Little Things Mean A Lot

Bozo | Jun 16, 2017 | 1,375 posts since 2011

OK, a huge "shout out" to PenFed. A few days ago, I noticed my share account balance was getting a bit low. It is with the share account I pay those pesky fees for my paper statements, which I like.

So, I e-mail PenFed, asking how I can replenish the share account.

Couple of days later, PenFed gets back to me. Not to worry, we're glad you like paper statements. We're waiving fees going forward.

Now, this "cost" PenFed what, fifty cents per statement? Did it create a major fan in yours truly? Yup.

I brought this to my wife's attention.. She said it was the "Amazon effect". Amazon's customer service is just killing the competition.

Little things mean a lot.

Post a comment

Kaight | Jun 16, 2017 | 1,192 posts since 2011

PenFed is not so terrible when it comes to free paper statements. I was a Valor member. Valor provided free paper statements to old farts like me. So, earlier this year, when Valor was subsumed into PenFed, I requested the free statements continue and PenFed complied.

Bozo | Jun 17, 2017 | 1,375 posts since 2011

Kaight, my point was merely that they didn't have to do it, or need to do it, they just did it. As a prior Valor member, you arguably had the right to a free statement. I clearly did not.

That somebody, somewhere, up the food chain, decided to waive the fee (for me) made an impression.

Will I now be more likely to let those two IRA CDs maturing this year roll over? I suspect you know the answer.

Brand loyalty is a fragile thing.

paoli2 | Jun 17, 2017 | 2,641 posts since 2011

After reading your post about Penfed and fees for paper statements, I checked our accounts and they have never charged us any fees yet we have always gotten paper statements from day one. Maybe it has something to do with the amounts of the CDs one has with them. We have only kept $5.00 in each account and so far they are still in the accounts. I would think they would have to notify us if they were going to deduct fee for sending us paper statements.

alan1 | Jun 17, 2017 | 880 posts since 2015

from PenFed's "Service Fees":
Mailed Consolidated Statement of Accounts............... 1.00
Fee is waived if you receive your statements electronically, have a
PenFed checking account with Direct Deposit of at least $500 per
month to it, or maintain a minimum daily balance of $500 or more in it.

You can download the document by clicking on "Service Fees" near the bottom of the PenFed homepage.

(I joined PenFed in 2010 and never received paper statements, until I called them following the merger with Valor.)

Ratesaver | Jun 21, 2017 | 187 posts since 2013

I was also a valor member and a PenFed member... I get statements however I have just opened another CD in a PenFed credit union office and after 2wks. tomorrow still didn't get it in the mail... This is the longest I have had to wait.... They are just not up to par....

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.