PenFed Credit Union Reviews (%countItem)
PenFed Credit Union Rating
Address: PO Box 1432, Alexandria, Virginia, United States, 22313-1432
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Subsequent to a recent substandard incident involving my experience as a credit card holder for close to 20 years (that was ultimately substantiated by multiple PenFed employees on multiple levels), I initially invested further time and energy appealing to management for concessions that would better help me restore damaged levels of trust and confidence I believed to be both reasonable and consistent with my level of harm. However, aside from eliciting profuse apologies from PenFed employees throughout the chain of command, my request for consideration (to specifically lower my interest rate) was adamantly denied. Although I am learning to appreciate that all requests for redress will not always be honored, appreciated or understood in any given situation, with respect to this particular issue, I am confident that my appeal was timely, relevant and had merit standing on its own accord (that is, separate and apart from the credit card fiasco). As such, as a consequence of this disturbing encounter, I have considered the extent to which my loyalty to a management -vs- leadership driven organization truly appreciates the depth, gravity and presence of its consumer base. I am in the process of withdrawing future business interactions with PenFed and caution others to assess the extent to which this company is truly committed to serving its consumers with care, respect and diligence.
We received your Revdex.com review on September 30, 2019. We appreciate your thoughtful assessment.
Our fraud prevention measures have allowed us to detect and prevent millions of dollars in fraud losses. These losses are borne by the credit union, and as a member-owned organization, this means a direct loss to our membership. Our goal is to provide our members with account safety and security, while limiting undue embarrassment or inconvenience.
Thank you for taking the time to discuss your experiences in detail with representatives from our Operations and Card Fraud Investigations teams. Member feedback is an excellent learning source and we use it to improve our procedures.
Please be assured, we noted your excellent standing with PenFed. Our rates are established based on product features, lending policies and credit underwriting, and your rate conforms to those policies.
We are committed to restoring your confidence in PenFed should you allow us that opportunity.
Sincerely,
Senior Vice President
Enterprise Fraud Management
I had two wire transfers approved by a PenFed supervisor in the amounts of $3000 and $1,100 because my card that was sent did not work in Italy and I had been waiting since 8/27 due to PenFed negligence in the mailing process. I told the representative both wires were domestic but she tried to process one as international, I find it hard to believe she tried to process it as an international transfer after confirming the 5/3 Bank information with me but that is nor here or there. I received an email from penFed to call back in because they could not process it as an international transfer without a bank ID, so when I called in I should have only had to tell them the bank is domestic proceed on with the transfer. Instead I was denied my transfer regardless of what I was promised only showing how poor. penFed integrity is an instead of sticking by the first approval they went back on their word, leaving me to pay penalties to a vendor for wasted man hours.
Dear ***,
We received your Revdex.com complaint on September 20, 2019. We appreciate the opportunity to address your concerns.
We understand you placed a great deal of trust in us when you opened your PenFed membership, and expected the perfect service we promote and you deserved.
We reviewed our records and your phone conversations with our Member Service Representatives. It is clear we did not handle your requests well, and we sincerely apologize for the inconvenience and frustration. Your feedback has helped us identify areas in which we must improve.
We are sorry you chose to close your membership. We hope you will find a reason to return to us at some point in the future.
Sincerely,
Senior Vice President, Operations
I bought a vehicle from a *** dealer here in NC. When I called for the quote I explained to them what it was (***) and that it wasn't considered a motorcycle and it didnt require a motorcycle license to ride here. The loan was processed and a few weeks later I was told they couldn't write a loan for what I bought the way they did and a request was made for them to get it approved after the fact. It was then approved but then I started getting letters saying they needed my title. I Informed them that I did not have a title, and only just recently got tags for it. I contacted the dealer and was told they did not have a title for it either.
I was then told they would raise my rates to the highest rates because of this title issue but once again they told me they would request that it go higher for approval. It was denied and they raised my rates.
