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Pentagon Federal Credit Union (PenFed)

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  • Most Helpful Positive Review

    May 12, 2013

    Closing in on forty years with PenFed
    Helpful to 7 out of 7 people

    Second largest next to Navy, PenFed has the reputation to match.  Over the years, I have used all their products. Their online presence is exceptionally good, telephone service is also great. They gave me a    Second Trust on a rental, and that's certainly not common, and was appreciated. They gave my daughter a $500 credit card when she was off to school. She had no previous credit, so this was a gift horse, she was able to build credi worthiness with PenFed. I had her school loans financed through them. Their rates on CD's are so consistently high, a national radio show market timer recommends PFCU. He mentions the fact that anyone can be a member with a one-time membership of $20 to a military benefit society. Sign up for that, and you can become a credit union member.  Now remember, that like your rich uncle who didn't get to be rich by making mistakes, if someone with terrible credit applies, he or she will be declined. They won't let you exceed your ability to pay, either. But with the car loan I just made online at .074% , they had the check in my mailbox before the car was delivered to my dealership. Can recommend PenFed most highly. 

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    Most Helpful Critical Review

    Mar 02, 2014

    Are the rates worth the frustration?
    Helpful to 4 out of 4 people

    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 (57)

    Closing in on forty years with PenFed Helpful to 7 out of 7 people

    Second largest next to Navy, PenFed has the reputation to match.  Over the years, I have used all their products. Their online presence is exceptionally good, telephone service is also great. They gave me a    Second Trust on a rental, and that's certainly not common, and was appreciated. They gave my daughter a $500 credit card when she was off to school. She had no previous credit, so this was a gift horse, she was able to build credi worthiness with PenFed. I had her school loans financed through them. Their rates on CD's are so consistently high, a national radio show market timer recommends PFCU. He mentions the fact that anyone can be a member with a one-time membership of $20 to a military benefit society. Sign up for that, and you can become a credit union member.  Now remember, that like your rich uncle who didn't get to be rich by making mistakes, if someone with terrible credit applies, he or she will be declined. They won't let you exceed your ability to pay, either. But with the car loan I just made online at .074% , they had the check in my mailbox before the car was delivered to my dealership. Can recommend PenFed most highly. 

    Starfaced's review was:    

     
    May 12, 2013 Reply

    Starfaced(1, 7)

    Are the rates worth the frustration? Helpful to 4 out of 4 people

    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%.

    Mar 02, 2014 Reply

    Mar 09, 2015

    Customer service is hard to deal with.

    Dont waste your time.  Once your in debt to them their attittude changes.  They maike it intentionally hard to get a payment in once behind and then charge enormous fees.  Customer service will not go out of their way or do anything extra to help, and always seem rushed and there is always a wait when I call.  We were only two months and 600 dollars behind, and were charged 400 dollars in late fees.  While we were deserving of a late fee, I though this was overdoing it a bit.  They wont take a debit card payment over the phone now, they want our checking account information.  The last time they bullied us into this information, they took money out of our account whenever they wanted to causing us overdrafts with our own bank and the only way to stop it was to close that account.  Now they want our new account information so they can automatically  draft again.  My debit card comes from the same checking account, and there's no other reason not to take it , everyone else in the free world takes debit card payments, why not a bank?  I have never had such a hard time trying to get a payment in to someone in my life, people usually want their money and will take what means you offer to get it.  I will never ever deal with this bank again.

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    Mar 02, 2015

    Worst bank EVER....

    Nothing but a hassle dealing with this bank....  So bad that when you call their 800 number it rings busy.  It gets much worse from their.

    DO YOURSELF A FAVOR AND DO NOT DO BUSINESS WITH THIS "BANK"

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    Jan 28, 2015

    Very incompetent and inept CS agents

    Had an issue where I couldn't simply log into my online account for over a month. Called 15-20 times throughout that period of time to speak with about 8 customer service agents and managers who in turn supposedly spoke with their own research and IT departments in attempt to resolve the technical problem with their system. No one was able to resolve the problem and many promised to call back with updates and eventual resolution but failed to do so even after multiple voicemails left at their extensions and emails send to the credit union showing sincere disinterest and lack of motivation to resolve the situation. To this day I'm unable to log in and will close all accounts currently held at PFCU. 

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    Jan 06, 2015

    Credit Card keeps getting declined!
    Helpful to 0 out of 1 people

    I have had this credit card for years, and I pay off on time my balance every month.  Nevertheless, my credit card gets declined all the time due to fraud protections.  My card has probably been declined three times in the past two weeks.  Each time they decline my card, I have to call them, and spend forever coping with customer service. 

    My card doesn't just get declined at obscure little online retailers -- it has been declined at extremely mainstream stores that I use all the time, like Amazon, Trader Joe's, and Target. 

    I called back after the second time my card was declined at Trader Joe's (it's been declined there three times, and they said they would put a note in my file so I think I could shop there again, but a month or two, my card was declined at Trader Joes again. 

    I am sick of having my card declined and having to call customer service.  I have a busy life and I don't have this much time to spend on hold.  

