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Pentagon Federal Credit Union (PenFed)

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Application Process
Customer Service
Account Holder Ratings
2.6176 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 (102)

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Dec 30, 2015
worst ever
Anonymous Account Holder

I have been in mortgage business for over 10 yrs.  when decided to get a mortgage for our new home thru penfed it was the most pain ful process.  I have never experienced anything like this.  Not only me getting mortgage, third time purchase and numerous refi's, but overall customer service was terrible.  They told us on the day of closing that the DTI (Debt to Income Ratio) was too high and the loan couldn't close.  ON THE DAY OF CLOSING.  the loan originator and the loan processor ignored my request to adjust the T&I amount by saying that they had been doing this for over 10 years.  They factored less than $100 for T&I for a property that was going to appraise at $580K+ in Northern Virginia. 

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Dec 28, 2015
Misleading, Misinformation, Misdirection
Anonymous

Refinance is so far the worst experience I've ever had.  They have placed me in positions where I have had no choice but to pay more money to move forward with the loan.  I feel like I have been extorted in order to give them my business.  They will never get my business again.  They are good for car loans but don't finance your house.

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Dec 26, 2015
Absolutely incompetent
Anonymous Account Holder

This was the absolutely worst experience ever! A simple loan took 3 month to process. The involved loan processors were incompetent, slow to respond (or no response unless hassled with endless phone calls). The late closing of my loan costs me thousands of dollars as I needed to finance a bridge loan etc.

My son applied at the same time and it took almost 3 month as well. The bank also switched at the last moment the loan from a 30 year fixed to a 5 year ARM?!!

Overall it took 45 emails and 50+ calls (mostly to an answering service) to finally get the money. Never again PenFed.....nothing is worth a few basis points of a better rate.

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Dec 21, 2015
Worse ever. Incompetent. Liars. Rude
Anonymous Account Holder

  Sent pin # for online access to wring address twice. Never received checks. Never received new debit card. They did not do due diligence to prepare for AAFES merger. RUDE. 

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Dec 03, 2015
Crazy auto loan application

applied for 25,000 and got 10,000 amount of loan, they said I had apprantely typed in a wrong number (which I don't believe would happen). anyway, i telephoned them and ask for change of info and they need further review for 25,000. one day later, i got approved again with 10,000. after calling them, they increase it to 15,000.   totally disappointed and withdraw the application

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Oct 19, 2015
Anonymous Account Holder

Great to me after BK

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Oct 04, 2015
Auto Loan with Penfed
RonBargarh Account Holder

I applied during Labor Day Promotional. (0.99% APR on last Year Model). Penfed usually comes up with lots of promotions throughout the Year to attract new members.

Got Loan approval in 10 minutes. They disbursed the Check to my home address the next day. Process is completely paperless. Very clear Promissory Note. I had the chance to review the loan details thoroughly before esigning the loan.

What stood out was the fact that Penfed allowed me to track the progress of various stages of the Loan just like you track a package on Fedex.. Completely unambiguous and straight forward.

Customer service is very friendly but there is a 10-15 minute waiting time to get connected.

 Initially I applied only for Auto Loan(0.99% APR) and Savings Account but when I called Customer Care to finalize my loan they automatically offered an overdraft line of credit, checking account (55000 free ATMs in US and No Monthly fee. 0.20% APR on Checking Balance. Requires a Direct Deposit or Min. Daily Balance of $500) and Penfed Platinum Rewards Visa Siganture Card

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Aug 30, 2015
Surprised with all they gave me after BK
brandonldiaz Account Holder

Hello. I actually had the bk removed from my credit report only for equifax (where they pull from)...still on experian and trans union i cannot get it removed...

anyway, im impressed, my score is 708 for equifax. They approved my for a credit card with limit of 5K @9.99%, a personal line of credit at 10.75% for 10K available. I honestly didnt think i was going to get as much as i did from them... I like them because I am trying to rebuild and they have just helped me do that.

I do have another credit card not reported yet on my credit report, but its through capital one their venture card it has a limit of 18,500.00.

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Aug 15, 2015
dishonest company
Anonymous Account Holder

After years of being a good Penfed credit card customer, they took away most of the rewards program. Then they added an annual fee. All of this is within their rights. It's also their right to use inexpensive security measures that make it difficult for me to do my part to increase my security. I don't like any of these actions, but their parting shot was the worst. A full month before my next annual fee cycle starts, I canceled my card. However, they would not refund the fee because they had already charged it to my account. They charged the fee to my account on August 12; I canceled the account on August 15; the fee is for the period starting September 15. I just paid $25 for a service that I don't want and doesn't start for another month. There are probably worse credit card companies, but there are certainly better ones.

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Aug 02, 2015
PEN FEDERAL....THE CREDIT UNION AWESOME.
THEFISHSNIPER Account Holder

This is the THEFISHSNIPER ...I have PEN FEDERAL for a long time now in which I have PLATINUM DEFENDER VISA SIGNATURE $ DEFENDER AMEX CARD, Along with Money Markets,Checking,Savings and Check line Credit services.. I am extremely Pleased and always happy with all that Pen Federal Offers and services. I am retired USMC/ US ARMY and DOD..MY DEPOSITS also go to PEN FEDERAL. I have closed three other Credit Unions due to PEN FEDERAL out did any other Credit union ever at my young age of 48. I will extend my Finanical power through PEN FEDERAL.. When I take out my AMEX DEFENDER CARD or DEFENDER VISA SIGNATURE to places I use it at, I receive looks and extreme respect of financial power. I suggest PEN FEDERAL TO ALL THAT CAN WORK UP TO BE WITH ELITE LEVEL OF CREDIT UNION SERVICES IN THE COUNTRY.. OOH RAH PEN FEDERAL ..I Will be with you for along time to come.. THEFISHSNIPER..

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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.