card with PenFed and was shocked to find out that they required a letter from my employer to verify my annual salary. This was extremely insulting and I believe it was due to racism. I make a good salary and I am appalled that PenFed would not take my word for it. I have never had to provide such a letter for any other credit card company and I feel that PenFed is discriminating against me based on my race. I will not be using PenFed for any of my credit card needs and I would not recommend them to anyone.


Posted by: |

SHOW ME THE BEEF: What kind of a bank jumps loops, in placing its name ahead of other banks based on mere name association with Pentagon and the U.S. Armed Forces, when it clearly is unwilling to pay the going rates of other banks? I stopped investing with them, because they are a mediocrity cashing in based on the said name association: PENFED was (is) unwilling to offer comparative rates offered literally by the next door bank(s). In so doing, PENFED capitalizes over investor’s naivety: When I decided to move my funds elsewhere, initially, I was denied access to my money, as the NJ-Branch, upon utter incompetence or deception wanted me to fill frivolous papers and come back later. As I persisted , I experienced official antagonism and hostilities against me. It cost me half a day at the local branch, to retrieve my money (the matured CD), as the branch apparently did not have any coherent record of the matured CD and incurred interest thereof. Subsequently, my secure messages to PENFED about the short in the CD’s last month’s incurred interest were never responded to. In a nutshell__ PENFED perceives entitlement over investor’s money, portraying that it is unpatriotic to move money out of PENFED based on diluted label association of PENFED with the United States Armed Forces and the Pentagon.

Fed Up With Pen Fed

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PenFed has been worse to deal with than the Federal Government. All impersonal communication and phone robotics. All "sir" and no service. They have been running me around for a month about my application to remove PMI from my mortgage, and now I get an anonymous letter, without no contact info. for that "division", telling me that I never qualified in the first place because of a 5 year "seasoning" requirement. I've been on the phone dozens of times with a dozen reps, I have exchanged a dozen emails with a case manager (with no telephone contact for her), I have sent a professionally prepared property valuation, and it was all a waste of time from the start! Hours and hours of preparation and frustration for nothing! PenFed made me pre-pay by phone (big phone ordeal!) for an appraiser of their choosing--a company with a one-star customer rating and a dead-end URL--and their feckless appraiser neglected to include a comparable sale 3 months ago in my own housing development. Instead, he reached back 12 months to a low sale on the street that was part of a estate liquidation for one of only 4 comparables, and he put a value on my house $30,000 less than the real estate's estimate based on 14 comparables in the last six months. Talk about incomptence, talk about negligence. But it doesn't stop with the appraiser. I sent the real estate agent's report to my Pen Fed case manager, and she has kept me waiting a week on the "form" to "process" my challenge of the appraisal. "Process" is all I get, and now an anonymous letter I just called to complain to Pen Fed Customer Service, and they gave me a 3-day window for a supervisor call-back! It's all robotics: the computer doesn't let me; I have no access; wrong department; the process requires a form; you can't call them, but I have put in a request for them to call you. Worse than the Federal government. It's even in the name, PenFed. Iam:
Fed up.

Early Withdrawal Penalty

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Not sure if anyone is aware of the early withdrawal penalty being so harsh. My 15-month CD will mature in late Jan is earning a mere 1% APY, litterally, I want to cancel it and get a better rate CD, but wait, I'll have to forfeit all dividends earned upto 365 days, wow! That's quite a penalty. Will CD rates be still good next Feburary?

Never Heard Back From Them.

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I opened a savings account online a couple of months ago. Got an email saying the account is being processed. Never heard a peep from them since. Tried registering online but it says my information is invalid so it looks nothing was ever processed.

Top Gas Card

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I have had the 5% cash back for several years. The account is online but I wondered about the accounting for the cashback. When I called they said the 5% comes off immediately when the transaction comes through. I guess I have to believe them.

5X Points | 3X Points | 1X Points

Sounds great all those fantastic points paid by the Platinum Rewards card. But how much money back are you really getting? And just like gold and silver, you can't spend points at the grocery store prior to converting back to dollars. But why not just tell you the reward expressed as a percentage? The answer is because many of the huge numbers of card issuers don't want you to know so they attempt to dazzle you with points. How many know the value of your points and the equivalent percent return? Let's do the math and expose the hidden truth. If you want to exchange your points for a $50 Visa Gift Card, it takes 5,880 points. Doing the division, each point is worth 0.0085 cents in the 1x "Other" category, 0.0255 in the 3x "Grocery & Restaurant" category, and 0.0425 in the 5x "Gasoline & EV Charging" category. To convert from decimal to percent, multiply by 100. Bottom line, your card is returning 4.25% on gas, 2.55% on groceries, and just 0.85% on Other. Noteworthy, one very important advantage is that there are no annoying rotating categories you must subscribe to.

