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PenFed Credit Union

PO Box 1432, Alexandria, Virginia, United States, 22313-1432

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PenFed Credit Union Reviews (%countItem)

I had an account with *** Credit Union, who was bought out by PenFed while I was working in Germany as a DoD Civilian. As I was moving back to the US, mail was sent to my German address stating I had a limited time to close my *** CU account if I did not want to be a part of PenFed. By the time these letters caught up to me back in the US, the time limit was over and I was stuck with PenFed. I have tried MULTIPLE times to simply update my mailing address so I can discover my new account number. PenFed REFUSES to update my mailing address, REFUSES to offer any help, and repeatedly gives conflicting information. When I have tried MULTIPLE times to just change my mailing address, I am asked to answer extremely random questions that have NOTHING AT ALL to do with updating an address, such as cars I drove over a decade ago, other banks I done business with decades ago, etc. I will not fall for their phishing attempts!!! The CLOSEST branch will be an EIGHTY MILE drive, to include tolls! I cannot even get a straight answer about what documents I will need in order to close this account!! They want me to bring proof of current address, which they REFUSE to update!! I just want my mailing address corrected, so I can get my account information, so I can transfer money out of PenFed and FINALLY be done with them!

PenFed Credit Union Response • Feb 13, 2018

Dear ***

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) membership was received on February 6, 2018. I appreciate having the opportunity to address your concerns.

Please accept our apology for the difficulties you had when trying to close your membership after our merger with *** Federal Credit Union. It is not our intent to make this process challenging. It is, however, our responsibility to verify the identity of the individual contacting us about the accounts. Your situation was complicated by the need to also confirm your address change. I regret we did not contact you directly to resolve your concerns.

We closed your membership and on February 12, 2018 mailed a check for the funds on deposit to the address you provided with this complaint. We hope this matter is now fully resolved. If you have further concerns or questions, please feel welcome to contact us at .

Sincerely,

Senior Vice President, Operations

PenFed Credit Union Response • Feb 26, 2018

Your rejection of our February 13, 2018 response to your complaint filed with the Revdex.com (Revdex.com) regarding your Pentagon Federal Credit Union (PenFed) membership was received on February 21, 2018. I appreciate the opportunity to follow up with you.

I am sorry for the continued troubles you encountered with obtaining your statements.

We are happy to send you a complete history of statements beginning with your final
April 2016 *** FCU statement, through your final February 2018 PenFed statement. The February 2018 statement confirms your membership closure on February 12, 2018. They were mailed to you on February 26, 2018.
We wish you the best in your future financial endeavors.

Sincerely,

Senior Vice President, Operations

Customer Response • Mar 03, 2018

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

Revdex.com:

I have reviewed the response made by the business in reference to complaint ID, and find that this resolution is satisfactory to me. I have received (and deposited) a check from my former bank account, and have also received all the statements I requested, which confirm I did get all my money. Thank you very much for all your help!!!

Regards

On February 24, 2017, a Mortgage Loan Officer made an unauthorized hard pull of my credit report. I never gave her permission.

PenFed Credit Union Response • Feb 13, 2018

Your complaint filed with the Revdex.com regarding Pentagon Federal Credit Union (PenFed) was received on February 5, 2018. I appreciate having the opportunity to address your concerns.

We carefully reviewed the credit report inquiry we made on February 24, 2017 and found it stemmed from your application to establish PenFed membership which was signed on the same date with PenFed branch personnel.

By signing the Membership Application/Signature Card, you agree to the following disclosure in part:
I authorize PenFed to obtain a credit report to determine my eligibility for this account or any other financial services I may request.

Additionally, by signing the application, you agree to the PenFed Membership Disclosures before completing the application, which are provided at that time, and state in part:
D. CREDIT REPORTS. I understand that PenFed will obtain a credit report or other similar type of report which may be helpful or necessary in the evaluation of my eligibility or continued eligibility, for other reasons related to the maintenance of my accounts, or for PenFed products and services.

We have no record of a mortgage application submitted in your name.

It is our policy that all reportable information is submitted to the consumer credit reporting agencies for all members. We believe the integrity of the information acquired through these agencies is reliant on all financial institutions reporting full and accurate information. Given that you signed the Membership Application on February 24, 2017 giving your consent, we are unable to remove the inquiry from your consumer credit report.

I hope my in this matter has alleviated your concerns. We wish you the best in your future financial endeavors.

Sincerely,

Vice President, Branch Operations

Very disappointed and frustrated. If you are a housewife or house husband without personal income (even if your spouse does), do not apply their credit card as they will turn you down.
Here is my story to share: I am a stay at home mom with two kids. I currently do not have income but my spouse does and it is high enough to support the whole family. I applied a Penfed credit card online using my household income. It was "tentatively approved" pending on address verification. Long story short, after two separate calls and multiple emails, they firstly asked my SSN, DL, and bank statement (an overkill for address verification) and then requested my past two year tax forms to check income. I promptly complied all their requests. In term of income, I explained my situation, and pointed out that they shall consider my household income per CFPB's rule (http://files.consumerfinance.gov/f/201304_cfpb_credit-card-ability-to-pay-final... /> I was also naive to think they may think in our shoes when I reminded them the fact that there are many single-income families in this country. Even though they stay at home, housewife and househusbands do want their own credit cards. But Penfed didn't budge. After spent almost three weeks for multiple calls and emails, they still turned me down due to "EXC OBLIGATONS IN RELATION TO INC" (I googled and it means excessive debt obligation to the income, namely they still won't take my spouse income into the consideration).
Readers can make your own judgement from my story. From my perspective, Penfed is the only bank or credit union that insists that I must have my personal income and refuse to consider my household income. To be fair, they do ask my spouse to be a joint applicant, but he can not as we are going to apply a loan and we don't want to bring down his credit score. Besides, mandating the person who has income must be a joint applicant of a person who does is more than reasonable. I understand I look more risky than those with job, but I am not alone. Do they want to turn all of these people away? After my sincere email and calls, I had hoped that they could be thoughtful. But guess I am wrong. So hope this review gives you some info and may save you barren credit pull and waste of time.

