PenFed Credit Union

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.

I received a mailing from PenFed Credit Union that thanked me for joining the Credit Union. It states that I have been notified by that my *** Credit Card will be changing to a new PenFed *** Credit Card. It says that the new card will arrive in the next 2-3 weeks. I have not been notified by *** Bankcard or did not make a request for one. But I am contacting you as the paperwork list Member Information. Listed is member number and also the last 4 digits of my social security number and DOB. Below it lists Ownership Designation of Joint Account Survivorship with a request to list Social Security numbers. How did this PENFED get some of my personal information? I have not yet contacted my *** Credit Card company but plan to.

Pentagon Federal Credit Union is in my opinion a first rate business financial services company working for customers managing checking, savings, loans and credit card accounts. Online, telephone and postal mail communications are excellent. Applications are processed in a timely manner. Questions are answered by telephone representatives with knowledge and respect. Interest rates are determined by credit history. In summary this Pen Fed organization is trustworthy and has my highest recommendation. Nancy M.Rehkamp

They begin by giving a false sense of security, they made the loan process easy to do. The. Close out with a quick, in 24-48 hours we will contact you. After a couple hours I decided to call and check the status, first before I’m given the loan decision they say let’s just finish the membership. I completed that took the $5.00 to start it, then they said the loan was declined, a bit of surprise I asked why, they said to check with the credit bureau. They just want members and the fee to open an account, but spend no time to actually look into a person finances before reaching a credit decision. Don’t claim to be all about customers and just deny applications with no responses. Lesson learned with PENFED.

The lender, Pen Fed Credit Union, applies a $6420 charge to my auto loan that was in good standing without any notification via email. The auto loan is exactly 3 years old. A monthly payment above the minimum payment was applied each month. 37 payments have been made each month well before the due date each month.

With 0 email notification, a $6420 charge was added to the loan when I logged into my account to make my monthly payment. There was no hyperlink on the charge and it simply stated CPI ADD.

I immediately called Pen Fed on 3/20/2020 to inquire and complain about the faulty charge to my loan. The representative stated that this was because of lack of up to date certificate of insurance. I complained that there was 0 notification of this out of date requirement and also that the dollar amount of the charge seemed suspect. $6,420? Why would that be the penalized amount? When I asked why I was not informed by an automated email notification for being out of compliance, the representative said that a phone call and voicemail was left. I complained that a voicemail is not a sufficient form of communication. (In review of my Pen Fed emails, there were 0 emails regarding out of date/ out of compliance documents. 0 alert emails.)

I asked how I could upload my insurance declaration to have the charge removed, the representative told me to upload my information at Myinsuranceinfo.com. I replied that a third party site from a reputable lender/ bank seemed VERY suspicious and suspect. The representative assured me this was the only way.

I proceeded to the workflow and visited the site. The site seemed highly suspecious, non secure and had no information associated with Pen Fed Credit Union.

This complaint against Pen Fed credit union is to highlight the fraudulent charge on my loan, the lack of communication from the lender on document compliance and the highly suspecious workflow for a major lender to utilize a third part site with no affiliation to the original account.

Applied for an auto loan through Penfed on 2/28/2020. A few hours later I was informed that I was approved at a monthly payment of $846.17 at a term of 60 months. They advised me to go to the Rockville, MD branch to pick up a check cost of the new car. Waited for an hour to see a banker and after giving him my identification, he stated that the rate was now 8.9% and at a payment of $891. This is a bait and switch and i'm requesting they remove the credit inquiry from my credit files

I have been hung up on 4 times after waiting roughly 13 to 15 minutes to speak to someone. Each time I reach the department I need to speak with they pick up and disconnect or put me on hold and then it disconnects. It is clearly negligent. It is not a glitch in the phone system. It's just lazy representatives that don't want to deal with the call. I'm currently on hold once again, so the number of hang ups will likely climb.

Penfed is posting mortgage rates that they don't want to honor! I wanted to refinance my home with Penfed, as rates are low, and got the run around for the ages. I called on Friday 3/6/20 to ask a simple question and someone took all my info, couldn't answer thing and said someone from the "Mortgage Dept" is going to call me back. After 5 hours I decided to call back and same routine. I call the next day, Saturday, and get the same song and dance. As rates were low I call back on Monday and get the same answer. They ask for all my info and will have someone get back to my....Nothing. Now it's Wednesday 3/10/20 and I call again but this time aggravated beyond belief.
As they wanted my info again, I asked what was going on there. The rep said they were a 3rd party company trying to help with phone calls and that I was NOT calling the actual credit union. I called the Penfed direct line this time and spoke to a rep that had nothing to do with the mortgage dept. I told her what I was going through and she says she's going to put me in touch with a manager from the Mortgage dept. After 52 minutes on hold nobody answered the phone and the line just hung up.
I have had multiple mortgages and currently have a Heloc with Penfed. Also, I have paid off multiple auto loans with them. This is not the way you treat you members period! Conveniently the rates just jumped by almost a point.
I honestly believe they posted rates they didn't intend to let people apply for and their mortgage department is a sham. I will file a complaint with the NCUA tomorrow. I also emailed the Edward C (Chairman) with no answer.

