I joined Penfed solely to get an auto loan to buy out my leased vehicle. I was approved at 1.99% but Penfed made it impossible to close the loan with them. First, Penfed wanted a payoff letter from the leasor. I had the leasor provide that. Then Penfed wanted the payoff letter to have the purchase price and the amount being financed. Since I was putting money down on the loan, the payoff letter was higher than the amount I wanted to finance. The leasor was not willing to put a down payment in the payoff letter. And why would they since it's just my word on what I'll put down? So I asked Penfed how to get around this, e.g. could I made the down payment directly to them. I was told it may be possible, so I moved the down payment into my Penfed account.
The next issue was that Penfed could not make out three checks for the loan- I needed one for the loan amount, one for sales tax, and one for my down payment. The sales tax had to be made payable to a different party than the other two checks. Penfed refused to send three checks, despite the money being in my account. So at that point, I cancelled the loan and believed it was over with.
A few hours later I log into my Penfed account to transfer the money out to my other bank and Penfed has issued the loan and withdrawn my down payment. I immediately call Penfed and find out that they only mailed two checks, one for the loan amount and the other for my down payment and sales tax combined. I would not have a check for the sales tax made payable to the other party. Additionally, despite needing the payoff letter, they made the checks payable to the wrong leasor. The payoff letter clearly stated who the checks needed to be made payable to and Penfed didn't even get it close to correct. How is it possible that they cannot make the check payable to the correct party? The leasor is common too, not some abnormal party that Penfed may have never seen before. Isn't that the entire point of a payoff letter??
The final issue was that the Penfed representative told me that she cancelled the loan and told me that the check with my downpayment was made payable to me only. That when it came, I could cash it and do with it as I wanted. I believed that and thought the issue was resolved. But the next day I called again just to confirm since the loan was still showing online. This representative informed me that the loan was cancelled but that the down payment check was made payable to the leasor. This was the complete oppositive of what I'd been told the day before. At that point, I was so angry with Penfed that I demanded my down payment be put back into my Penfed account. It had been withdrawn WITHOUT my authorization. While I had discussed with a representative the possibility of Penfed issuing the down payment from my account, I had never actually authorized it to occur. Since Penfed could not issue the three checks that I needed, I had cancelled the loan. How could Penfed then issue a withdrawal from my account without my authorization? They basically stole my money from me.
Trying to speak with representatives was useless. I was escalated to a manager and she was borderline rude to me. She implied that the entire thing was my fault as the down payment was part of the loan documents. I had never signed anything and the application I filled out online did not include the withdrawal of my money without authorization.
After much frustration, it was finally resolved. I have NEVER had such a bad experience with a financial institution. At many times during this ordeal I was told conflicting information from representatives. Primarily, a check was made payable only to me when in actuality it was made payable to a third party. If you look that information up, how can you get it wrong? Clear incompetence. Penfed is a very unprofessional organization and its actions in this instance border on illegal.
I bank with Bank of America normally and have no problems. I thought credit unions were supposed to be better than big banks, but apparently not. I will NOT be using Penfed for anything further.
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.
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.
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.
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 received an unsolicited blank check from Pen Fed for up to $35,000 for a car loan (at 1.99% and choice of term).
I had been shopping for a street rod for 2 years to get a good deal. I called Pen Fed customer service on 6/11/12 to make sure the offer was good for street rods as well as conventional cars. The lady said YES it is covered; go ahead and write the check. I used $10,000 of my own money and wrote the Pen Fed check for $18,000 on 6/27/12. Today (6/29/12) I get a call from Pen Fed that the check is no good as they don't finance street rods. I speak to the credit manager and tell her I had verbal permission from PenFed Customer Service to purchase this car. No matter, so sorry, we won't honor the check. Too bad for you.
Needless to say I will never do business with Pen Fed again.
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.
After 3 phone calls and being put on hold for each one, I still have not had my account opened. All I have gotten from three different CSR's and one supervisor is promises and excuses. The account was opened over the phone on 1/30/14 and has not been posted online!! What a slow and sloppy operation!!
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.