PenFed Credit Union Response • Feb 09, 2018

Dear Ms. L
We were made aware of your Revdex.com review on February 5, 2018, and appreciate this opportunity to address your concerns.
You are correct that there is guidance from the Consumer Financial Protection Bureau allowing financial institutions to include household income when considering an applicant’s ability to repay the requested loan. However, these rules do not state that institutions must, or even should, use this income. Each lender must decide if allowing the approval of new credit based on an individual’s income who is not responsible for repayment of the debt is the best strategy for their institution.
We have considered our options and determined household income does not meet our current risk tolerances. I regret we are not able to approve your request for an individual credit card account.
We would welcome the opportunity to consider your request for a PenFed Credit Union credit card account with a credit-worthy co-applicant.
Thank you for joining the PenFed community, and considering us for your financial needs.
Sincerely,
Senior Vice President/Chief Credit Risk Officer

Customer Response • Feb 13, 2018

Fair said. But maybe Penfed can make it clear on the application page that the applicant who does not have his/her own income shall not apply or be rejected automatically. It will save people's time. I admitted that from the beginning but only turned down after two weeks. I blame nobody but just call people's attention on this fact.

I have a mortgage with Pen Fed which allows, under their contract, for the payer to pay multiple payments in one month. I paid two months of mortgage payments in one month, foolishly, in order to make it easier for me to travel out of state. I did not want any payments to be late. I made it very clear that these were two seperate mortgage payments, one for December 2017, and one for January 2018. They were both clearly marked with all pertinent information, including months they were to be applied to and account number.
When I received the January 2018 statement in the mail, I simply marked it as already paid, and sent it to them, making it clear that I had sent the payment. I included information to clarify when the payment was made, the check number, and date paid. Two weeks later I received a threatening letter in the mail, accusing me of not making the January 2018 payment, and threatening to turn me into collections. Four phone calls later, and multiple conversations with a variety of people, I was assured that the situation had been rectified and all was straight.
On January 26, 2018, I received a statement from Pen Fed, claiming I still have not made the appropriate mortgage payment for January 2018, and charging me over $4000. for undue payments and threatening, again, to turn me into collections. I have no other option at this time other than to turn the matter over to you, as well as the Oregon Attorney General, in order to keep them from turning my wife, and myself,into collections and ruin our credit scores. Please help. Thank you.

PenFed Credit Union Response • Feb 06, 2018

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) mortgage account was received on January 29, 2018. I appreciate having the opportunity to address your concerns, and will also provide a response to the Revdex.com.

Please accept our apology for the mishandling of your January 2018 mortgage payment. With the instructions you provided in November, we should have applied the additional funds to the January due date. Regrettably, we applied them toward the principal balance. Therefore, your January 18, 2018 mortgage statement showed both the January and upcoming February amounts due, and a $119.22 late fee.

As a result of your January 20, 2018 phone conversation with our Mortgage Servicing Department, on January 23, 2018 we reapplied the principal payment as the January payment. This reversed the late fee and any indication of a late payment. At no time was the mortgage reported to the consumer credit reporting agencies as past due. Additionally, a corrected 2017 tax year IRS form 1098 is being generated, and will be available through PenFed Online and mailed to you.

I hope we have fully resolved this matter. I ask that you allow us the opportunity to rebuild your trust in our ability to provide you with the best-in-class service you deserve. We appreciate that you chose PenFed for your mortgage needs, and look forward to serving you for many more years.

Sincerely,

Senior Vice President, Mortgage Servicing

Customer Response • Feb 07, 2018

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]

Complaint: ***

I am rejecting this response because:
While I appreciate the response from Pen Fed, they did not address the matter which forced me to finally appeal to the Revdex.com. That they would not resolve the issue in a timely manner, and even after the third phone call to them, we continued to receive threatening letters containing incorrect information. It is ridiculous that my wife and I were forced to ask for help from a consumer protection bureau over something that we were not only not guilty of, but had to deal with such on-going disregard for in straightening out. Something that should have been very easy to straighten out. We are extremely disappointed in Pen Fed, and do not look forward to dealing with what they term as wonderful customer service. We will be pleasantly surprised if we do not seek the Revdex.com services again someday in regards to Pen Fed's inability to deal with simple problems.

Regards

I would never recommend PenFed to anyone I know. I wish I could give a rating of 0.
Following applying online in November 2017, I received an approval. After receiving no further comment or credit card, I contact again to inquire. On December 8, 2017 I received yet another approval. Again, after not receiving further contact or credit card I contacted again. Again, on December 28 2017, I received an approval. After not receiving further contact or credit card I contacted, yet again, on January 5, 2018. On that date I was told I should have never received approval. I understand not getting approved on an application...but being told I should have never been approved in the first place...following an online approval and two verbal approvals is a bit much. I will never recommend PenFed to anyone.

PenFed Credit Union Response • Jan 26, 2018

Thank you for turning to Pentagon Federal Credit Union (PenFed) for your credit card needs, and for notifying us of your experience.

While we would of course prefer that you had been pleased with our handling of your application, we very much appreciate receiving your feedback. Your comments are a gift that brings to our attention what we need to know. We assure you that we have addressed this matter internally accordingly.