Hopefully, I Was Able To Change My IRA From 2Yr To 3Yr

Posted by: |

Just putting it out there for anyone that did the 2 yr IRA and not finalized yet, If you want, try & call to see if you can change to 3yr IRA.

My story, I wanted to open Connexus 3% IRA got shut out BUT then had Pen-Fed come along & offer the 5yr & 2yr. The more I thought, the more I felt I should balance the $ in each equally especially if rates really go up. Because of the timing, and I guess they sent by snail mail, CSR said since it was not finalized, it was ok to change from 2yr to 3yr AND I can keep the original 5yr as is! AMAZING for once it worked out in my favor!!
I was glad to get back to Pen Fed.

I Signed It, No It Is Electronic

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Been a member for 15 years and had very little problems with them. Nut now I can't "invite" as they put it my wife to be a co-owner of my new CD. The "simple" procedure is: download a form, print it out, sign, fill out the personal info, they already have, then upload.
We did, but after a week delay they said that it's electronic signature and not a real one, because there is a blur behind it.
I magnified the application to 400% and didn't see any blur. Called, but they said that they are swamped with the app. and it could take them up to two weeks to change my ownership. Nice job, guys.

A Bit Clunky With Some Good Rates

Posted by: |

I've been with Penfed for ~10 years. While their online service is adequate, it's a notch lower in terms of functionality and flexibility than peer competitors such as NFCU. However, their rates are usually on the high end of competitive, and I've had no problems getting money in or out. I've never been hit with a fee for anything so I can't comment on how "reasonable" they are.

5 Year 3.50% Ends Today

Rates could go up but I'll take what I know for sure. I remember when PenFed's 10 year 5% CD's were what saved me. But at the time I wondered if that 10 year lock-in would come back to bite me. I've got more paltry 1% certificates that I can put into something better if that proves to be the case. Good luck to all in these turbulent times. Had no issue at all with their online process today. I did try to link a bank that came up with an error message and from past experience I know that even though it showed on the list of instant link banks that it can't actually be accessed that way.

Tips On Opening A Penfed CD Online - Minor Glitch Found

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I just opened a PenFed CD online and there was only one minor glitch that has a solution.

I couldn't get PenFed to send me the Verification Passcode by email so I could continue with the CD application. I called Customer Service and it turns out the Passcode email functionality doesn't work anymore. So instead I was told I could request the Mobile Phone Voice option to get the Passcode by their automated system calling me, or I could request the Passcode be sent by Mobile Text Msg. The Mobile Phone Voice option can also call a Landline.


I had already pushed funds via ACH to my PenFed savings account.

The morning the funds appeared at PenFed they showed up in my Available balance. No hold. My account was over 30 days old.

I was able to open the CD very very easily.

My personal information was already pre-populated by PenFed in the form so I didn't have to fill out the form at all.

I just had to select the:
CD duration
CD amount
CD funding source
CD dividend option (add to CD or send to other acct, or get check sent)
CD expiration option (renew or close, etc.)

To keep things as simple as possible, I didn't add any beneficiaries. I can do that later, I believe.

I was then asked to sign the completed CD application form by just clicking on the Adobe form signature box.

Before I was asked to click on the form I could see the completed CD application form. It showed very clearly all the selections I had made and the CD duration and interest rate. So I could see exactly what I was submitting.

Then after submitted, I was shown a page that showed my new CD, rate, etc..

The new CD immediately appeared in my PenFed accounts list.

My PenFed savings account was reduced by the amount of the new CD.

I will receive a paper copy of the CD application by US mail. I need to sign the form and return it by mail because they want a "wet signature" for their records. The web page said: "The account will not be valid until they get the signed form by US mail." When I send the form, I can also add other information like Joint Ownership, etc.

My understanding is that the CD account has been created and the interest rate is locked in. Now I just need to give them the final wet signed form for their records. I think they do that to be extra careful regarding security. PenFed does not accept digital images of signatures, I was told by Customer Service.

Overall I was very surprised how simple, streamlined, and transparent the CD application process was.

