Sign in

PenFed Credit Union

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

Sharing is caring! Have something to share about PenFed Credit Union? Use RevDex to write a review
Reviews Credit Union PenFed Credit Union

PenFed Credit Union Reviews (%countItem)

I currently had a consolidated Parent PLUS Loan through PenFed Credit Union - I had asked to refinance the loan in March $27,499.80- payoff was good until 3/18/20- was I approved for the refinance of the loan for 27,830 - I had made two payments on the first loan for $500.00. So did they continue to collect interest? It took them until May 8th to payoff the first loan (only cause I called) they were to pay it off by April 28th!! they booked the new loan for 27,830?? - I contacted them the middle of May requesting why I show TWO loans totaling over $55,000.00-once the loan was finally paid off the loan didn't show up online-they said Oh-it will show up in June!. However,they REPORTED on my CREDIT REPORT that I owe $55,00 -It still shows on my credit report as of 5/27/20!! I have contacted them 3 times (May 15, May21, May27) times now regarding this issue - NO REPLY!!! This DOES AFFECT MY CREDIT RATING!!!!!I don't care HOW busy the are with COVID...THIS IS TOTALLY UNACCEPTABLE-this is NOT a small amount of money!!I will NOT recommend them to anyone!

PenFed Credit Union Response • Jun 19, 2020

We received your Revdex.com complaint on May 31, 2020.
We appreciate the opportunity to address your concerns.Thank you for choosing PenFed for your education financing needs.
We truly value the trust you placed in us.We reviewed the processing of your application carefully, and
determined the source of the incorrect calculation of the payoff of your
original loan. We sincerely apologize to you, and have addressed the matter
with our processors. We credited the overpayment to your PenFed savings
account, and see you used the funds to make a payment on the new loan.There is a delay between the time a new loan funds and the original
loan is paid off, which normally is only a matter of days. We regret it took
longer to credit your payoff. We waived the interest accrued on the new loan
between April 28, 2020 and May 8, 2020. Due to payment processing times on refinanced loans, both loans
have balances over a few days. Regrettably, in your case, it occurred at the
time we submit our monthly report to the consumer credit reporting agencies.
The loan balances were updated with our June submission, and we are reporting
only one PenFed loan balance.We hope our response clarified the processing and disbursal of your
new loan, and we have fully resolved your concerns.Sincerely,Senior Vice President/Consumer Products

Applied to refinance a student loan. The original loan was with penfed, so the refi was internal. At the time, the payoff quote was approximately 64800. By the time they processed the loan, my remaining balance was approximately 64000. The new loan was issued in the original amount of 64,800, which is clearly wrong. During the 1-2 month processing time I had made 1 or more payments and it is clearly stated on the paperwork that the final amount will be adjusted to reflect payments while waiting for the loan application to be finalized. Obviously this didn't happen. I've called multiple times and sent 2 emails. I can't get in touch with anyone, terrible customer service.

PenFed Credit Union Response • Jun 07, 2020

Dear member,We received your Revdex.com complaint on May 26, 2020.
We appreciate the opportunity to address your concerns.We regret any misunderstanding you experienced surrounding your
previous loan’s payoff amount. On April 27, 2020, your payoff letter included
the following: NOTE: If any payments, fees, or adjustments are applied to
the loan, the payoff figure may change. If the funds received do not pay the
loan in full, including any applicable fees, the loan is not deemed as paid in full
and the lien release will not be prepared until all funds are received.Between April 27, 2020 and the new loan’s disbursal on May 13,
2020, you made payments to the prior loan, thereby changing the loan balance
being refinanced. We cannot rewrite your loan; however, we have placed the
overage in your savings account. We’d be glad to apply the overpayment entirely
to the principal balance effective to the disbursal date. Doing so will help to
reduce the interest accrual over the life of the loan. Otherwise, you are
welcome to withdraw the funds at any time.Please call us at if you’d like to make the payment. Thank you for choosing PenFed for your education financing needs.
We appreciate your trust and loyalty.Sincerely,Director, Consumer Underwriting

Penfed offered student loan refinancing with 1.58% variable rates broadly on the internet. My wife and I applied, received approval for the loan and were made a written loan offer for a starting rate even lower than 1.58% but the offer also said "the rate will never go below 2%."

We called to clarify what the rate really was and how the variable rate would adjust and were told it was a mistake and would never be below 2%, despite the advertising. We were told we would be contacted to confirm the terms. We have have called Penfed 4 times and been promised follow up by Penfed each time and have not received it.

