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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 (115)

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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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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 13,000.

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

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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! 

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May 11, 2016
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.

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