I had a dispute of transaction of $355.95 that was filed wih penfed. I explained very clearly, and they took the case initially. However, I received a letter from penfed dispute team saying the dispute was declined by other party. So I have to contact other party to resolve it. This is unacceptable. Please help to prevent this type of unprofessional service. Here is what happened.
My son is out of States at Nepal now, he used to go to *** to take cash from ATM. On 2/7/2020, he went again as usual, and the first transaction of $355.95 was successful but the second one of $355.95 was not successful, because he could hear the ATM was running, yet, no cash was released. He waited and waited, nothing happened, still no cash released, that was why he contacted me and told me about this situation. I then filed dispute. Initially it was credited back while the dispute team investigated, yet, I received the letter saying it as declined and they charged me for $355.95 again for which my son did not even receive the money. I did see from their letter showing one transaction from ATM that was successful at the time of 2/7/2020 14:30:10. I clearly told the representative, there were 2 transactions, the first one was successful, and the second one right after was NOT successful. They should obtain both transactions evidence and they should also obtain ATM camera recording of 2/7/2020 14:10-14:50 time frame so they can see my son did receive cash for the first ATM transaction and DID NOT receive cash for the second transaction. I really appreciate you can help to fight this bad practice of doing business. We DID not receive cash from ATM why we have to pay for this fraud charge?

I went online to PenFed to inquire about opening an account. After entering basic information I received an email stating an account could NOT be opened and further information was necessary. I received the same notice by mail. I did not follow up. Without my permission or knowledge, Pen Fed ran a credit check which affected my credit score which I discovered when I received a credit alert, opened an account, and charged my credit card $20. I immediately contacted PenFed customer service and was told that the credit check would be withdrawn and rectified (which was not done), the account would be closed, and I would be refunded. I was refunded the $20, but received a PIN in the mail. Upon contacting Pen Fed again, I was told by a Member Experience Analyst in Omaha, NE, via phone and followed up correspondence by mail THAT THE ACCOUNT WAS CLOSED. However, I recently received an account statement and separate privacy notice explaining how Pen Fed would share my personal information. This overreach by PenFed involving my personal credit and financial information has been ongoing for EIGHT (8) months. No wonder there's so much credit card fraud today with financial institutions like PenFed opening accounts without permission and then sharing credit information again, without my knowledge or permission AFTER being assured several times in writing (by email and hard copy mail), the situation had been rectified. It keeps getting worse. I would like the Revdex.com to investigate the matter, close this unauthorized account once and for all, and fix the damage that PenFed caused to my credit report.

Penfed is the worst Financial institution I've ever had the displeasure of dealing with. It's as if each and every employee has never purchased a car before. They don't understand the process. I applied through their terrible interface. It required me jumping through hoops, calling and emailing then constantly to figure out what I had to do next. Then they want a bill of sale from a dealer. FOR A CAR I HAVN'T PURCHASED YET. How do you get a bill of sale from a dealer for a car you haven't purchased yet? Then they want to send you a check in the mail, as if the dealer will sit around waiting for a fictional check. Then the dealer agrees to give a bill of sale summary after 3 phone calls and 6 days. Even though I asked them to include it, the dealer did not include my down payment. PENFED decided the purchase price wasn't to the penny of the preapproval. And because the dealer can't figure out what they're doing, penfed decided they wouldn't agree to the funding. How does penfed not interact with the dealer directly? Why am I the sole middle man? I'm just a consumer. This has been a multiweek long waste of time that cost me days at work because penfed can't give me the simple information of a normal financial institution. The hoop jumping is ridiculous. And the "to the penny cost" after the fact when you don't havr the exact amount to begin with makes buying a used car through them completely impossible. Im sorry I ever heard of this company. And they hit me with a hard inquiry on my credit report with an approval, then took it back because they don't know how to conduct business im America.

On February 24, 2020 a unauthorized transfer of $11,000 was transferred to My account. My account was then frozen temporarily from February 24th until March 2, 2020. Then a charge back fee of $4,500 was accredited to my account on February 25, 2020. On February 25th, 2020 six(6) different transactions of $500 each were posted on my bank account activity log which were unauthorized as well as showing signs of fraud. I wasn’t notified about this until Tuesday, February 25th that my account was frozen. My direct deposit of $725.61 was sent to my account on February 27, 2020. Then a charge back fee of $6,500 was accredited to my account on the same day (February 27, 2020)which brought my account to a negative $1,692.78. I did not authorize any outstanding amount into my bank on any of the days mentioned above and would like a full investigation into my account. Because not only did the bank take my direct deposit of $700+, my account is now overdraft by $1600.