PenFed Credit Union Response • Jun 08, 2020

We appreciate the opportunity to address your concerns.Thank you for making us aware of the rate discrepancy you received
on your student loan application. We apologize for the error in the quoted
rate, which is below the floor rate as stated in the terms of the loan and our
disclosures.We are honoring the variable rate and margin you were quoted. Our
loan processors are working to finalize your loan. We trust our actions fully
resolve your concern.Thank you for choosing PenFed for your education financing needs.
We look forward to serving you through this loan and hopefully many other
services over the coming years.Sincerely,Senior Vice President/Consumer Products

recently I applied penfed account, I got a mail ask me to mail an letter of my information so it can activate account. I asked them if I could scan and email it, because I live in the epicenter of cv19, queens, New York, we have stay at home order by Andrew Cuomo.. I didn’t get any response. I couldn’t risk my life go out mail letter. Please allow me emai. scanned document.

PenFed Credit Union Response • Jun 07, 2020

Dear member,We received your Revdex.com complaint on May 26, 2020.
We appreciate the opportunity to address your concerns.Thank you for choosing PenFed for your financial needs and for
making us aware of your concern. The Signature Card you received does not need to be mailed to us.
You may sign it, scan, and upload it to home.penfed.org/s/document-upload at your
earliest convenience. We hope this letter provides clarity. However, please speak with
one of our phone representatives at *** if you have any further
questions or concerns.Sincerely,Senior Vice President, Operations

I applied for car loans with PenFed and when the result of the loan rate and term was presented to me I declined the terms as it was worst that the ones I currently have with other lenders. Additionally I called their customer service department and requested to cancel both applications as they didn't wanted to offer me the best rates taking into consideration that my credit scores are above 800, my financial good standing and other factors. Almost a month later, to my surprise, I received notification that one car loan was open and that I needed to make payment. That loan was not accepted by me and I didnt signed any documents in paper or electronically to accept it. Pen Fed uses bad practices and can destroy credit scores for people due to this type of practices. Credit scores are very important to anyone and cost too much to keep them at excellent levels like mine.

PenFed Credit Union Response • May 27, 2020

We received your Revdex.com complaint on May 20, 2020. We regret you are unhappy with PenFed and our policies. We will
provide a comprehensive response to your similar Consumer Financial Protection (CFPB)
complaint. Sincerely, Senior Manager, Executive Correspondence

Customer Response • May 28, 2020

[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 pending satisfactory resolution to the complaint filed with the Consumer Financial Protection Bureau CFPB. At this point I’m waiting for letter from PenFed admitting their mistake and cleaning of my credit report history with all 3 credit agencies. The Loan was closed in my PenFed account.

Regards

Penfed closed my credit card without any notification, on false pretenses, after horrible customer services experiences. My name is ***, Penfed membership ***. In April 2020, I was approved for a Penfed Power Cash Back Via card (application ***). This credit card account ends in ***.
I applied for this Penfed product per the recommendation of a friend, to substitute my standing *** credit card, due to the lack of customer service that *** is experiencing during COVID-19.
I live in Florida, and due to my age, I hold strict lockdown. Therefore, I depend on phone support and online purchases to get through.
I admit I made a mistake choosing Penfed over ***: This PenFed credit card has been the worst credit instrument I had had in my life!
My purchases were always modest (average purchase of $72.00) and local (within Florida and the US). Nevertheless, due to quarantine, they were all online purchases.
My card was constantly locked: I needed to reach the security department every 24 hours to clear transactions that were always from the same vendors! There is no automated way to do this, so you need to wait for an attendee, and the wait to speak to somebody is in excess of 40 MINUTES! As you can imagine, this became tiresome very quickly. In total, I had to follow this procedure 18 times, each time properly identifying myself and approving every transaction made.
This harassment did not stop for the whole month my card was active: it only became worst after 05/12/2020, when Penfed decided that going over my transaction and approving each one of them was not enough to release the hold on my account: the security department had to transfer me directly to PenFed to hold release, making it a two-step process. With every single transfer, my phone hold-time increased by another 40 minutes average. The last time I spoke to them, on 05-12-20, I was kept on hold for 4 hours 22 minutes.
Lastly, on 05-12-20, my card was closed by a “Financial Security Officer” who did not have the courtesy to contact me at all before closing my account.
While I understand that using your card for most online orders can trigger fraud filters, PenFed most realize that an enormous amount of population is in quarantine, making it necessary to make online purchases: there is no necessity to clear transactions 18 times in a month, sometimes for purchases of $20.60! Consider that PenFed does not have the manpower to provide proper support without extraordinary hold times.