For privacy reasons, we replied to your concern by mail. We hope that response will help to emphasize how important your satisfaction is to us. We would like the opportunity to prove our commitment to best-in-class service to you.

I recently had fraudulent charges hit my debit card linked to my checking account with Pen Fed which they reimbursed. The problem I'm having is they have locked my old card number event though I have over $200 in refunds owed to me from returning purchases I made. I have called over the last 2 weeks numerous times without any resolution. They keep saying the fraud department is overwhelmed and can't offer me a resolution date when I will see the funds. They are aware of the refunds owed to me but won't expedite the resolution. I have filled out all the paperwork they mailed me to close the fraud case which I faxed in so I don't know what the holdup is. ITs the week before Christmas and I need my money in my account for Christmas purchases.

PenFed Credit Union Response

Dear Member,

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) checking account was received on December 19, 2017. I appreciate having the opportunity to address your concerns.

Please accept my sincere apology for our delay providing the merchant credits to your checking account. Due to the unauthorized purchases using your PenFed debit card, we closed the card on December 5, 2017. This was done to prevent further fraudulent activity; however, the closure did not stop merchant credits from being accepted.

Regrettably, we were slow to transfer those credits to your checking account. This is not indicative of the service we wish to provide, and that you deserve as a PenFed member. I apologize for the inconvenience it caused you.

On December 26, 2017, we credited your checking for $267.60 for the six merchant credits. I hope the matter is now fully resolved.

We value every opportunity to assist you with your financial needs and hope you will give us the opportunity to earn back your trust and confidence in our ability to provide you with best-in-class service.

Sincerely,

Senior Vice President

Payment Products and Services

I consigned for a loan/credit card for a relative who didn't follow through on his payments as promised. When I was first notified of this delinquency I was told I wasn't privied to any information or status of this loan since I was the co-signer. I believe there were 3 missed payments on the relative side which I paid immediately. I didn't want any negative reports to the credit bureau so I paid every month before payment was due on MOST instances. This took many, many years. In 2016 I decided to pay off the loan. I called to get pay-off information. I told PFCU (Pentagon Federal Credit Union) at that time I don't get any invoices or any communication with them until it's too late so I need the complete pay-off amount. I sent the exact amount I was told. A few months later I get a call from PFCU that I owed 20+ dollars on this loan. I told the person what happened and I was told they would take of it not to worry it wasn't my fault. I could've paid this small amount had I known PFCU would've ruined my life over twenty something dollars after paying WELL over $10,000.00! I was planning on purchasing a vehicle so I checked my credit and WOW! I was very negatively impacted by this small amount the credit union miscalculated. I called them many times to correct their error for about a year until recently I was told I didn't make enough effort to fix this issue. The credit union made the error, I do NOT get notifications from them since I'm not the loan owner so I have to deal with the bad credit reporting when they do not get responses from the borrower. This way of doing business is very unfair and I have been an excellent member for them to treat me like this. I never got that new car, thanks PFCU!!!! Please fix YOUR ERROR and not shift the blame.

PenFed Credit Union Response

Dear ***,

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) *** Gold account was received on December 1, 2017. I appreciate having the opportunity to address your concerns.

I would first like to thank you for honoring your obligations with us. Your diligent effort over the years in paying off your jointly held *** Gold account did not go unnoticed, and we truly appreciate your dedication.

I completely understand your concern about the *** Gold account notifications and statements. The *** Gold cardholder agreement states that a minimum payment is due each month regardless of statement issuance. It further states the monthly statement may be made available to either the primary or joint owner. Our standard procedure is to send statement to the primary account holder. The full agreement is available on our website at: ***
***.

Regrettably, your $505 payment on July 15, 2016 left a small $2.99 balance due. When addressing a past-due account, it is our goal to make satisfactory payments arrangements with the primary owner. We will attempt to contact the joint owner if the primary is not responsive. Given your circumstances, I was pleased to hear the remaining balance of your account was waived as of September 2017.

It is clear you intended to pay the *** Gold balance in full with your July 15, 2016 payment. Based on this, we submitted a request with the three major consumer credit reporting agencies, Equifax, TransUnion, and Experian to remove all delinquency reporting after July 2016. The change will update to your credit reports within 90 days of this letter. In the meantime, please allow this letter to serve as confirmation the correction has been submitted. I hope the actions taken to resolve this issue meet with your satisfaction.

I appreciate the trust you have placed in PenFed over your many years of membership. I hope you will provide us with the opportunity to continue to earn your membership in the years to come.

Sincerely,

Christopher J. Martin
Vice President, Consumer Underwriting & Processing

This involves a car loan (***). The first issue I have is that the credit union was misleading in omitting to inform me of fees associated with the payment of the loan. In this case, now that I paid off the loan is when I learned there is "$35" fee for the credit union recording a lien with WI's DMV.

Second, I have requested several times proof that the credit union paid this fee and that the matter be escalated to someone with authority to dig deeper into my request. So far, nothing. They claim the paid it, but that there is no invoice/documentation for it. What if the fee was actually $5? $0?

PenFed Credit Union Response

Dear ***,

This letter is in response to your complaints filed with the Consumer Financial Protection Bureau (CFPB) and the Revdex.com (Revdex.com). They were both forwarded to Pentagon Federal Credit Union (PenFed) on November 29, 2017. We will provide a copy of this response to the CFPB and the Revdex.com.

I would first like to thank you for paying off your Used Auto Loan ending in 81-6 in full on November 20, 2017. I completely understand your concern with the $35 DMV fee assessed on the same date.