I have bought over 40 cars in my lifetime and I have never been asked by the bank to get the title or send them a title on a vehicle I just purchased from a legitimate car dealer. Not only that I was treated rudely by customer service who assumed I had the title or that I would even want to deal with this mess over not sending them my title.
We received your Revdex.com complaint on September 16, 2019. I appreciate the opportunity to address your concerns.
I’m pleased to know your previous PenFed auto loans have been successful and regret this instance has affected your overall experience.
The pre-approved draft you provided the dealer instructed them to supply the vehicle title to us. The accompanying documents also informed you we would increase your loan rate if we did not receive a title with PenFed as lienholder within 150 days of disbursal. As we have not, we must ask you to follow up.
I recommend contacting the North Carolina DMV to obtain the title. Alternatively, we may accept a Certificate of Origin or UCC1 filing.
We will adjust your interest rate upon receipt of the above documentation. We appreciate your membership and look forward to an amicable resolution.
Senior Vice President/Chief Credit Risk Officer
Penfed opened an account in my name. That I did not apply for or open. I got the account information in the mail saying they opened a savings account in my name 5$ in it.
When called the PenFed they claimed its Identity Theft. The bank ran an inquiry on the credit report.
When I called in asking about it they didnt even confirm my identity before closing.
We received your Revdex.com complaint on September 3, 2019. We appreciate the opportunity to address your concerns.
We regret the concern your new PenFed membership caused you. We confirmed your membership was opened as part of your loan application through ***.
To maintain your loan, a PenFed membership is required; however, *** handles the servicing. Please contact them at or support@***.com for additional information.
Your PenFed account is valid and remains open. We welcome you to our credit union and invite you to explore our other products and services.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
My wife and I are going through a bankruptcy right now, and $100 was just taken out of my account by PenFed credit union without my authorization. I called to try to get this rectified, and they told me that I did it, not them. I did NOT authorize a payment to them and that $100 was taken from me. I have an external *** account that the money was stolen from. I spoke with two separate individuals, both of whom were rude and told me that this was my fault, that I scheduled this payment a month and a half ago? I would just like for Penfed to make this right without legal action.
We received your Revdex.com complaint on August 20, 2019. We appreciate the opportunity to address your concerns.
Our records show you set up payments from an external account to your PenFed Personal Loan using PenFed Mobile to post on May 23, 2019, July 18, 2019, and August 15, 2019. You set up the July and August payments on July 2, 2019.
As the loan payment was due and you authorized the transfer, we cannot reverse the August payment.
Thank you for sharing your bankruptcy status. Please call us at to speak with our Delinquency Control team to provide them with the bankruptcy case number and contact information of anyone who may be representing you in the bankruptcy filing.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
There is no documents or documentation that we didn’t authorize a payment, that makes zero sense. Why would I have anything stating that I did NOT do something?
On (approximately) July 16, 2019, I contacted Pentagon Federal Credit Union and engaged with Sam F, a loan officer at Penfed, to obtain a residential mortgage. I was informed by Sam that I was approved for a mortgage for 30 years for $50,000.00 with a phenomenal rate of 3.75%
I then told Sam I wanted to switch to a 10 year term and on July 17, 2019 I emailed Sam asking why the loan docs said 30 year. I received an email with an auto response.
Figuring that Sam does better by phone I tried a few times over the next few weeks to contact him and only got his voice mail.
On Wednesday August 14, 2019, figuring my loan would be closing in 2 weeks, I tried to call Sam again to verify the status and my calls went to his voice mail. A Penfed agent said they would have Sam call me back, and Sam called me back to tell me the loan wasn’t approved because of my low credit score.
When I told Sam that I had an understanding that the loan was approved, he said “it should be on the portal that the loan was denied.”
I checked the portal and didn’t see any denial there. All I saw there was what I had seen for the last few weeks that all necessary forms were completed.
I emailed Sam on Thursday August 15, 2019 telling him that there was nothing on the portal and Sam’s only response was, “Apologize. Did you receive anything via USPS?” to which I responded that I didn’t.