PenFed Credit Union Response • Jun 25, 2020

Dear member,We received your Revdex.com complaint on May 20, 2020.
We appreciate the opportunity to address your concerns. After review of your concern, we are unable to fully assist you through
this public medium. At your earliest convenience, please call us at
or and we would be happy to provide further
assistance. Thank you for bringing this matter to our attention. Sincerely,Senior Vice President, Enterprise Fraud Management

Customer Response • Jun 29, 2020

[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 have already contacted Penfed at the phone numbers provided in 21 different occasions: every time, the representatives are either unable or unwilling to help. The do not transfer me to the proper fraud department so I can speak to a human being, saying only that they will "contact me" when their investigation is completed. It have been waiting for two months!

Note that every time I call the phone numbers provided, I am places on hold for over 30 minutes before I get to speak to an unhelpful representative.

I filed this complaint with Revdex.com as a last resort, since Penfed does not care to help its customers.

Regards

PenFed Credit Union Response • Jul 06, 2020

We received your Revdex.com complaint on June 29, 2020.
We appreciate the opportunity to address your concerns.We apologize once again that you are unable to reach our phone
representatives for assistance. At your earliest convenience, please contact
our Senior Fraud Specialist at and they can assist you further.Thank you for bringing this matter to our attention. Sincerely,Senior Vice President, Enterprise Fraud Management

Trying to pay my bill: Poor customer service from Penfed. Long on line waits, cut off, so I start anew at the back of the line. Has gone o for more than a month. If I Try for a call back, they put up a barrier--you have to go on line, a difficult for this 90 year old. When I do, more barriers.

Of I Try to write CEO--no email,.

PenFed Credit Union Response • May 26, 2020

We received your Revdex.com complaint on May 20, 2020.
We appreciate the opportunity to address your concerns.Thank you for being
a member with PenFed these many years. However, I regret the hold times you
encountered during your recent attempts to speak with our phone
representatives, and any inconvenience this caused you. We strive to make each
experience as effortless as possible for our members, and I am sorry we did not
achieve this in your case.A phone
representative spoke with you on May 21st, and guided you through
our online payment procedures. We hope this makes future payments easier for
you to submit. Thank
you for bringing your concerns to our attention. Sincerely,Senior Vice President, Operations

I am receiving statements from PenFed Credit Union, PO Box ***, Omaha, NE *** regarding a credit card. I had never requested nor had credit with this entity. Calling at is crazy; nobody responds. According to the statements, I paid $62.90 on April 23, 2020, which I could not find on my bank statements. On the actual statements, they said that PenFed owes me $49.99. What can I do to resolve this issue?

PenFed Credit Union Response • May 31, 2020

Dear member,We received your Revdex.com complaint on May 18, 2020.
We appreciate the opportunity to address your concerns.We regret you were concerned by the credit card statement you
received from PenFed. On April 26th,
PenFed acquired a credit card portfolio from ***
(***) and your account was part of that acquisition. You should have received
notifications from *** and numerous letters from us in January, February,
March and April regarding the acquisition and associated changes.We regret you had difficulty reaching us by phone. You can also
email us at [email protected] if you have
additional questions, or would like to give us instructions for your credit
balance.We hope this information is helpful, and you will enjoy your new
PenFed card.Sincerely,Vice President, Payment Product Operations

I'm a real estate agent. My client had a preapproval letter from penfed. It's not worth the paper it is printed on. They never pulled docs to verify assets or income. Not knowing this I I negotiate a deal for them. Home was off the market for two months. Penfed kept asking for the same docs over and over again. They would send out requests at the end of business and leave the office. They would not return phone calls or emails. Underwriting denied the loan three days before closing because my clients debt to income ratio was to high. This should have been determined BEFORE they issued a preapproval letter. My client paid for a home inspection and an appraisal. They are out close to $1000 because penfed didnt do their job. What a total waste of time I would give them minus 5 stars if that was possible. DONT WASTE YOUR TIME WITH PENFED THEY ARE A JOKE.

PenFed Credit Union Response • Jun 07, 2020

We are very sorry to hear of your dissatisfaction with our handling of your client’s application.

We realize timely, accurate communication is essential during the processing of a purchase loan application, as circumstances can change quickly and there are contractual closing deadlines. We regret we did not meet our service goals in this case.