The terms outlined in your Promissory Note state the following:
I further agree to furnish you with such information and execute and deliver such documents and take any action necessary and appropriate to establish, perfect and maintain your valid and prior security interest and lien in the collateral. I will be responsible for the cost of recordation.

PenFed partners with a third-party administrator to handle title processing, including DMV lien recording. The $35 fee paid by the administrator is comprised of several smaller fees which were remitted for the lien placement on the Wisconsin title when your loan was originally disbursed on November 27, 2015. The administrator includes the fee as part of their overall charges to us, and it is assessed when the loan is paid in full. Please access the following link found on the Wisconsin DMV website for a breakdown of the $35 fee: http://wisconsindot.gov/Pages/dmv/vehicles/title-plates/titles.aspx.

I was disappointed to hear we were unable to fully resolve your concerns, and effectively answer your questions about this fee during your previous contact with us. This does not represent the best-in-class member experience you deserve as a valued PenFed member.

I was informed the fee has already been refunded, and I hope my explanation has addressed your concerns on this matter. I appreciate the trust you have placed in PenFed to assist you with your financial needs. We look forward to continuing to serve you for years to come.

Sincerely,

Christopher *. M

Vice President
Consumer Underwriting & Processing

Customer Response

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

Revdex.com:

Thanks Chris.

I have reviewed the response made by the business in reference to complaint ID, and find that this resolution is satisfactory to me.

Regards

Currently, my recurring biweekly mortgage payment is withdrawn from my *** Credit Union checking account, but I had to CLOSE ALL of my current *** accounts this morning and reopen new accounts due to someone HACKING into my checking account yesterday, 11/27/17. I need to change the withdrawing account number TO THE NEW ACCOUNT with the SAME ROUTING number BEFORE my next mortgage payment is scheduled to be withdrawn on said account on Wednesday, December 6, 2017.
When I contacted PenFed, I was told that I COULD NOT SPEAK DIRECTLY WITH THE MORTGAGE DEPARTMENT to change or stop payment, but had to send and EMAIL. I am VERY CONCERNED that my mortgage payment will bounce-AFFECTING MY CREDIT & REPUTATION with PenFed and other creditors.
PLEASE CONTACT ME SO THAT I COULD RESOLVE THIS MATTER AS SOON AS POSSIBLE.
Thank you, and I await your response. Sincerely

PenFed Credit Union Response

Dear ***,

Thank you for writing to me. I appreciate the opportunity to address your concerns.

I am very sorry to hear you were the victim of fraud with your *** checking account. I understand how distressing this can be, and realize how much work is involved with an account number change. I regret our request for written verification of your new account number added to what was already a demanding situation.

As you are aware, your account information was updated for your December mortgage payment. I hope our response to your request helps to alleviate your concerns.

I am aware PenFed has had the pleasure of your membership for over 20 years. We are very grateful for your many years of loyalty. That loyalty is something we know we must earn daily. I hope you will give us the opportunity to continue to earn your membership for many more years.

Sincerely,

Edward *. C

Chairman of the Board of Directors

Great company to work with I messed up and put my car payment in the checking account they gave me when I realized what I did they fixed it for me an even dropped the late fee

PenFed Credit Union Response

We are very pleased to hear your issue was quickly resolved, and to your satisfaction. It is our goal to provide best-in-class service at all times.

Thank you for choosing PenFed for your auto loan. We look forward to the opportunity to serve all your financial needs.

Obtained a car loan from this company in August. Was charged for insurance, when I already have insurance. I have shown proof of insurance, and talked to a rep about this. Took a month to get things straight as they didn't have a record of my loan for weeks so I could make a payment.

PenFed Credit Union Response

Dear ***,

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) used auto loan was received on November 21, 2017. I appreciate having the opportunity to address your concerns.

As a part of your car shopping experience with ***, they contacted us to determine if we could offer you an auto loan. I am very pleased we were able to provide you with financing, and I would like to take this opportunity to welcome you to the PenFed community.

On August 21, 2017 the PenFed Loan Servicing Department received the file for your loan, which included a signed Retail Installment Sales Contract listing $16,119.96 to be financed. Please accept my apology for the delay in importing this information in our systems.

The terms of the loan state that you agree to provide PenFed with proof of insurance on the vehicle. In the absence of such proof, we have the right to purchase limited comprehensive and collision insurance at your expense to protect PenFed against the loss of the collateral. On August 21, 2017 you signed the Verification of Insurance Coverage form in which you agreed to furnish continuous insurance coverage until the obligation is paid in full.

You were notified by letters mailed on October 7, 2017 and October 21, 2017 that your insurance information had not been received. As of November 8, 2017, we still did not have this information and in turn notified you of our impending purchase of Collateral Protection Insurance (CPI) for your vehicle through ***, our insurance administrator, with a $2,737 premium of.

Confirmation of your insurance coverage was later received on November 15, 2017; however, there remained a lapse in coverage between August 21, 2017 and November 4, 2017. A notice was mailed to you on November 22, 2017 confirming a net premium of $562 due for the verified lapse. Please contact *** at *** to provide proof of insurance for this period of time for a full refund.

We value every opportunity to assist you with your financial needs.

Sincerely,

Christopher *** M

Vice President, Consumer Underwriting & Processing

PenFed Credit Union Response

Dear ***,

Thank you for following up with us about your PenFed Auto Loan.

We received notification that proof of your insurance coverage for the time period of August 21, 2017 through November 4, 2017 was received and verified on November 28, 2017. Thank you for providing this additional information.

With the verification of the coverage over the entire loan period, the Collateral Protection Insurance premium will not be added to your loan balance.

We hope this matter is now fully resolved. Please feel welcome to call us at if you have further questions or concerns.