We received your Revdex.com complaint on August 16, 2019. We appreciate the opportunity to address your concerns.
We are grateful for your interest in our real estate products, and we appreciate your application submission. A Mortgage Loan Officer attempted to reach you on August 21, 2019 to discuss your application. We encourage you to return his call to discuss our lending decision.
We shared your settlement offer with our Delinquency Control team. Although we were unable to accept your offer of $6,000 to settle your four obligations with us, we are pleased to hear we were able to offer payment deferments until October 2019. Thank you for taking the time to speak with us on August 20, 2019. We hope this temporary payment suspension is helpful as you look to resolve these debts.
We encourage you to maintain contact with our Delinquency Control team at *** as needed. It is our goal to be your partner in achieving financial wellness.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
[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
Some person contacted this Credit Union and established "Access America checking" and "Share Saving" accounts using our personal information, without our knowledge or permission. Our credit reporting agency received a "hard" inquiry, which added to the problem. We have spoken to the Customer Service department several times by phone, explaining that this was a fraudulent transaction, that we wish a proper letter to confirm that this account has been dissolved. We did receive a notification that they contacted our Credit Reporting agency to revert their inquiry from "hard" to "soft". We were informed that there was a "negative" balance on record for this account. As of 8/2/2019, they informed us that the Share Savings account has been closed as it has remained "Overdrawn for more than 30 days". This statement directly implies that we are at fault, which we are not. We have tried since June 13, 2019 to resolve this matter.
We received your Revdex.com complaint on August 14, 2019. We appreciate the opportunity to address your concerns.
First and foremost, I truly regret you were a victim of identity theft. We strive to provide our members, and all individuals with whom we interact, with the superior service they deserve. We recognize resolving identity theft is particularly stressful and we regret we did not resolve this matter to your satisfaction.
Thank you for promptly alerting us to the unauthorized accounts opened in your name on June 13, 2019. Our Financial Crimes Operations team immediately began an investigation into your identity theft claim, and confirmed it on June 18, 2019. We took steps to secure the illegitimate profile, and submitted a credit bureau correction to lessen the impact on you.
I regret that in the meanwhile you received notification regarding the overdrawn account. Of course, you have no responsibility for the account.
I understand we sent a letter on June 25th regarding the credit inquiry. In your case of confirmed identity theft, we requested that the inquiry be masked, rather than flipped from hard to soft. The consumer or customer cannot see a masked inquiry on the credit file, and it is not included in scoring.
Typically, our Financial Crimes Operations team sends a confirmation letter of your identity theft claim. We regret you did not receive it. On August 14, 2019, we mailed a letter for your records.
I hope our additional actions fully resolved this matter for you.
Sincerely,
Senior Vice President,
Enterprise Fraud Management
[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 accessed credit card information from what I thought was *** (I *** the best credit cards and looked for a non-ad site and searched for a .org from there), recommending PenFed. I went to the site, applied for a credit card, received confirmation that my credit report had been hit, and received approval for a $10,000 credit card.
Shortly after I received an email from [email protected], which was just an image with no links to the actual site anywhere.
I called the number provided, and was told in order to activate my account, I had to give my credit or debit card information to open a savings account. I said I would prefer to receive an email with a link so I could enter the information online, because I wasn't comfortable providing my debit or credit card info over the phone. I even indicated that once I received the card in the mail, I would provide the information that way, but was said the only option was providing my cc or dc info over the phone.
It seems to be that any reputable site would know that everyone is cautioned against providing that information over the phone, and would allow me to provide it another way.
This makes me very suspicious, and I'm wondering if a scam isn't associated.
Thanks
Dear Member,
We received your Revdex.com complaint on August 12, 2019. We appreciate the opportunity to address your concerns.
We would first like to thank you for applying for the PenFed *** Gold. We know you have many choices in the marketplace, and we are grateful you chose PenFed to fulfill your credit card needs.