Senior Vice President, Consumer Direct Lending

On January 21, 2020, I went to a branch at Pearl Harbor, HI and submitted a request to update my father's account with an amended trust. To this date, the request has not been completed because the branch lost my request, then it was forwarded to legal for review, then my father needed to submit a signed letter, then the request and the signed letter were supposedly with legal for another review. I have contacted the branch numerous times to check on the status -- at no time did the credit union contact me with an update or a request for more information (i.e., the signed letter). When I last checked on the status in late April 2020, I was told legal was still reviewing and I needed to be patient. I've now run out of patience as it's been over 3 months. I updated my father's accounts with 3 other financial institutions and they took 1 day - 2 weeks to complete the request. Why is Pentagon Federal Credit Union taking over 3 months?

PenFed Credit Union Response • May 18, 2020

We received your Revdex.com complaint on May 11, 2020.
We appreciate the opportunity to address your concerns.We are very sorry for our poor communication with you about the
process to make changes to a trust on file with PenFed. Due to the removal of
one of the trustees, we required additional documentation acknowledging that
individual’s forfeiture of their access to the accounts.We received the needed documents and made the changes on
April 13, 2020. We regret you were not aware we had completed your
request. We mailed a confirmation letter to you on May 14, 2020 for
your records.We hope this matter is now fully resolved.Sincerely,Vice President, Research & Online Services

PenFed Credit Union Response • Jun 07, 2020

Dear member,We regret our first response did not fully resolve your concerns.We confirmed we changed the trust information on the requested
accounts on April 13th. The change is not evident on the monthly
consolidated statement, but you can view it in PenFed Online banking.We mailed our confirmation letters on May 14th. We
regret you did not receive them. We hope all your concerns have been addressed by your conversation
with our supervisor on June 2nd and the receipt of the confirmation
letters.Sincerely,Vice President, Research & Online Services

Customer Response • Jun 07, 2020

[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

Opened an account in my name without my consent

Terrible customer service in the mortgage area. Signed the documents they present at the inception of the loan. Went to underwriting and was approved. Then receive another set of documents that changed the loan amount, added a discount % and a change fee amount. I did not ask for any changes be made to the loan. Then received very unprofessional email from Nicholas Alfaro telling me to pay the points or pay $2600 at closing. I have saved the email. What happened to what was agreed upon up front. Now they want more fees and points. I locked the loan at a set rate and for a set amount. Nothing was ever mentioned loan to value had to be right at 60%. No appraisal was performed so no telling where they got the value of my home. Did they make a mistake on the value. When I did the application he put everything in the system and said no appraisal was needed and then sent me the documents. So he had to looked up the value. Then week before closing receive more documents asking for points and a fee be made for change to loan. I did not ask for any change. If the loan officer made a mistake he needs to eat the costs. He completed the documents. I did not. I have called and emailed and no return calls or emails. I feel forced to have to sign the new documents and agree to $900 more in closing costs. Plan to report this to the Federal Reserve and other governing bodies because I bet there are more people like me that were told one thing and then PenFed changed the rules and added more fees.

PenFed Credit Union Response • Jun 17, 2020

We received your Revdex.com review on May 4, 2020. We appreciate the opportunity to address your concerns.

We apologize for our delayed response as our Mortgage department reviewed your application.

During the initial stages of your application, we increased the loan amount per your request which added Loan Level Pricing Adjustment fees to your loan. This was not disclosed to you at the time due to an internal error. We apologize for our mistake.

We provided a lender-credit to your application on May 22nd, and your application is currently in processing. Please contact your Processor should you have any further questions.

Thank you for bringing this matter to our attention. We are pleased we could resolve your concern.