Sincerely,

Christopher *. M
Vice President, Consumer Underwriting & Processing

Customer Response

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

Revdex.com:

I have reviewed the response made by the business in reference to complaint ID, and find that this resolution is satisfactory to me.

Regards

I have recently approved for a PENFED card for 10k it was in the process to be mailed out and everything. Then I called because I wanted to check if my authorized user appeared, and because I applied for an Amex card and didnt get it I didnt mind. The man I talk to remove my approval and my card was no longer sent out. Now they keep asking me about my taxes, after I file my taxes I put them somewhere so I cant find them for them. and I don't have a regular job so I can spend like a month not working so they dont really provide paystubs. That is why I provided my bank statements and they wont give me the card I was approved for.

PenFed Credit Union Response

Dear ***,

Your complaint filed with the Revdex.com regarding your applications for a Pentagon Federal Credit Union (PenFed) credit card account was received on November 15, 2017. I appreciate having the opportunity to address your concerns.

Thank you for your interest in a PenFed Power Cash Rewards account. We would be pleased to provide you with this card when we are able to verify the income stated in your applications. I understand you were initially approved for a $10,000 credit card account; however, as a new member and based on the large amount of self-employment income listed on this and your subsequent applications, we are asking for proof of that income. As it appears the income is not verifiable through pay stubs, we ask for two years of federal tax returns to confirm your income and its consistency over time.

We look forward to receiving this documentation so we can complete your request. The forms can be faxed to . A Member Service Representative can assist you at .

Sincerely,

Christopher *** M

Vice President, Consumer Underwriting

Customer Response

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]

Complaint: ***

I am rejecting this response because: I was a victim of the Florida Floods and I provided my bank statements notarized....
Regards

PenFed Credit Union Response

Dear ***,

I regret our first response to your Revdex.com complaint did not fully address your concerns.

Thank you for taking the time to provide your bank statement copies for our review of your credit applications. Bank statements can be used to verify assets; however, they are not sufficient to document income. PenFed’s lending guidelines for consumer loans are income based. I regret we cannot use your statements to verify the $15,000 additional gross monthly income you listed on your applications. Please send us your last two years of federal tax returns at your earliest convenience.

I am very sorry to hear you were impacted by Hurricane Irma. I hope you are well on the road to recovering from its damage.

Sincerely,

Christopher *. M
Vice President, Consumer Underwriting

Tell us why here...

Two years ago, I took out a loan with *** Federal Credit Union. I was making bi-weekly payments on my loan over the amount that was due monthly. (to get the loan paid off sooner) PenFed merged with *** Federal Credit Union last year (2016). Immediately, I noticed changes in my loan. Credit and disability insurance protection premiums stopped. (No notice from the bank) I was still paying bi-monthly but the interest was not being charged right on the monies still owed. I called customer service and requested an amortization of my loan. I was told that could only be done by the research department and I would have to wait 3-5 days for a response. I have called numerous times since my initial call on 9/7/2017 and to this day, I have not received my amortization. I was told to visit my local branch (Dallas, TX) to get an amortization schedule for my loan. The branch manager told me she did not have the time nor the staff available to do an amortization. I did one for her and asked that she verify my findings. By my calculations, I had paid the loan off months ago but PenFed still had a balance showing. I called back to PenFed and they told me that they were unable to do one either because they were short staffed. I was informed that all merger loans were having a similar issues and their recourse was to extend the payment terms for customers. (odd) no research would be done to reimburse for over charging customers interest.

This bank is ripping people off. PenFed is only interested in increasing their revenue at the expense of their customers. If you have a loan from this bank or other banks they have merged with, beware. Previous loan terms will not be upheld and the terms of your loan can be changed without your knowledge. They lack adequate resources to provide customer service and are only in business to collect on receivables from the credit unions they have taken over. The banks financial practices should be investigated.

PenFed Credit Union Response

Dear ***,

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) Personal Loan account was received on November 1, 2017. I appreciate having the opportunity to address your concerns.

I regret you did not receive the information you requested when you called PenFed and visited our branch. Providing a positive experience with every interaction is imperative to ensuring our members’ satisfaction. Providing accurate and complete information is a key component of that goal. I am sorry we did not deliver the service you deserved in relation to these concerns.

Your *** Federal Credit Union (***) personal loan conveyed to PenFed on December 1, 2015. The terms of your loan did not change; your credit life and disability plan remained in place, and your interest rate, 17.50% APR, and monthly payment, $69.00, remained the same.

There is a difference in the way the two credit unions handled the credit life and disability premiums. added the premium to your principal balance each month, and then applied your payments to the interest accrued and the principal balance. PenFed instead subtracts the premium from your payment. This difference does not have a significant impact on the interest accrued or your overall loan repayment.

Interest and insurance premiums accrue on your principal balance on a daily basis. When you make a payment, the amount of interest and insurance costs accrued since your last payment are calculated. The remaining amount is applied to your principal balance. Interest and premiums accrued over the life of a loan vary depending on the number of days between payments.

Enclosed is a copy of your *** Loanliner showing the interest rate, loan amount, and that you were to make 23 $69.00 payments and one $43.93 payment with an estimated total repayment of $1,630.93 if all payments were made on the due date. Also enclosed is a loan payment history and analysis. From this analysis you can see that through September 18, 2017, you have paid $1,594.16 dollars; $275.21 of which was paid to interest and $20.31 was paid for payment protection. At $69.00 per payment, you have made 23 payments and have a $32.33 principal balance remaining.

I hope this letter and the enclosures provide you with the information you need to understand your current loan balance, and the terms of your loan. You are welcome to contact Ashley J at if you have further questions or concerns.