Thank you for taking the time to speak with a Senior Consumer Underwriter on
August 12, 2019 about your application and expanding on your concerns. As a brand-new member, we appreciate your feedback about our email communication. Our messages should always be clear and professional, and instill confidence. I am pleased to hear the Underwriter assisted with the remaining processing of your application, and we already mailed your new *** Gold to you.
We are excited to welcome you to the PenFed community, and look forward to a long and favorable financial relationship.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
[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
Hello, Good afternoon my name is *** auto Loan Account # ***. The issue I am having is, I refinanced my vehicle around the end of March 2019 with penfed. The Current Financing company (Pentagon federal credit union) is requesting a lien release letter that has been sent out around the end of June from ***. Since June they have not received the lien release letter(Penfed). My 150 day waiting period is about to end and they are saying that is when the interest of my vehicle will raise to the highest point. I called many times (***) about the lien release and the one representatives told me they sent it to the address in Alexandria VA. Penfed said that is the wrong address. So I had penfed on a conference call because that is the only way they can send it to the correct address as per what (cap one) told me by having penfed directly talk to them. So they resent the lien release to the correct address to PENFED CREDIT UNION ATTN: TITLE DEPARTMENT/COLLATERAL P.O box *** Sacramento CA ***. They said it will take up to 30 days to process and 7-10 business days to get it delivered. I told them why you guys cant send it overnight shipping that is not my fault. I've been dealing with this issue since the end of march. Now I have to wait near the end of the 150 day waiting period for penfed to receive the lien that is outrageous and unacceptable.
(THIS COMPLAINT IS A COPY OVER THAT HAS BEEN FILED WITH *** FIRST. THIS IS NOT REALLY A COMPLAINT BUT MORE OF THE ISSUE I AM DEALING WITH PLEASE READ THE DESIRE OUTCOME BELOW.)
Dear Member,
We received your Revdex.com complaint on August 12, 2019. We appreciate the opportunity to address your concerns.
Thank you for choosing to finance your vehicle with PenFed. We reviewed your Used Auto Loan and confirmed we have not yet been able to perfect our lien. As you know, your signed Promissory Note provides you with 150 days to provide us with a Certificate of Title to perfect our lien, after which your interest rate will increase to the highest rate in effect on our closed-end unsecured loans.
We understand your concern with the possibility of an interest rate increase on
August 24, 2019, and we truly appreciate your regular contact with our representatives to keep us apprised of the situation. We did receive the title from the other institution on
July 23, 2019; however they did not release it with their signature. We sent a lien placement application to you on August 8, 2019 for completion. Please mail it back to us as soon as possible:
PenFed Credit Union
PO Box ***
Sacramento, CA ***
We granted a 60-day waiver to allow you more time for you to complete the lien placement application to secure the loan. We hope these two additional months are helpful.
Thank you for being a member of the PenFed community. We value every opportunity to assist you with your financial needs.
Sincerely,
Vice President, Loss Mitigation
[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.
Good afternoon I do appreciate the courtesy. Although, as you stated that the lien application was sent on August 8th but I have never received the application and I have called about a week and a half ago. The representative had said that the application was remailed to the address but again I haven’t received it.
Regards
I am deeply sadden by PenFed. I've been a loyal member for several years and have never had not issue. Now, that I applied for a home refi loan it seems as though they are completely oblivious to customer service and communication that we as members deserves. I have never conducted business with a bank or credit union that don't want to service their members. At this point, I think I'm going to pay off my auto loan with one payment and move my money to Navy Federal where I'm being treated white glove service.
Shame on you Penfed.
Dear Member,
I’m pleased you chose us for your home refinance but disheartened to learn of our lack of communication. Our mission is to be a worthy financial partner and it is imperative we engage with you at the first point of contact.
As challenges arise, our leadership team is tasked to take ownership and provide the personal service you deserve. I understand you spoke with a Mortgage Resolution Ambassador on August 8, 2019 and hope you feel your feedback was heard.
We are currently experiencing higher than normal volume. While we’re proud of our success, I recognize this abundance must be accompanied by best-in-class service.