Sincerely,

Senior Vice President, Mortgage Operations

My wife and I had a checking and savings account with *** Credit Union in Bartow Fl. I also had an auto loan with them.
We were informed late 2019 that *** was being purchased by Pentagon Federal which was no big deal. In January of 2020 I was involved in an accident with the truck financed by ***, I immediately called my loan officer at the *** branch and informed her of the crash, She informed me she would start the process and speak with the other drivers insurance about the payoff seeing how my truck was deemed a total loss, she also let me know that Penfed was taking over the following week but not to worry because everything would be handled. I asked about a new loan and was told that due to my prior history with them I would not have an issue getting another loan.
The other drivers insurance sent the check to Penfed a little over a week later however my loan was never updated, I was in constant contact with Penfed and was told that the check was probably lost in a "Black hole" because of the merger, I contacted the insurance company and they issued another check. All the while I was getting late notices from Penfed, I called and was informed not to worry about it everything would be handled. Finally they received the check which was applied to my loan, I previously informed Penfed that my Gap insurance was done by *** and I was unsure of who it was but was told by *** that as soon as the insurance check was received they would file a Gap claim for the balance. Penfed then claimed I did not have gap, After several calls they finally found the company and filed the claim which paid all but $322 of the balance which I immediately paid. After almost 3 months my truck was finally paid off and I could move on with the new loan, Or so I thought... I applied for a loan on the website which was denied due to my credit history which I admit is not the best (due to a death in family) I contacted Penfed and told them what I was told by *** and was rudely informed that was not how they worked. I then decided to apply with my wife as a cosigner which was still denied. I again contacted Penfed and inquired about having my wife apply by herself and was told that she would first have to apply to be a member which would require another credit pull. My wife's name was listed first on our *** account so how is she not automatically a member like me??? I asked the agent and was again rudely given the runaround and informed she would have to fill out the membership application.
I then notice on my credit report that my balance is still showing for my truck, and Penfed reported a late payment for February of 2020 , I called yet again and was informed I would have to contact Equifax I asked to speak with a supervisor and was given the runaround, I emailed 3 times asking for a supervisor to contact me and have yet to get any response. We never had any issues with *** , Unfortunately Penfed has been nothing but problems and runaround from the start. When I call and complain and ask questions I usually get rude answers and told that the merger team will look into it..
This entire time since 1-4-2020 I have been without a vehicle, Now with the late payment and balnce showing I am unable to get a loan anywhere.

PenFed Credit Union Response • May 10, 2020

Dear member,We appreciate the opportunity to address your concerns.We apologize for the delays processing your insurance claims for
your auto loan. As the accident occurred just prior to the conveyance of your
accounts to PenFed, our processing was slower than is standard. We are very
sorry for the inconvenience it caused you. We typically apply insurance payments to the accident date;
however, as it occurred prior to the merger, you did not receive full interest
credit. We recalculated the interest accrual on your loan, and placed the
overage in your PenFed share account on May 1, 2020. With the re-application of the insurance payments, your loan was
not past due. We submitted a correction on May 7th to the three
major credit reporting agencies to remove the late payment reporting.Joint account holders are not required to open a membership in
their own right and we did not find a membership for your wife. She is welcome
to apply for PenFed membership at PenFed.org. For a membership request only, we
will not process a full credit inquiry. However, if she applies for a loan, we
must obtain a full credit report, which will result in a hard inquiry. We regret we were not able to approve your auto loan application.
We must base our lending decisions on the applicant’s current credit standing
and our lending guidelines.We hope we have fully resolved the issues with your auto loan and
addressed all your concerns.Sincerely,Vice President, Credit Risk Operations

Customer Response • May 11, 2020

[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 do not agree with it all but I will accept it.

Regards

Need a laugh? Try to get a credit card from this credit union. They will bombard you with emails to apply because you are a member. They will email you so much and then wear you down so you apply. Even with good credit they will turn you down. Only to add a hard pull on your credit. They actually hurt your credit by applying. I have received credit from more reputable companies like Discover and Citibank. Penfed will treat you like a name on a piece of paper. DON'T WASTE YOUR TIME with PenFed. This Credit Union sucks plus they are rude to you. Penfed please stop contacting me, I don't want to be a member anymore :-(

PenFed Credit Union Response • May 10, 2020

Dear member,

Your feedback is very important to us and we appreciate the opportunity to respond to your concerns.

We regret you were not eligible for a PenFed credit card at this time. We provided an explanation letter to you on April 29, 2020 with the reasons for our decision.

If you have questions, please contact us at 800-247-5626.

Sincerely,

Director, Consumer Underwriting & Processing

I'm very upset that Penfed haven't updated my credit report to reflect. I have affirmation from my bankruptcy which they agreed on if I made by 3 payments on time and they suppose to change past due payments and put it on the back of the loan. And I also send the forms on February to reflect the status of the account

PenFed Credit Union Response • May 04, 2020

Dear member,We received your Revdex.com complaint on April 28, 2020. We thank you for your diligent efforts to resolve your PenFed debt.
We appreciate your continued contact with us as we made payment arrangements.As you noted, we agreed to bring your loans to a current status
when three consecutive regular monthly payments were made. Please accept our
apology for the delay processing the account status change on one of the loans.
We completed it on April 27, 2020.To clarify, the loan is not past due and the next payment is due on
May 9, 2020; however, the prior repayment history has not changed. Please contact us at if you have further questions or
concerns. Sincerely,Vice President, Collections

