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Pentagon Federal Credit Union (PenFed)

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Application Process
Customer Service
Account Holder Ratings
2.701 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 (97)

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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

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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May 22, 2015
Platinum Card switched to points vs cash
virenhm Account Holder

They switched their platinum visa signature card from cashback to points system. Ofcourse it's a scam because 5% cashback on gas is really not 5% using points.

I'm surprised so many websites rated the card as best rewards card. It shouldn't be that difficult to observer that 5% cashback was simply straight up $5 per $100, now with points, you cannot buy a $100 gift card for 10,000 points, instaed, you have to pay 11,170 points. So as simple as that is, approximately you're paying $1.20 to get $1 in rewards, which is a good 20% cut down. 

Hence for Gas, instead of 5%, you're getting 4%, for Supermarket instead of 3%, you get ~1.5% and for everything else, you get 0.8% instead of the real 1%

So if you don't buy $1000 of gas, you're better off with cards that pay a flat 1.5% on EVERYTHING

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Mar 09, 2015
Customer service is hard to deal with.
Anonymous Account Holder

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....
Anonymous Account Holder

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.


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Feb 20, 2015
Great rates, terrible customer service.

I have used had used Pen Fed for the purchase of my last two homes, but something has changed.  Now that I am in the market to purchase again, I have learned that there is almost nonexistent customer service, and they are very rude. If this were an isolated incident I might brush it off, but this has happened with more than one Mortgage Loan Officer.  They don't return phone calls or emails.  If ask for something simple like a pre-approval letter it will take days.

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Jan 28, 2015
Very incompetent and inept CS agents
Anonymous Account Holder

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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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.