Sincerely,

Dave S
Vice President

Customer Response

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

Revdex.com:

I have reviewed the response made by the business in reference to complaint ID, and find that this resolution is satisfactory to me.

Regards

I got a quote for a Penfed auto loan. The rate was supposed to be 2.99% for old or new car. That was the information provided by the agents on the phone. If they record the calls, then they should be able to verify what I am saying. I took that loan. I even called them from the *** dealership which offered a 2.90%. Since I had already talked to Penfed, & it was close enough, I went ahead with it. After I took ownership of the car, I got a letter saying that the rate is 3.49%. I have been calling Penfed since last month September 2017 and today its the end of October 10/30/17. Still there is no resolution on this rate dispute based on the misinformation provided by the agents on the calls. When I asked them to make a note that my payment is not out yet since they have not given me a resolution, I am told that if I don't make a payment then it is going to reflect negatively on my account!!! I don't understand how they expect that! I had authorized an online debit but they send me paper coupons! They have the worst process/setup to handle customer needs. I don't know what I am supposed to pay, I have no proper communication /response mechanism coming back to me from them on what is the status although they keep saying that we will call you back after checking with the supervisors! I am very disappointed with the atrocious service!

PenFed Credit Union Response

Dear ***,

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) auto loan was received on October 30, 2017. I appreciate having the opportunity to address your concerns.

I would first like to thank you for choosing to finance your vehicle with us. We know you have many choices in the marketplace, and appreciate that you chose PenFed. There are differing rates for new and used vehicles. The documents that accompanied your September 5, 2017 pre-approved draft advised you to contact us if you chose to purchase a used vehicle.

I regret you did not receive the quoted rate for a new auto loan. Your completed draft was received on September 14, 2017, and the loan was disbursed on the same date. Since the collateral information was for a used vehicle, the loan product changed to a Used Auto Loan. The loan was disbursed with a rate of 3.49%, the lowest possible Used Auto Loan rate.

I would like to thank you for sharing your experience with me. The details of your situation were discussed with all levels of management. I hope you will give us the opportunity to earn back your trust and confidence in our ability to meet your financial needs.

Sincerely,

Christopher *** M
Vice President, Consumer Underwriting & Processing

Customer Response

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]

Complaint: ***

I am rejecting this response because: I did call PenFed from the Car dealership and was told the rate will be the same! So I was misinformed - again!

Regards

PenFed Credit Union Response

Your rejection of our response to your October 30, 2017 Revdex.com complaint regarding your Pentagon Federal Credit Union (PenFed) auto loan was received on

November 10, 2017. I appreciate having the opportunity to correspond with you again.

I completely understand your desire for the lowest possible rate on your loan, and regret you were misinformed about the rate on your PenFed auto loan while at the dealership. PenFed offers different rates for new and used auto loans.

The cover letter which accompanied the September 5, 2017 pre-approval drafts states the following in part:

If you select a used vehicle, please contact PenFed for the NADA value and be advised the APR will be the current used vehicle rate in effect at the time of disbursal.

Additionally, there is a notice on the draft which states:
NOTICE Limited to lesser of amount shown or 110% of MSRP/ NADA including tax, tags, title & warranty. No Commercial vehicles. PenFed policies for rate, term, collateral and amount apply.

By completing and returning the pre-approved draft with collateral information for a used vehicle, you agreed to PenFed policies for that vehicle. I was pleased we were able to offer the lowest possible used auto loan rate of 3.49%.

I hope this additional information clarifies our position on this matter. We value every opportunity to serve you.

Sincerely,

Vice President, Consumer Underwriting & Processing

I have had nothing but positive experiences with this credit union since it bought out Pope Credit union in the late 80s. I've had a savings account, line of credit and they have offered me hosted an number credit cards. This credit union consistently has the best rate for auto loans. I'm glad to have PENFED on my side.

PenFed Credit Union Response

Your review with the Revdex.com regarding Pentagon Federal Credit Union (PenFed) was received on October 23, 2017. Thank you for taking the time to inform us about your favorable experiences with PenFed.

It is gratifying to know we have earned your trust over the years. Your loyalty is something we know we must earn daily, and we will continue to make every effort to ensure your satisfaction with our products and services.

We work every day to provide extraordinary value to our extraordinary membership. We look forward to continuing to serve you for years to come.

Sincerely,

The Team at PenFed Credit Union

I have called PenFed 14 times since August 19th. On August 17th I received an inquiry on my credit report from PenFed. It was not anything from me, nor have I ever heard of this bank, so I called them and asked them why they ran my credit. They are unable to answer me. They say they don't see where I, or anyone else applied for an account, credit card, loan or anything else in my name or with my social security number. They have no clue why they ran my credit. I have asked them to remove the inquiry and they said they would because they don't know why my credit was even ran.
Here it is, a month and a half later, and 14 phone calls later and they still don't have an answer for me. Just a bunch of customer service representives keep telling me the fraud dept is going to call me back. Of course no one ever calls me back.

I'm tired of having to continually explain my problems, due to your mistake. A mistake that you are failing to fix.

PenFed Credit Union Response

Dear ***,

This letter is in response to your complaint filed with both the Consumer Financial Protection Bureau (CFPB) and Revdex.com (Revdex.com). They were forwarded to Pentagon Federal Credit Union (PenFed) on October 4, 2017. We will provide a copy of this response to the CFPB and Revdex.com.

Please accept my apology for our delay investigating and responding to your inquiry about the consumer credit report we obtained on August 17, 2017. I apologize for the inconvenience we caused you.