Customer Response • May 05, 2020

[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:
Regards,
I have three auto auto loans which should have been updated. The *** and *** which are paid off but they need to reflect equally like the *** which I currently owe with Pentagon. Please make sure the *** and *** is also included in this. We already all auto loans in this matter. Thank you and have a wonderful day

PenFed Credit Union Response • May 07, 2020

We appreciate another opportunity to address your concerns.You paid your loan for the *** in December of 2019. The loan
is closed with a zero balance. We brought your loan
for the *** to a current status on March 25, 2020. You paid the balance
in full on April 1, 2020 and we are reporting the loan with a zero
balance and closed.We hope have now
addressed your concerns fully.Sincerely,Vice President, Collections

I received notification that I opened and account with Penfed including all my personal data, this was fraudulent, I never even heard of them. They sent me a separate notice giving me the phone # supplied by whomever opened the account and their 800 # to call immediately if I had a problem. I called said # repeatedly, I went on their website and reported fraud (2x) and get two computer generated emails saying someone would get back to me and would I like to apply for a car loan. I finally got through to some supervisor(Christie) who said she couldn't get hold of the fraud dept. but she would have someone get right back to me. Then I received a letter saying they stopped payment on my check as I asked!!~!??

PenFed Credit Union Response • May 27, 2020

We received your Revdex.com complaint on April 27, 2020.
We appreciate the opportunity to address your concerns.We are very sorry to hear you are the victim of identity theft. We
understand how distressing it is to know your personal information has been
fraudulently accessed. The PenFed Chairman of the Supervisory Committee responded to your
email, and we hope it has fully addressed your concerns. Additionally, a Fraud
Analyst left a voice message for you. Please return their phone call if you
have questions or would like additional information.Sincerely,Vice President, Fraud Operations

Customer Response • May 29, 2020

[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 was contacted in early March saying PENFED credit union was taking over first national bank's nra credit card. in April and that if I didn't want this to transfer from first national bank to Penfed to call and opt-out. by April 24th. I decided NOT TO TAKE THIS OFFER. On march 24th I called and spoke to a Female named Autum. I explained then DON'T SEND ME ANYTHING I DON'T WANT TO OPEN ANY ACCOUNTS WITH YOU. SHE STATED OK SHE WOULD TAKE CARE OF THIS. I CLOSED MY ACCOUNT WITH FIRST NATIONAL BANK PAID IT OFF AND CLOSED MARCH 27TH 2020. On April 8th 2020 I called PenFed again after receiving a 2nd letter. I spoke with a female named Stephanie I again told her I DO NOT WANT A ACCOUNT WITH YOU DON'T SEND ME ANYTHING OR OPEN A ACCOUNT I DON'T WANT THIS ON MY CREDIT REPORT I EXPLAINED I CLOSED FIRST NATION BANKS ACCOUNT PAID IT OFF IN FULL AND DO NOT WANT TO DO BUSSINESS WITH YOUR COMPANY. THANK YOU BUT NO THANK YOU I AGAIN PROVIDED THE CODE TO OPT-OUT. Stephanie STATED OK CLOSED! ON APRIL 21 2020 I GET ANOTHER LETTER STATING PENFED OPENED A SAVINGS ACCOUNT AND PLACED 5.00 INTO IT FOR ME. I CALLED AGAIN ON 4/22/2020 SPOKE TO A LILLIAN AND SUPPOSEDLY NOW IT IS CLOSED. *** PLEASE NOT THAT ON THE CALL APRIL 8TH I WAS ASKED IF I ACTIVATED THE CREDIT CARD THEY SENT TO ME. I STATED NO I HAVE NOT GOTTEN A CREDIT CARD FROM YOU AND DO NOT WANT ONE. nO CREDIT CARD EVER CAME EITHER. I HAVE NOT ENTERED INTO ANY KIND OF CONTRACT NOR DID I ACCEPT TO DO SO WITH THIS COMPANY I HAVE MADE A TOTAL OF THREE CALLS AND SPOKE TO 3 PEOPLE EVERYTIME SAYING I DON'T WANT AN ACCOUNT WITH THEM . I DON'T WANT THIS ON MY CREDIT REPORT. tHE OPT-OUT DATE WAS TILL APRIL 24TH 2020 I CALLED ON MARCH 27TH , AGAIN APRIL 8TH , AND AGAIN APRIL 22ND WHY THEN IS THERE ACCOUNTS OPENED IN MY NAME AND CREDIT CARDS ISSUED IN MY NAME WHEN I HAVE STATED AND GIVEN THE OPT OUT CODE 3 TIMES. WASTING MY TIME