We are committed to restoring your confidence in PenFed should you allow us that opportunity.
Sincerely,
EVP/President, Mortgage Banking
Auto loan payment falsely reported as over 30 days late,all payments to loan have made and processed in less than 30 after due date.
Dear Member,
We received your Revdex.com complaint on August 8, 2019. We appreciate the opportunity to address your concerns.
We reviewed your payments to your PenFed Auto Loan and found the amount paid for the July 2, 2019 due date was $2.00 shy of the full amount due. The additional payment was not made until August 7, 2019 creating a 30-day delinquency.
It appears your intent was to make the full and timely payment, but the payment amount was entered incorrectly. We therefore submitted a request to the three major consumer credit reporting agencies, ***, ***, and ***, to remove the late reporting.
You can change your due date if a date later in the month would be helpful. Please contact us at and a Member Service Representative can assist you.
We hope this courtesy adjustment is helpful for you, and fully resolves your concern. Thank you for choosing PenFed for your auto financing.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
[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
Pen Fed held the title to my car and has lost it. if I drive it I may get it a lot of trouble. we has requested they locate it ans send it to me so I may get NC TAGS. They claim Va has it as I have moved from Va to NC.
Dear Member,
We received your Revdex.com complaint on August 7, 2019. We appreciate the opportunity to address your concerns.
We would like to thank you for financing your vehicle with PenFed. We are very sorry to hear of the issues surrounding the release of your title, and that this experience has left you with unfavorable impression of PenFed.
We certainly understand the importance of promptly releasing a vehicle title after the loan is paid in full. Our Collateral Control team thoroughly reviewed this situation and found your title was not released in a timely manner due to unforeseen delays stemming from the Virginia DMV. We would prefer that delays never happen, and we certainly do our best to prevent them. You always deserve best-in-class service from us.
We are pleased to report the title was mailed to you on August 2, 2019. A Collateral Control Supervisor called you on August 7th and 15th, to discuss this situation in greater detail and answer any other questions you may have. We encourage you to return his call.
Thank you for being a PenFed member. We value every opportunity to assist you with your financial needs.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
Penfed offered me a credit card. I fell behind in payments but began to catch up with an agreed amount per month. They vowed not to report me to an agency or remove my account. After two large payments they did both of those things. Three operators falsified statements about actions and had terrible customer service skills. I am now making smaller payments and wish to settle the debt but do not trust their practices. Therefore I wish to report them.
Dear Member,
We received your Revdex.com complaint on July 31, 2019. We appreciate the opportunity to address your concerns.
In response to your complaint, the communication between you and our Delinquency Control (DCC) team about your PenFed *** Signature account was reviewed for quality control. We strive to provide exceptional service in every interaction and expect our representatives to exhibit professionalism at all times.
We made fixed-payment offers to you throughout your contact with DCC. However, the payment amount changed over time when you did not act on the offers and as your balance due changed. We appreciate your continued efforts to repay the debt and accept our most recent fixed-payment offer.
Thank you for submitting a Hardship Application for our review. We recognize the unease that accompanies the need to request such assistance and regret our documentation requirements were a hindrance for you. I understand you elected to withdraw the application.
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 obtained through these agencies is reliant on all financial institutions reporting full and accurate information.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
[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 over the phone I spoke with three reps and set up a payment. Then I scheduled monthly payments online. I want copies of the phone conversation transcripts.
Regards
Penfed finance my vehicle, which is a 2017 ***. I have car insurance with ***. Penfed applied their own car insurance to my car payment in the month of July. I did not agree nor gave them permission to add their car insurance to my account. I provide Penfed my car insurance policy number with *** on July 20, 2019. *** also faxed and emailed Penfed my policy information on July 20, 2019. My original car payment was $688.00. My car payment in August is $826.00 with their car insurance, which I did not give Penfed permission to add their car insurance to my account. I've been insured with *** since the month of March.
We received your Revdex.com complaint on July 24, 2019 and appreciate the opportunity to address your concerns.