We were able to determine the credit inquiry was done as part of an application to open a membership and/or new PenFed account. The application was not completed, and there was no membership or account opened in your name. As you indicated you did not initiate this application, we submitted a request on October 9, 2017 to remove the inquiry from your consumer credit reports.

I hope we have fully resolved this matter for you. If you have further concerns or questions, you are welcome to call Courtney S, Senior Manager, at .

Sincerely,

Louis *. A

Vice President, Service Center Operations

Tell us why here...

I purchased a car with pentagon federal credit union also called penfed who gave me a loan to buy the car. When buying the car from the dealer the creditor or penfed agent spoke with the dealer and stated they did not want the titile or did not want to be a lein holder. after a couple of month they ask for the title which I sent and they stated they received it. later they want me to sign a paper saying they/I are lein holder. After failing to deliver the paper to my address multiple times and after calling them constantly they finally send the paper they want me to sign. I signed the form and sent it to them. After about a week I saw that I have a past due of$42 (in addition to the $384 they have just collected for the month) and asked them why I am seeing that in my account. They stated they did not receive the lein paperwork. They stated it will be fixed once they receive/process the paper. I agreed and asked them to call me when they process it. Finally today when I looked at my account I saw that I am $424 past due, even though they just have already collected the bill for this month (September /2017) and it is saying the payment was due 9/16/17. At this point I realized penfed might be a scam or have a horrible management with poor work ethics. please help

PenFed Credit Union Response

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) Used Auto Loan was received on October 19, 2017. I appreciate having the opportunity to address your concerns.
I completely understand your concern regarding the increase to your Auto Loan rate. PenFed faces greater financial risk and expense should a borrower default on a loan if the title for the collateral has not been received, and PenFed is not recorded as the lien holder. This information, including penalties, is included in the loan documents provided to you, and in your March 25, 2017 Promissory Note.
Therefore, we initiated a policy that allows us to compensate for this risk factor by imposing a higher interest rate on these loans. We feel the 150 days allowed is sufficient time for the local government agencies to process the necessary paperwork.
The terms outlined in your Promissory Note state the following:
I agree to apply for and provide you with a Certificate of Title or any other document constituting proof of ownership of the collateral and your interest in it. I further agree to furnish you with such information and execute and deliver such documents and take any and all action necessary and appropriate to establish, perfect and maintain your valid and prior security interest and lien in the collateral. IF FAIL TO TAKE THE ACTIONS I HAVE AGREED TO IN THIS SECTION WITHIN 150 DAYS OF THE DATE OF THE LOAN, I SHALL BE IN DEFAULT AND IN ADDITION TO THE REMEDIES OTHERWISE AVAILABLE TO YOU, I AGREE THAT YOU MAY AT YOUR OPTION, INCREASE THE ANNUAL PERCENTAGE RATE I PAY ON THE LOAN TO THE HIGHEST RATE THEN IN EFFECT ON YOUR CLOSED END UNSECURED LOANS.
In the 150 days following the disbursal of your loan, requests for the original title of the vehicle, or proof of our lien on the title, were sent to you by mail on May 25, 2017 and June 26, 2017.
We appreciate your attention in sending the vehicle title on July 20, 2017, however since the title was in your name only a signed lien placement application was also needed. This application allows Pen Fed to place ourselves as lien holder on your behalf. Lien placement applications were sent to by mail on July 25, 2017 and August 14, 2017, and a third application was expedited to you on September 11, 2017.
A warning letter was also sent informing you of the impending rate increase. At the end of the 150-day period, your interest rate was increased on August 22, 2017 to 14%.
I am pleased to hear we received the completed lien placement application on September 20, 2017. The original payment amount of $384.35 and rate of 2.24.0% were restored on September 25, 2017, effective for August 22, 2017. I hope the actions taken to fully resolve this issue meet with your satisfaction.
I hope with this issue now behind us, you will allow us the opportunity to gain your trust in our ability to meet your financial needs and treat you as a valued member.
Sincerely,
Vice President Consumer Underwriting & Processing

Refined my Ford Mustang in February. Never missed a payment in June they changed my loan percentage from 4.5 to 14 percent as a unsecured loan. Because they didn’t properly file for the title from American acceptance. Now it’s september and they charged the same loan 4800 saying I don’t I never had insurance.

PenFed Credit Union Response

Dear . ***,

Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) New Auto Loan was received on October 19, 2017. I appreciate having the opportunity to address your concerns.

When your auto loan was disbursed, you were provided with a Promissory Note for this loan and agreed to the terms stated therein by endorsing your loan check. The terms of the Note state that you agree to provide PenFed with proof of insurance on the vehicle. In the absence of such proof, we have the right to purchase limited comprehensive and collision insurance at your expense.

Your loan was disbursed on February 13, 2017. You were notified by three letters mailed between March 4, 2017 and March 25, 2017 that, although proof of your insurance had been provided, the $2,500 deductible was too high. The maximum deductible is $1,000.

On May 7, 2017 we received notice that your insurance policy had been cancelled. We again sent letters on June 24, 2017 and July 22, 2017 explaining we had not received your proof of insurance and in turn would purchase Collateral Protection Insurance (CPI) for your vehicle. The cost of the CPI, $4,588, was added to the principal balance of your loan and we mailed a letter dated September 22, 2017 informing you of the purchase.

Confirmation of your comprehensive and collision insurance with a $1,000 deductible was received on October 6, 2017; however, there remained 104 days of lapsed coverage between May 28, 2017 and September 11, 2017. A partial CPI refund of $3,256 was applied to your loan and backdated to September 22, 2017. We need confirmation of coverage for these 104 days before issuing further CPI refunds.