Also, the PenFed Customer Service people were available in just a few minutes and they were very pleasant, knowledgeable, patient, and helpful. They answered all of my very technical questions completely. They were also willing to open the CD for me but they said it's faster and better if done online. I agree.

Please forgive any typos above.

Pen Fed Has Lost Its Way

Posted by: |

I used to hold Pen Fed on a 'pedestal' as far as customer service and being top notch. That view has changed over the past week. First, I tried to add a new external account, attempted to use 'instant' credentialization. I received notice from my external account, that I was signing in. Goes thru all screens on PenFed and then gives me an 'error page'. I try the 'trial deposit' method, same error screen. I call in to Pen Fed, they ask me to try it again while on phone, both methods fail. They ask me to try it again, now this is 3rd attempt. Same result. They advise they are reporting to their IT staff. I never hear back. In the interim, I transfer $20k in, from an external account using their push. Funds show on 6/23, but do not show as available, until 6/30. They advise, this is the normal hold? For an ACH? Finally, 6/30, I am able to open the 5yr certificate. I add my joint owner (who is also a member). At the end of entering certificate, I get an 'error message' to log out and log in. I do that, and I see the certificate, YEAH....but wait, I don't see the Joint owner? So I yet again, call in to Pen Fed. I am told, they are having 'problems' with adding Joint owners, but it's a simple solution. They will be snail mailing me a certificate form, and when I receive that, I can fill it out, adding joint owner, and mail it back to them. I am not satisfied. US Snail Mail, is now the solution for adding a joint owner, that they know is on my account, that I added in their system, and US Mail is the only solution to correct THEIR known GLITCH. I advised I am not happy about having this personal info going thru the mail, and relying on a poor mail system, to correct this. The agent advised that US mail works flawlessly?????????????Ok, I am done with PenFed, I will be opening the rest of my certificates thru my Schwab brokerage, where there is none of the incompetency going on!

Premium Online Savings..The Fine Print

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PenFed has very friendly and helpful team members. Just want to lead with that. This isn't a complaint but more of an oops/aha.

Recently, I internally transferred $500 from checking to Premium online savings to get a round number for ACH transfer initiated at/to another bank. I verified the correct balance which appeared immediately after tranfer online. However, I didn't drill down to see the "available funds" didn't reflect the added amount. It was only when I got a UCF rejection and a $10 fee a couple of days later that I realized something was amiss.

I called PENfed and spoke to a very nice CSR. She reversed the fee on her own accord as I asked why an internal transfer wouldn't be available almost immediately. She explained that it was in the disclosures for Premium Online Savings (POS) that internally transferred funds into POS wouldn't be available for "6 business days". I asked if she could explain why and she said it was unique to POS.

So I looked through the disclosures and:

AVAILABILITY OF FUNDS FOR PREMIUM ONLINE SAVINGS ACCOUNT ONLY: The following special rules apply to all deposits made in to the Premium Online Savings account: The following types of deposits will be available on the 6th business day after the date of the transaction: • All checks • Internal transfers • ACH deposits (when originated at PenFed) The following types of deposits will be available immediately: • Preauthorized credits, such as social security benefits, civil service pensions, active and retired military allotments, and other payroll payments • Cash • Wire Transfers (received by 4:30 p.m. Eastern Time).

So forewarned is forearmed ...still doesn't make sense to me.

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...

They have a heading called "Pending Transactions" but there is no way to identify which if any transactions are indeed Pending.

You are given a "Balance" with no means to identify the transactions comprising that "Balance".

There is no indication of previously billed/ paid items.

The card details page is worthless as as an accounting aid to the customer.

A simple text only spreadsheet is ideal.

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

Posted by: |

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

Posted by: |

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

Posted by: |


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!

Secret Transfer Limits?!?

I bought CDs from PenFed multiple times, because they offer great rates - sometimes the best in the nation. Some of their processes are a little bit old fashioned, but that's OK. What is NOT OK is secret transfer limits. That's right; they limit transferring YOUR money out; the employees know what the limit is, but are literally not allowed to share the info with customers! I was able to figure out that the secret transfer limit was $30,000 per month, resetting on the 13th of each month. Separately, they have not-secret limits; for me, the limit was $5000 per day. Depending on the amount of your CD, it can take a LONG time to get your money out of PenFed, unless you wire the money out. I would be giving a lower rating, but a helpful employee's good attitude makes me feel that 4 stars is the right score.

Great Nationwide Credit Union

Posted by: |

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. I am most impressed with their savings rates and while other institutions raise rates more and more Penfed remains consistent. 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!

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