Your Auto Loan Promissory Note states you must have insurance coverage during the life of the loan and PenFed will purchase limited comprehensive and collision insurance coverage in its absence. We received an *** policy with a January 29, 2019 start date and a subsequent cancellation dated March 17, 2019.
We mailed you letters on April 17, 2019 and May 13, 2019 stating we required coverage verification. After no response, we added a $3,472.00 Collateral Protection Insurance Premium to your loan balance. That increased your monthly payment and provided coverage for March 17, 2019 through March 17, 2020.
Thank you for providing verification of your *** policy on July 23, 2019 with coverage beginning April 23, 2019. We mailed you a letter on July 26, 2019 stating a refund will be processed to your loan. On 7/30/19, we processed the refund for $3,472.00. Your monthly payment is now $688.69.
We trust our actions fully resolve this matter and we hope you will keep PenFed in mind for your future financial needs.
Sincerely,
Vice President, Loss Mitigation
I have a home mortgage with Pentagon Federal, and one of their employees took $1286 out of my escrow without my authorization. They did not notify me of this error, I had to find the mistake on my own and track down where this employee sent my money. In the two months since I have notified the credit union of their error they have not refunded the money to my account. In every interaction I have with them, they act as though it is my job to find my money if I want it back.
PenFed took my money out of my account without my authorization or approval, upon realizing their mistake they should have refunded my account immediately. Instead they continue to act as though the burden to get my money back somehow lies on my shoulders and that refunding me my money is somehow not their responsibility. Obviously, I am moving all of my other banking accounts over to *** Federal Credit Union, but as my mortgage rates are locked in with PenFed I don't have any mobility with that account.
Other than taking my business elsewhere, there seems to be little that I can do to convince PenFed that they are responsible to refund me that money since they are not authorized to take money from their customers' accounts without the customer's approval. I have filed complaints with the regulatory agencies that oversee PenFed, but I have not yet heard back. I would appreciate any assistance that Revdex.com can lend me in getting me my money back. Thank you.
Date: Tue, Jul 30, 2019 at 4:36 PMSubject: RE: [EXTERNAL] Re: Complaint ID; ***To: *** <***@myRevdex.com.org>Hello ***,PenFed is resolving this issue with *** through the Consumer Financial Protection Bureau (CFPB).Please let us know if you need anything else.Thank you,Briana HExecutive Correspondence Officer
Their website advertises points which can be accrued from using their credit cards which can be redeemed for various items including gift cards. I redeemed my Penfed points for *** gift cards (no expiration date). Eight of the *** gift cards (all without expiration dates and were mailed to me in 2018) I received from Penfed are non-functional (you can verify there is a balance but you cannot use it in-store). *** does not accept their own gift cards as a form of payment which only leaves you to redeem their gift card in-store. I contacted and mailed the non-functioning gift cards back to *** to ask for replacements. They sent the gift cards back to me explaining that since I received these from a third party (not directly from ***), they cannot replace them and I must go back to the 3rd party (Penfed). *** also stated they had an on-going issue with their 3rd party vendors regarding an activation issue which their vendors should be well aware of. After several calls to Penfed, they have informed me that the vendor they use to obtain these gift cards are not responsible for "damaged" gift cards therefor it is not their problem that I cannot use the balance on these gift cards. I have offered to mail these cards back to Penfed but they refuse to accept any responsibility for them. If their policy is that they can send you non-functioning (fake gift cards) at their discretion, then I would accept that but it needs to be clearly stated on their website and in the fine print of their credit cards and services which it is not. I simply want what I purchased with my points; valid/functioning gift cards or a refund of my Penfed points.
We received your Revdex.com complaint on July 17, 2019. We appreciate the opportunity to address your concerns.
Thank you for sharing your feedback regarding the *** cards you received by redeeming your Platinum Rewards *** Signature points. We apologize your experience was not positive. We’re continually evaluating our programs to ensure you receive the best value possible.