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.
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!
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.
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.
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.
If you want a good credit card and some nice perks, PenFed is for you. They are a little slow at posting the transfers to your available balance. The downside of PenFed is that they are very, very hard with credit matters, you have to have excelent credit to get something from them. If you do qualify for them, you may be eligible for some of the best car loans interest rates of all nation. They have nice mortgage offers too. They are hard even with their secured credit card, they will deny the secured credit card even when you already have the money deposited in one of their accounts, that makes no sense at all. I think it is a good credit union for having some emercency funds and cd's but that's it. You have to enroll for email alerts and statements, otherwise you'll have to pay a small fee, but a fee is a fee anyway... 2 stars for PenFed, you can do better...
PENFED IS RUNNING A 10-YEAR, 5% APR CD & IRA CD SPECIAL FOR THOSE MEMBERS HAVING MATURING CDS IN OCTOBER. I RESERVED FUNDS FOR THIS OFFER AFTER HAVING ASKED SEVERAL QUESTIONS AND GETTING SATISFACTORY ANSWERS. THAT WAS A MONTH AGO; ALL IS NOT WELL IN RIVER CITY.
TODAY I RECEIVED A NEW MONEY MARKET AND IRA SHARE CERTIFICATE DISCLOSURE (FORM 687) FROM PENFED. UNDER THE SECTION TITLED EARLY REDEMPTION PENALTIES, KEY LANGUAGE HAS BEEN STRUCK FROM THEIR PREVIOUS DISCLOSURE (FORM 686). UNDER SECTION h.4c, THE WORDS :"IF THE OWNER HAS REACHED THE AGE OF 59 1/2" IS STRUCK FROM THE NEW DISCLOSURE. THIS MEANS THAT ALL EARLY WITHDRAWALS FROM PENFED IRA CDS WILL BE FULLY PENALIZED UNLESS THE CERTIFICATE OWNER IS FULLY DISABLED.
WOW! THE ANSWERS I GOT A MONTH AGO ARE INVALID. THE ONE YEAR'S INTEREST PENALTY FOR EARLY WITHDRAWAL SEEMS EXCESSIVE. I PLAN TO STOP THE PURCHASE OF THIS CD IN ITS TRACKS UNLESS I GET SOME BETTER ANSWERS.
I have a visa credit card with Penfed. They have cancelled and replaced my credit card numerous times without giving me a reason. As a result, I do not receive my statements and I could not pay my bill on time. Instead of apologizing and giving me a reason for the replacement, they refuse to tell me why and charged me interest. Their customer service is horrible. People that work there are rude and inconsiderate. While their products are good, their services are the worst.
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".
PenFed lost the title to our vehicle we sent them. We had to go to the DMV and get a duplicate title. They say it may have got lost in the mail, but were not apologetic at all. I don't think I've ever had something get lost in the mail. I would almost forgive them but they continue to screw things up. They failed to send us a payment book. We made payments anyways without the book, but the point is we had to ask them three different times before they finally got it right. During past phone conversations the girl on the line says she is making notes of our concerns but when we follow up the next person says there are no notes other than the call from last time. We are very polite and have unblemished credit. We should have just stuck with USAA, where we always get stellar service. What a nightmare. Stay away from PenFed at all costs. They are not worth the hassle.
Since I'm not military, there is a requirement to join some military organization to enroll. I was enrolling with PenFed to apply for an auto loan refinance so I joined this 3rd party organization and spent my $15. OK, so be it. I'm going to get a good refinance rate I thought so no big deal. My loan application was submitted, accepted and I hear nothing for over a month. After a couple emails not replied to, I then get a reply saying PenFed was just waiting for the original lender, which happens to be Wells Fargo so we're not talking some small hard to track loan originator, to forward the title and some documents. I wait a month and a half more, nothing from PenFed. I send and email, no reply. Several weeks later I call customer service and they say the request to the original lender is still sitting there, no further action taken. What! I have never, never had this kind of difficulty with a loan of any kind and I have sterling credit., Can you imagine how F'd you are if you run into this total lack of lender effort for a home loan! So I blew $15 for membership to a military organization I will never use (they can't refund that of course) and I wasted months waiting for very, very poor service and no effort on PenFed's part. Totally unacceptable and way below industry standards for customer care and professionalism.
