Penfed ACH Policy

RJM | Jul 23, 2018 | 385 posts since 2011

Thank you for contacting PenFed.

The $5,000 transfer limit for new members is only for incoming transfers. You

may transfer the entirety of your certificate funds out.

Brad Bradford

PenFed Credit Union

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They had previously said there was a $5000 per day ach limit.

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emdtech | Oct 23, 2018 | 3 posts since 2010

PenFed - ACH limits on transfer out. Per operations manager, ACH outbound transfers are limited to $5k. Inbound was not limited when I opened the my CD's in Dec 2013. Not sure if that changed today. You can wire out the money, but charges may occur on both sides.

I did discover about mid-October 2018 that you may link a non-PenFed account and specify the entire proceeds VIA ACH transfer out with the stipulation that both maturity and dividends are the SAME account. I changed both to my non-PenFed account and the system faulted out. They have issues right now and need more time to vet the system. When it happened to me, they defaulted to sending a check in the mail and not the previous selection I specified as going to the share account. PenFed IT needs to fix the bug and I spent many hours on this task.

PenFed's CDs are competitive but not the highest. PenFed has too many hurdles to overcome with internal communications. They make it difficult to do business with long term. Be sure you understand your options before investing or your money may not be as available as you think it should be.

Sylvia | Oct 24, 2018 | 152 posts since 2012

ACH limits are covered in their membership disclosures, https://www.penfed.org/content/dam/penfed/general/pdf/Forms/general/Form-794-6-2018. See pages 12-13.

The answer seems not to be straightforward as PenFed takes into consideration a number of factors: credit history, membership tenure, time since last ACH transfer, type of savings account. For the premium online savings account, “the maximum you are allowed to transfer to your account at another financial institution is $5,000 per business day and $50,000 per 30 calendar day period.”

RJM | Oct 24, 2018 | 385 posts since 2011

Their reps gave me the wrong answer once and it cost me a wire fee. The next time, I was able to ACH out all I wanted...from an external source.

When my future CDs mature, I will ACH them out via my broker or ally probably.

emdtech | Nov 3, 2018 | 3 posts since 2010

What is stated& what many CSR's understand are 2 different things. I'm still working to resolve this matter of linking external accounts to maturing CD's to get around the $5k limitation per day. They mentioned in writing to me that this option is available to ACH out the entire CD at amounts far greater than $5k but it still is not working as of today.

alan1 | Nov 3, 2018 | 270 posts since 2015

emdtech -- you may wish to consider the following:

1. Go the website of your external (non-PenFed) account. Link your external account to your PenFed savings account.
2. Once you've established the link, and are confident it's functioning, go to the PenFed website (or call PenFed) and arrange for the proceeds of your PenFed CD to go into your PenFed savings account when the CD matures.
3. When the proceeds are in your PenFed savings account, go to the website of your external account and have your external institution pull the funds out of your PenFed savings account.

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