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Pentagon Federal Credit Union (PenFed)

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Application Process
Customer Service
Account Holder Ratings
2.5 5

Most Helpful Positive Review

Jul 26, 2013
Outstanding Institution
noGrumblz Account Holder

I have never set foot in their office - and I do all of my banking through them. Have had accounts their for 20+ years - and my parents used them as well. You can still talk to a LIVE BODY all but 2 days a year. Rates are good - can do almost everything electronically.   They have a wide range of products - and the one time I had an issues withem putting my DirectDep into the wrong account , they contacted all of the creditors - and paid all of the fees I was charged because of their error. 

Excellant customer service

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Most Helpful Negative Review

Mar 02, 2014
Are the rates worth the frustration?
Anonymous Account Holder

I was originally pleased to get a used vehicle loan overseas for 1.49%.  Everything went well until I was selling my vehicle to another military member overseas who was buying my truck for her husband who was returning from deployment.  I called to ask what PenFed needed from me, and asked them to explain the process on my end.  The customer service was extremely rude.  I actually ended up calling USAA to get an understanding of the typical procedures for closing out a used vehicle loan (they were very helpful even though I explained I wasn't calling about a specific loan I had with them).  Then, the buyer decided to finance through another bank and that bank just needed a scanned copy of the title to verify all their paperwork was good.  PenFed would not scan, e-mail encrypted and call it done.  They had to fax it, which the other bank was fine with  but after a week of calling PenFed daily and asking why they hadn't sent it yet I finally realized that they had faxed it to the wrong number... 4 times.  Then once they gave me the numbers that they had faxed it to erroniously, I noted that not one of the 4 different numbers were even close to the other.  The buyer nearly backed out of the deal out of simple frustration.  I will gladly go with a better bank for an increase of 1 or 2%.

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Reviews (118)

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Sep 24, 2016
Mortgage refi fees are high
Anonymous Account Holder

I applied for a mortgage because of the low rates. I did not sign the paperwork because of crazy high closing costs and Mortgage Insurance. The advertised rates are low but they really slam you on the fees and closing costs and mortgage insurance. The "mortgage advisor" did not explain any of these costs and went ahead with arranging an ** expensive ** appraisal before I signed anything. I would steer clear. The company claims to be reputable but is clearly underhanded in the way it treats its customers. Stay clear.

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Sep 12, 2016
Timely processing of loan applications.
Anonymous Account Holder

Location and ATM very convenient.

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Sep 05, 2016
Duped by PedFed Cash Rewards Credit Card
HappyFarmer99 Account Holder

Stay away from PedFed, in my opinion, they are deceiptful  We have had a 1% cash back credit card with PenFed since 2009.  Just found out today that they changed the "terms of service" back in 2013 instead of being a "1% cash reward" card to being just a "3% back on only gas purchases".  They said they sent a letter, but I don't ever recall seeing anything and if they did send it, I'm thinking this "minor fact" was burred in the small print.  STAY AWAY FROM PenFed, as they apparently are a deceitful organization who would completely change the cash back program on a card and not clearly notify you and have the nerve to still issue the card with the title on the card being "Cash Reward" when they clearly changed it to being just a "Gas Rewards" card.  I am very disappointed in PedFed, thought they were a better organization than this...we will be shutting down our account with PedFed ASAP.

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Aug 19, 2016
High rates
Anonymous Account Holder

Applied for an unsecured 5K loan with a score in the low 700s and $0 pre-existing debt.....approved for the loan with a rate of 17.99%!!

Applied with Best Egg the same day and was approved at 10.99. Loan is in the process of being funded. 

Called PenFed the same day and withdrew the application....Rep didn't even ask why. I asked if they could not report the 'hard inquiry' to Equifax as it could lower my credit score and was told that they could not. 

I see no benefit to belonging to PenFed. 

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Aug 16, 2016
Awful ripp off

I filed an application with them for a 2nd time for mortgage. They already had an appraisal. They told me we will have an answer for you in two weeks since we have a valid appraisal. After six weeks and three different processors we decided to not work with their incompetence. Instead of an apology they charged my credit card $743 for the previlage of being put on permenant hold. I will be asking a court for a refund and filing with the regulatory body governing them. This entity is  horrible in customer service, I had to leave message after message and no call backs. All they are after is to collect $743 from you folks and nothing else. They also doctored their documents to show that we were approved on the they I told them that we will not be working with them anymore.

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Jul 27, 2016
im Very impressed!

Pen Fed Federal Union has the best interest of their members at heart always! and the best Customer Service.

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Jul 20, 2016
Congratulations PenFed you made it in th
Sf2500 Account Holder

No different than the big Banks you can't even get cash withdrawals from your savings account. Oh yes PenFed I went there you're just as bad as the big Banks!!!!

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Jul 20, 2016
Like all the regular big Banks
Sf2500 Account Holder

No different than other big banking institutions

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Jul 08, 2016
I have had excellent service.
edesignway Account Holder

Reading through these reviews I almost felt compelled to write about my experience so far.

I have been with PenFed since about 2011. I first opened a checking account and a year later took out a truck loan, couple years later traded in the truck and took out the new loan with PenFed. This past november I was in the market for a commuter car, again used PenFed for it's loan. I also referred my girlfriend there for her GMC loan.... Nothing but fantastic service. The very few times I have had to call in, I have always received prompt friendly service with virtually no hold times.

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Jun 01, 2016

I applied for a car loan and after they made me open an account and donate $15.00 thet denied me !

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