PenFed Credit Union Response • May 13, 2020

We appreciate the opportunity to address your concerns regarding
PenFed credit union’s acquisition of your *** (***)
credit card account. We regret we did not fully explain the card conversion
process when you called us.We first notified *** cardholders of our acquisition in January of
2020. In that letter, we explained that you could opt out of the PenFed
membership and credit card if you contacted us prior to February 10, 2020. As we did not hear from you by February 10th, we opened
your membership. On March 4, 2020, we mailed a letter explaining the
terms of the credit card we could offer to you. At that point, you were given
the opportunity to opt of PenFed credit card. Our first record of contact with you is on April 8, 2020,
at which time we processed your request to opt out of the PenFed credit card.
We did not issue a new card to you; however, the *** account did convey to us
a closed account. ***
will report your account to the consumer credit reporting agencies as
transferred or sold. We will report a closed PenFed credit card with a zero
balance beginning in May. The agencies recognize the link between the sold and
new account, thereby preventing it from appearing as multiple accounts. A sold
or transferred account is not considered a negative reporting factor.We
hope this information is helpful in understanding the closure of your ***
account. Sincerely,Senior Director, Product Development

I've contacted Pen Fed via email for over a month now regarding a $100 reward bonus listed on their website: https://www.penfed.org/credit-cards
I met all of the relevant criteria for the $100 bonus months ago and have not received it nor have I received a resolution or a satisfactory response from Pen Fed's Customer Service. One response I did receive, the representative didn't even know what bonus I was referring to. When I sent the same link I pasted above to them I received no response. This is not a financial institution I would recommend others deal with. I wonder how many service members they are dishonest with?

PenFed Credit Union Response • Apr 29, 2020

We received your Revdex.com complaint on April 9, 2020. We regret you are unhappy with PenFed at this time. We will provide
a comprehensive response to your similar Consumer Financial Protection (CFPB)
complaint. Sincerely, Senior Manager, Executive Correspondence

PenFed Credit Union Response • May 06, 2020

We received your rejection of our response to your Revdex.com complaint on May 6, 2020.We regret you remain unhappy with PenFed. Please refer to our
comprehensive response to your similar Consumer Financial Protection (CFPB)
complaint.We carefully reviewed your statements, and determined you did not
meet the $1,500 spending requirement. Please refer the statement copies
included with our CFPB response.Sincerely, Senior Manager, Executive Correspondence

Customer Response • May 06, 2020

[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 have carefully read my statements as I always do. I've carefully come to the decision that your "business" sucks. So much for serving the warfighter.
Regards

Month after month after making my monthly payment at least 5 days prior to due date on my home equity loan, the bank would receive my payment and not post it to my account. I would sit on hold for hours to get issue fixed rep after rep and get nowhere. bank takes money and does not reflect payment on principal balance. I sent payment in amount of $610 to a balance of $600 on 3/31, bank received payment on 4/2 then did not adjustment balance and added on late fee.

PenFed Credit Union Response • May 27, 2020

We received your Revdex.com complaint on April 15, 2020.
We appreciate the opportunity to address your concerns.We regret you had difficulty with the payoff of your equity loan.
We were not able to initially apply your final payment because it exceeded the
principal balance. The payment was placed on hold on your loan. On April 15th,
we applied the payment effective to April 2nd, which reversed the late
fee.We issued a payoff quote to allow you to close the loan. The final
payment amount quoted on April 2nd did not include the closing cost
reimbursement, but did include the lien release and recording fee charged to us
by the county. We closed the loan on April 30th.We hope this information and your conversation with our supervisor
resolved this matter. Sincerely,Senior Vice President, Mortgage Servicing

Customer Response • May 28, 2020

[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:
This happened month after month what was the reasoning behind that? When the payment was less than principal balance?

Regards

I applied for a credit card, they approved it and I agreed to buy a membership and a small savings account. They mailed the card. I sent $20,000 by ACH in order to have a credit balance on the card. They then closed the card account and demanded my tax returns and other documents. I told them to close all accounts, cancel the membership, and return the $20,000 to the account at *** from which it came. Instead, they agreed to mail a check for that amount on March 30 to my home address which they had. Today, they said they had not and would not send the money.