When I closed my HELOC with PenFed I found out about the Lien Release fee, which I wasn't aware of. I learned about it when my balance was paid off by another financial institution. They overpaid my balance, and the excess amount was sent to my PenFed savings account with the note "Excess From Loan." Later I found out that the excess was a "fee" for filing two documents, required by my county. I asked my county clerks, they said that the fee could be reduced. However PenFed agents are slow to cooperate. I'm disappointed.

My ex-husband's son has able to use my address, to a newly constructed home. I've never shared my address with my ex-husband, nor should a credit union arbitrarily attach an address to anyone's account. There should be some manner of proof required for someone opening an account using a specific address. As a Veteran, former Pentagon employee, and current Federal government employee I called PenFed to remedy the issue, explaining my address was in no way affiliated with the person holding the account. I advised that they should review their records to ensure that my name nor credentials were involved with the account owner, my ex-husband's son. I was rudely told I couldn't inquire about the specifics of someone else's account and that I shouldn't be opening other people's mail. The person on the phone could not wrap their head around what I was explaining, that I can see it through the envelope window the same way the mailman can see it! It's clearly deeper than simple mislabeling, my address is being used without my permission nor proper proof being provided from the account owner. I've called multiple times and each time I'm told it wont happen again. Yet monthly, I continue to receive PENFED mail to my address.

I have file a complaint before agains Penfed stating abut my car loan, that I voluntary gave my car back because I could not afford my payments, penfed sol my car back in August of 2019 an never contacted me of what he remaining balance I owed, or how much the car was sod for. Not one letter in the mail of communication per what I asked for communication. Now we are in February 2020 and I receive a letter in the mail stating my account was sold for 12,000 to a company and I owe 12,000,with interest. Then on February 12,2020 my father gets a phone ca stating since he was a co-signer which he was not trying to negotiate a payment plan. This is unfair to me as I could of taken care of this back in August of 2019 hen the car was sold.

1/29/2020
On 11/21/2019 *** ordered a valuation inspection for the property
Located ***,Holbrook, NY ***. On 12/31/2019 I emailed Adrienne and asked her
For a status on payment. She replied and quote the loan did not close yet. I informed her that payment was not contingent on a deal closing. On 1/23/20 I emailed her again for status. No response.
On 1/28/20 I emailed her again for her supervisor information, again no response.
The unpaid fee for this inspection is $525.00. I will remove complaint once paid in full.
Thank you.

The worst financial transaction I have ever been a part of. I am a Realtor and own investment property. We have refinanced and purchased many homes over the years and this was by far the worst customer service I have ever received in a refinance or purchase. This is a simple no cash out refi with high credit scores and w-2 income. We are on day 105 on our refi that was a 60 day lock. We signed and "Closed" 10 days ago but have since had 2 simple auditing issues that should have been caught in underwriting before final loan approval. One auditing issue is they are requiring our home owners insurance policy be raised an additional $200,000 without any explanation of why that is needed to close our loan. That takes days to get a document for that from my insurance company ( further holding up the funding date) and costs us additional money- why would any fool over-insure their home by 25% over its value??? I obliged because I just want this nightmare over with. Our loan is still not funded but title company has cashed our funds for closing already. Very little communication for the last 105 day escrow, I almost have to harass all 3 people who have been a part of working on my loan because no one responds to emails or phone messages in a timely fashion. They have sent me documents to sign for a 5/1 arm ( ours is a conventional loan) when I let them know its incorrect they said, stating that "Sorry I have another Client named Allison, I mixed up the files". I have asked several times in a day for simple confirmation the documents requested have been received and got no response through email from all 3 people working on my loan. The emails sent from them have a very blunt and non caring way they are written, make me feel like a fool when they are the ones who keep screwing up. I am seasoned in this field, it makes be feel so bad for the folks who are new to this and how screwed they will be when they find out PEN FED messed up their home loans ( I have had to send back closing disclosures over 3 times for mistakes they have made). I am beside myself. The only reason we are still pushing to close with them is Im not going to get stuck with the bill for our appraisal to move to another lender. They deserve to be taken to court to stop their terrible lending practices and have their licenses taken away. Our loan is supposed to fund tomorrow but like clockwork I'm sure something they didn't catch will pop up to hold up funding. NEVER USE THIS COMPANY. RUN AWAY FAST!

Terrible customer service. Very long hold times, high interest rate for top tier credit. I HIGHLY recommend avoiding doing business with this company

I recently submitted my identity verification and was given different information about my account. Upon speaking with several different people who confirmed my information had bern received my account is still unable to be used. It has been more than a week and the supervisor Sabrina was rude.

In November of this year, $16,000 of balance transfers were transferred into my PenFed credit card account fraudulently. Despite being immediately notified, PenFed refused to reverse to fraud. Instead, they proceeded to automatically withdraw $16,000 from my personal US bank checking account. Fighting tooth and nail, I was able to get the funds wired back to my checking account, eventually. Despite numerous reassurances, they still have not reversed the credit card charges, resulting in multiple credit report alerts and the inability for me to close my PenFed checking account for good. Atrocious customer service. The worst bank in United States history.