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.
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.
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!
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.
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.
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.
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.
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.
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.
I had 2 credit cards with PFCU and one Thrifty credit line. I started using all of them, but paid one of the cards off twice, before borrowing on it again. Never missed a payment (even now that they are closed). Have been a customer of PFCU since 1983. Have paid off a second mortgage, and 3 car loans over the years, but they closed my credit cards just because I was using them. even though, as I said, I have never ever missed payments with PFCU, and only one late payment with another institution, due to moving and not getting the mail.
They said I could try to open them again later. Don't think so. Doubt I'll be a customer once I get my CD money this year.
Wow ... I cannot echo the horrible customer service sentiment any more strongly.
Rundown of what happened on a new car loan:
1) Submitted for payment saver loan, approved.
2) Vehicle arrives - they NOW tell me that the vehicle isn't eligible for the payment saver loan, so I switch to a regular loan.
3) Check is supposed to be in the mail - never comes.
4) I call, they say it's because I'm asking for more than the car is worth (I wasn't, it's a specialty VW Golf R - but they were too stupid to understand, telling me that this $35,000 car was only worth $14 k and they wouldn't give me the loan even though I had already sent them an invoice PROVING the price when they initially approved me).
... and I'm still dealing with this. Further, customer service has been exceptionally rude. The "supervisor" I just talked to told me "I have something else to do. It's not like we are making a lot on this car anyway."
... really? Is that REALLY how you are going to treat a customer? I'm furious. I'd knock the guy out if they had an office. I'm glad this is all via phone =p
Please read the reviews before signing up with this bank.
Worst bank ever!
If you want to close your accounts you have to pass for a terrible experience. I called to customer service to close my account, but I didn't remember my PIN #, so besides answering all the usual questions, it was mandatory to give your most private information such as your driver license #, how many credit cards you have, how much debt you have, where do you work, name of your business, do you have a mortgage, do you own or lease a car. As a private person I felt humiliated, also before closing my account I transferred all my money to another bank account the night before, guest what? That morning appeared a $10 charge fee, I told the representative if she can remove it, "I am sorry, is the procedure". Then the representative after verifying that all my information was correct, she told me that the only way to close my account is giving me another PIN, "you must call within 2 hours, for us to send you by mail your new PIN, when you receive it, then you can call us to close your account", it is not amazing?
Well, I hope this review could be helpful to you.
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.
With PenFed, the burden is on you for everything (as they take no responsibility for anything). I was enticed by PenFed's low rates, so I bit and refinanced a loan I had with another CU for only a few months. Not long thereafter, the scam behavior started. "We haven't received any info about your insurance so we're providing insurance for you for only $7,000/yr" (I had insurance through USAA, which was less than $1,100/yr for more coverage). They did receive the info, but only after then, USAA and I would get on a conference call and drop the other insurance. They conveniently lose things and make lots of "notes in your file" that to them prove that they're always right and you're the idiot. After the insurance scam was straightened out, the next one was, "You've failed to provide a title for the collateral, so we're raising your rate". Again, they did actually receive it, but just failed to send out the proper forms. Again, they have their notes which said that they asked another third-party to send the form, but no one with a sense of customer service.
Other CUs now match, or are better than the FenFed's rates. I'll be dropping them as soon as possible. You'd think with a name like Pentagon Federal, that they'd have a sense of honor and integrity (but then you'd be wrong).
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?
PenFed visa has great cash rewards for gas and groceries, BUT was a bad choice for me. Transaction reporting is poor and erratic with payments sometimes shown and sometimes just netted against the balance. Purchases were often enough declined by security (especially pay at the pump gas) to make it useless. If you travel beyond your normal zip code you are out of luck. Big purchases had to be called in just before. Now Penfed has issued new account numbers and cards to many members. Good luck if you had automatic utility bill payments set up. Not a dependable, hassle free card.