Credit Union Reviews Advertiser Disclosure

Pentagon Federal Credit Union (PenFed)

Find Out More

Ratings by Category

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

more ...
 

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%.

more ...
 

Reviews (113)

Add Review
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.

more ...
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!!!!

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

No different than other big banking institutions

more ...
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.

more ...
Jun 01, 2016
Anonymous

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

more ...
May 16, 2016
I LOOOVEEEE This Credit Union...
ShanyaRene Account Holder

I had my account with them for many years...never really used it...the most I had in there was 25.00.

Well, I was trying to buy s condo...and no BIG Banks would approve me for under 50,000. The Condo was only 30,000.

Another bank told me to try a credit union...I forgot about my PENFED account...which at that time, had only 5.00 in it.

I said what do I have to lose, so I did an application with them, and to my surprise, I was approved.

After I closed on the condo, they offered me a credit card for 10,000...I could not believe it!  Then, I got a 10,000 signature loan with them as well.

They gave me a 500.00 over draft protection loan too.  With all this good luck...or should I say BLESSINGS...I said let me refi my Car....and they did...interest MUCH lower than I had with CAP ONE. I later asked for a credit increase...They did...to 13,000.

I can't speak for anyone else...but they sure have helped me...

more ...
May 16, 2016
Way too much red tape!
StevieB92630 Account Holder

I am currently with a great credit union, but PenFed offers products that I am interested in for down the road. I opened a checking and savings, and I applied for one of their credit cards to demonstrate repayment history. I have an 800 FICO NextGen score, and almost 200,000 in income. PenFed had me document income, which I did. Then they asked for a notarized copy of an application for my wife. With my FICO score, income, and credit history, I haven't been asked to document my income in years. I cancelled the application and membership, as I found this process just way to time consuming. All this for only a credit card! 

more ...
May 11, 2016
Do NOT
abombhit Account Holder

I'm closing on in three days and the closing costs have jumped from 18 to 25 grand. The loan officer said someone made a mistake which they fixed but they have yet to track down how or who it was. This is all happening 3 DAYS before closing and I am trying to reach anyone but the loan officer and have no gotten any return calls.

more ...
Apr 28, 2016
Sucks

Forced transfer from another credit union.  The process has been crap so far.  I just attempted to activate my online access but need a security code they haven't sent me.  I think I'll just cut to the chase and have my direct deposit re-directed to my USAA account.  This "transition" is way more trouble than it's worth.  I thought I was the customer here...

more ...
Apr 19, 2016
To conservative
Sean60099 Account Holder

Applied for a new relationship with Penfed as I was told they offer great rates and strong credit approvals and it appeared to be good rewards on the gas and groceries catagory (FYI 5 points per dollar spent on those catagories is not the same as 5% cash back). While I was approved for there Penfed Rewards Visa Signature Card with the lowest approvable credit line ($5000) I am here to say the great rates and strong credit approvals are a joke... 

My average credit line currently is $15,000 with an average apr of 15%. When I called in to request a manual review I was basically brushed off saying that a senior lender already reviewed my app... I told him that not even my store cards had credit lines that low and that I was rather mad that I keep getting post cards and email alerts to take advantage of there $100 balance transfer promotion for doing a $5000 balance transfer, I asked the rep how on earth was I going to do a $5000 balance transfer if my credit line was only $5000 you cant transfer the entire limit of the card... Funny story since I applied for there card, 2 cards I don't even use (barclaycard & nordstrom) both gave me increases to my credit lines with out even asking. I have a feeling I will be closing out this new relationship quicker then I opened it. 

I asked to file a complaint and to be called back by someone with authority several days ago... I am not going to hold my breath. 

more ...
Apr 27, 2016

I hope I get as lucky as you to get a $5,000 CL from PenFed when I apply, that way I can transfer my balance over to them with no sweat :)

 
May 07, 2016

When I took a survey after opening a checking and savings they immediately called me back and addressed my concerns and fixed it in one phone call.

 
Add a Review

Add Your Review

Rate this credit union overall

Please select a rating

I Own It I Had It I Applied

Please state your experience.

What should others know about this credit union?

Optional

How was application process?

How was customer service?

Join the Credit Karma Community

It’s free, and you’ll get tools and info that can help you improve your financial health:

  • Credit scores and reports
  • Credit monitoring
  • Personalized recommendations

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.