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    Dec 03, 2014

    Problem with Points
    Helpful to 1 out of 1 people

    Before PendFed switched to the new Rewards Points system a few months ago, my purchases were added to my points in a day or two.  Since this supposedly improved system went live, it takes about 12 days for the points to show up.  I have called several times.  They told me that was normal.   What an improvement!  Looks like they are trying to do some creative accounting to float their liability.

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    Dec 02, 2014

    Terrible service

    My wife and I have opened rather many accounts because of their higher interest rates, and I transferred 3 IRAs accounts. Though I clearly expressed my wish to invest the money in certificates (kind of CD)  for a certain period, they twice deposited money ot a current account with no interest. Both times they tried to claim they had no proper paperwork.  The last week it took me not less than 5-7 calls including 3 calls to supervisors to have made the thing right.  When today's supervisor told me that the account would be made correct in 10 min., I told that I would not let her go until I'll see it on my computer.  Only in this way I succedded. I will not open any new account with them.

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    Dec 02, 2014

    Terrible service

    My wife and I have opened rather many accounts because of their higher interest rates, and I transferred 3 IRAs accounts. Though I clearly expressed my wish to invest the money in certificates (kind of CD)  for a certain period, they twice deposited money ot a current account with no interest. Both times they tried to claim they had no proper paperwork.  The last week it took me not less than 5-7 calls including 3 calls to supervisors to have made the thing right.  When today's supervisor told me that the account would be made correct in 10 min., I told that I would not let her go until I'll see it on my computer.  Only in this way I succedded. I will not open any new account with them.

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    Oct 28, 2014

    PenFed Credit card - hard to use!!!
    Helpful to 1 out of 1 people

    As other reviews have stated, I was originally quite happy with PenFed and my Platinum Rewards Signature Visa.  Then I started actualy USING the card as my primary credit card.  On average my card gets shut down by their fraud department once a month.  It is so frustrating to be at dinner or trying to actually use the card and be declined. 

    When you call it is always 10-15 minutes of answering questions before they will finally release it again.   They SAY that they are doing this to protect you. If you know, anything about credit cards you will know that this is a flat out lie.  You are only liable for the first $50 of fradulent charges on a true credit card like this, so they are not protecting the customer they are covering their own behinds.   I have sinced significantly cut back using this card and switched to an American Express card.   I have not had 1 single issue with that card. 

    The bottom line is that Pen Fed has their security protocol on their cards dialed up to an 11 on a 1-10 scale.  So if you actually use your card a lot and travel, please consider another card unless you have a lot of time to spend on the phone with their 3rd part security/fraud people.  I feel like I need to send Holiday cards I talk to them so much.

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    Oct 28, 2014

    PenFed Credit card - hard to use!!!

    As other reviews have stated, I was originally quite happy with PenFed and my Platinum Rewards Signature Visa.  Then I started actualy USING the card as my primary credit card.  On average my card gets shut down by their fraud department once a month.  It is so frustrating to be at dinner or trying to actually use the card and be declined. 

    When you call it is always 10-15 minutes of answering questions before they will finally release it again.   They SAY that they are doing this to protect you. If you know, anything about credit cards you will know that this is a flat out lie.  You are only liable for the first $50 of fradulent charges on a true credit card like this, so they are not protecting the customer they are covering their own behinds.   I have sinced significantly cut back using this card and switched to an American Express card.   I have not had 1 single issue with that card. 

    The bottom line is that Pen Fed has their security protocol on their cards dialed up to an 11 on a 1-10 scale.  So if you actually use your card a lot and travel, please consider another card unless you have a lot of time to spend on the phone with their 3rd part security/fraud people.  I feel like I need to send Holiday cards I talk to them so much.

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    Oct 28, 2014

    Horrible Service
    Helpful to 1 out of 1 people

    The only reason I used this company is for the low rates.  Besides that it is absolutly the worst customer service I have ever experienced.  While applying for a used auto loan I was not notified properly of what paperwork they were missing so that the loan could be approved.  After calling numerous times they would tell me that I would only need to send in form "X" and the loan will be approved.  I would do that and the loan still would not be approved.  I then would call again only to learn that another form is required.  Then they would argue that they had notified me of which forms I was missing.  I read them word for word the message they sent to me and they still attempted to argue that I was incorrect.  Never use this credit union.

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    Company Overview

    Pentagon Federal Credit Union (PenFed) offers a wide range of financial services to members of the Air Force, Army, Coast Guard, Department of Homeland Security, Department of Defense, defense-related companies, and veterans of foreign wars. Financial products include checking and savings accounts, CDs, retirement planning, credit cards, auto loans, mortgages, and home equity loans. PenFed's website allows members to access their accounts and utilize one of the financial planning calculators.

    Chartered in 1935, Pentagon Federal Credit Union is the third largest credit union in the United States, serving over 993,000 members internationally. Branches are located in Washington, D.C, Hawaii, Missouri, New Jersey, New York, North Carolina, Texas, and overseas.