I understand that a PenFed CPI representative contacted you on October 19, 2017 to confirm the refund, and discuss the vehicle title.

PenFed faces greater financial risk and expense should a borrower default on a loan if the title for the collateral has not been received, and/or PenFed is not recorded as the lien holder. Therefore, our policy allows us to compensate for this risk factor by imposing a higher interest rate on these loans. This information, including penalties, is included in the loan documents provided to you, and in the February 13, 2017 Promissory Note you signed. We believe the 150 days allowed for you to provide the title to us is more than sufficient time.

Three mailed requests for title were sent to you during the first 150-day period along with a one week warning sent by email advising you of the imminent rate change. Since your title has not been received, your rate was increased on October 20, 2017 from 4.80% APR to 14% APR.

I regret this experience left you with an unfavorable impression of the credit union, and hope my response clarifies our position on these matters.

Sincerely,

Christopher ***
Vice President
Consumer Underwriting & ProcessingTell us why here...

PenFed Credit Union Response

Dear . ***,

Your rejection of our response to your Revdex.com complaint was received on October 30, 2017.

Prior to the increase of your auto loan rate to the highest rate in effect on closed-end unsecured loans, you agreed to provide PenFed with proof of insurance by signing the Promissory Note. The terms of the Note specifically state that you agree to provide PenFed with evidence of insurance coverage on the vehicle. In the absence of such proof, we have the right to purchase limited comprehensive and collision insurance at your expense. Your obligation to provide proof of insurance remains in effect. If additional lapses in coverage occur, we will again invoke our right to purchase another Collateral Protection Insurance (CPI) policy at your expense.

By signing the Promissory Note for your auto loan on February 13, 2017, you also agreed to the loan terms and its penalties. The terms outlined in your Promissory Note state the following:

“I agree to apply for and provide you with a Certificate of Title or any other document constituting proof of ownership of the collateral and your interest in it. I further agree to furnish you with such information and execute and deliver such documents and take any and all action necessary and appropriate to establish, perfect and maintain your valid and prior security interest and lien in the collateral. IF I FAIL TO TAKE THE ACTIONS I HAVE AGREED TO IN THIS SECTION WITHIN 150 DAYS OF THE DATE OF THE LOAN, I SHALL BE IN DEFAULT AND IN ADDITION TO THE REMEDIES OTHERWISE AVAILABLE TO YOU, I AGREE THAT YOU MAY, AT YOUR OPTION, INCREASE THE
ANNUAL PERCENTAGE RATE I PAY ON THE LOAN TO THE HIGHEST RATE THEN IN EFFECT ON YOUR CLOSED END UNSECURED LOANS.”

Since your title has not been received, your rate was increased on October 20, 2017 from 4.80% APR to 14% APR. The rate on your auto loan will continue to be equivalent to the highest rate in effect on closed-end unsecured loans until you provide the title, and PenFed is recorded as lien holder. Despite the rate change, your loan has not been converted to an unsecured loan.

Your October 19, 2017 Revdex.com complaint specifically requested to return the loan to its original rate with a full refund of the CPI policy. In response, you were advised to provide the title and confirmation of 104 days of lapsed insurance coverage. Your rate can be adjusted back to 4.8% with our receipt of the title.

Sincerely,

Christopher ***

Vice President, Consumer Underwriting & Processing

Customer Response

Complaint: ***

I am rejecting this response because:Doesent state that any we’re on my paper work if I have title to vehicle I shouldn’t have to have full coverage and I’m not giving title till the rest of that money is of my loan
Regards

Every time I call in to speak with Loan Officer Andy R I am told to call back or transferred around. I was declined for a credit card application while being perfect with all of my other products from PEN FED. I am shocked at the lack of customer service I had received after I recommended them for their loan products and membership with so many people .

PenFed Credit Union Response

I am writing in response to your complaint filed with the Revdex.com regarding a Pentagon Federal Credit Union (PenFed) application for credit. Though you submitted the complaint on September 19, 2017, due to a communication issue, we were not aware of it until October 23, 2017. Please accept my apology for our delayed response. We are disappointed to hear of your experience, and would like the opportunity to discuss your application and concerns in greater detail. Mr. , Operations Manager, has been attempting to reach you. He is looking forward to speaking with you, and I encourage you to return his call at .

hank you for being a member of the PenFed community. We value every opportunity to assist you with your financial needs.

Sincerely,

Vice President

Consumer Underwriting & Processing

If there was an option for no stars that is what I would enter! I was with Fort Belvoir Federal Credit union before it was merged into Pentagon Federal Credit Union. I have had nothing but ISSUES!. Something was always going wrong. STHF when I deposited a check that was credited to my account and then over a week later it was reversed. There was an error so the check did not go through. This made my account overdrawn and they CLOSED MY CHECKING ACCOUNT and transferred the negative balance to my savings which caused my saving to be overdrawn WTF???! I did not receive a call or anything. When my card stopped working, I called and that is when I found out. I wanted to close that as well, so after being transferred several times, I was told to transfer the money and then I can close everything out. So I made a transfer, called back, then they said the payment will be rejected because I transferred to my checking account which is no longer valid. I have to wait 3 business day until it is rejected, then make the payment to my savings. Needless to say, this is just a summary(believe it or not) I called several times, always talked to a different person, and each time received different information or wrong information. NEVER again PenFed!…

PenFed Credit Union Response

We are sorry to hear of your displeasure with your recent contact with PenFed Credit Union. It seems your review was posted twice.

Please see the response provided on your other review.

Thank you.

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Address: PO Box 1432, Alexandria, Virginia, United States, 22313-1432

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+1 (800) 278-2212
+1 (202) 562-8210

Web:

www.penfed.org

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