PenFed Credit Union Response • Apr 14, 2020

We received your Revdex.com complaint on April 6, 2020. We regret you are unhappy with PenFed and our policies. We will provide
a comprehensive to your similar Consumer Financial Protection (CFPB) complaint. Sincerely, Senior Manager, Executive Correspondence

Customer Response • May 01, 2020

[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:

From: *** <***@***.com>Date: Thu, Apr 30, 2020 at 5:29 PMSubject: Re: ID # ***- PenFed Credit UnionTo: <***@myRevdex.com.org>This complaint is not resolved. The credit union, after I made a complaint to *** which was referred to the CFPB, finally returned my money.They responded to the CFPB with assertions that are not plausible and do not justify their attempt to hold onto my $20,000.Below is their answer to the CFPB, followed by my response to their answer:Company's ResponseDear ***, This letter is in response to your complaint filed with the National Credit Union Administration. They forwarded it to the Consumer Financial Protection Bureau (CFPB), who sent it to Pentagon Federal Credit Union (PenFed) on April 8, 2020. We will provide a copy of this response to the CFPB. We appreciate that you considered PenFed for a new *** account, and regret our concerns about the account prompted you to close it. We received and approved your request for a *** Promise account on February 6, 2020. PenFed is a federal credit union and a consumer must be a member to have a credit card product. We therefore required that you open a membership share (savings) account. When we received your $20,000 *** payment on March 16, 2020, the account had not been used. Our Fraud Department became concerned due to a large payment being made to a new and zero balance account. We looked again at your credit report and found you seldom apply for new accounts, which prompted concerns of ID theft or other fraudulent activity. We therefore suspended activity on the ***, requested income and identity documents, and placed a hold on the $20,000 payment to March 30, 2020 to allow time to ensure the payment would clear. We regret you found our requirements overly burdensome. We received your request to close all PenFed accounts on March 20, 2020; however, we were unable to act on it due to the payment hold. When you again contacted us on Saturday April 4, 2020, we transferred $20,000 to your PenFed share account, and issued a check to you for the full account balance on April 6, 2020. We trust you have received the check and this matter is fully resolved. Sincerely, Sumeet B Senior Vice President/Chief Credit Risk Officer.THE COMPANY’S RESPONSE ADDRESSED ALL OF MY ISSUESNoADDITIONAL COMMENTSThe company's response--your response--is false and contradictory. If I have a "thin credit file," they didn't need to give me $4000 or more of credit! A decades-old and thin file generally suggests that the consumer is asset-heavy and doesn't need credit. If I didn't incur finance charges, you'd lose money on the account. You required me to open a savings account. Later I sent you $20,000. That's not an enormous amount for a savings account, especially for an elderly and asset-heavy customer. There's nothing suspicious about it. Furthermore, I had previously discussed depositing to the card with Customer Service and had been told that you would be required by law to refund it after a few months if a credit balance remained on the card--but I would have the opportunity to transfer the excess to savings. So, YOU KNEW my intentions. The deposit was sent to the card rather than the savings account because I don't want to pay interest on "withdrawals" via the credit card from ATM's, especially foreign ones. Interest on the saving deposit would have been negligible. In one of my numerous conversations with your Customer Service, generally preceded by a long wait on hold, your rep said you'd send my money back after the expiration of the deposit hold. That was a lie. I got no substantive response to electronic messages. You didn't send the money back until I complained to CUNA. There, you cleverly list yourself as "Pentagon." I wasted plenty of time finding that! You suspected fraud! So, you wanted to hold my money until I sent my tax returns. That's a bad joke. You have no damned business inquiring into where I get my money, or whether I paid taxes on it. Nor would my tax return have given any assurance of anything--its contents, or the $20,000. One lie after the other. I repeatedly suggested you send the money back to my account at ***, from which it came, but you refused to do so. I believe you're a criminal organization that tried to steal my money, to outlast me. How long did it take the CFPB to catch up with criminal ***--with millions of crooked transactions, at least hundreds of complaints, and 15 years of stealing? I want you investigated and punished. ***I UNDERSTAND THE COMPANY’S RESPONSE TO MY COMPLAINTNoTHE COMPANY DID WHAT THEY SAID THEY WOULD DO WITH MY COMPLAINTNo***

Regards

PenFed Credit Union Response • May 01, 2020

We regret you are dissatisfied with our response to your complaint. We addressed your concerns in our communication through the Consumer Financial Protection Bureau, and consider this matter resolved.

Check fields!

Write a review of PenFed Credit Union

Satisfaction rating
 
 
 
 
 
Upload here Increase visibility and credibility of your review by adding a photo

PenFed Credit Union Rating

Overall satisfaction rating

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

Phone:

Show more...

Fax:

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

Web:

This website was reported to be associated with PenFed Credit Union.



E-mails:

Sign in to see

Add contact information for PenFed Credit Union

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | New | Updated