We understand you recently spoke with a PenFed Manager to begin a resolution. Our Card Operations team is currently working with our rewards provider and will contact you as soon as possible.
Sincerely,
Executive Vice President, Consumer Banking
[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, a Penfed representative has contacted me and this issued has been resolved to my satisfaction.
Regards
Lending practices, I asked bank who they pull credit from they said Equifax. They denied my loan based on 545 fico score and few accounts that are in collections.
I provided them proof that my actual score with Equifax is actually 634 and that I was a victim of credit fraud and provided them with proofalong with agency handling my credit fraud complaint they were rude and condescending towards me and refuse to entertain my concerns.
We received your Revdex.com complaint on July 1, 2019. We appreciate the opportunity to address your concerns.
We regret you are a fraud victim, and that we were not able to approve your Auto Loan request based on the information appearing on your consumer credit report. Thank you for providing the letter from *** Advisors; however, this letter did not include specifics of the inaccurate information on your report. Therefore, we were not able to approve your application.
We are now reviewing your request with the addition of a co-borrower and awaiting documents from that individual.
Thank you for considering PenFed for you auto financing needs.
Sincerely,
Director, Consumer Underwriting and Processing
My husband and I have a joint account through Penfed. We recently refinanced his vehicle through them in which we've never had any prior issues. Well, he made a payment online Sautrday, however, Tuesday morning they took the payment out twice resulting in our regular checking account to become overdrawn. He calls the customer service number and the lady tells him he set it up on autodraft. We never signed a form nor gave verbal permission for them to do autodraft. Then, she told us the money would be back in our account in 2-3 days. So, Friday rolls around, the money is STILL not back in our account so he calls again. Then a different guy proceeds to tell him they transferred it into his savings account through them. That they can't transfer money back into an non Penfed account. So, we are looking at ANOTHER 6 DAYS BEFORE WE POSSIBLY EVEN GET OUR MONEY BACK. How is this legal to begin with without consent? And how is it possible for said institution to take money from a non Penfed account but cannot put money back in to that account? We need our money back and this is absolutely unacceptable!!!!!
Dear Member,
We received your Revdex.com complaint on June 21, 2019. We appreciate the opportunity to address your concerns.
We regret there was a problem with your PenFed Auto Loan payment. As you noted, you made the first payment through the PenFed Online banking service on June 15, 2019. However, on May 23, 2019 we had received a signed Loan Payment Instructions form requesting that we initiate monthly payments on your behalf. Therefore, on June 17, 2019 we also processed a payment.
As a result of your phone call on June 18, 2019, we reversed one of the payments on June 19, 2019. Our Member Service Representative explained during the call that we would place the funds in your PenFed Share account, and you were responsible for then transferring the funds to your account with your other financial institution. When you called again on June 21, 2019, we arranged to send the funds to you by ***.
We reviewed your phone calls and found our communication could have been clearer. We shared your concerns with management to be used as a training tool. Please accept our apology for the inconvenience caused you.
Going forward, we will not process the monthly Auto Loan payments and you should continue to make your payments through PenFed Online.
Thank you for choosing PenFed for your Auto Loan financing. We hope with this matter 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,
Senior Vice President, Regional Service Center
I got an auto loan with PenFed in August. Preliminary info sent to them, they sent a check for the car pretty promptly ... great. For 10 months they have requested a particular document notarized granting them a lien on the car, over 5 times. Each time I have the same document notarized and returned promptly by mail. About once every 6 weeks or so, they send me a notice that they don't have all the necessary paperwork (which is NOT my problem, I sent EVERYTHING to them quickly and the aforementioned document back FIVE SEPARATE times !!!), and that my rate will now change from 4.24% to 14%. It's very funny to think that I would allow them to extort me due to either their incompetence, or some recent scam they are running. 4.24% is the EXACT amount PedFed will get on this loan, the contractual ... ever ... period. It IS possible that they will net less, as I will be forced into litigation for harassment, and WILL extract money from them in a court of law if the harassment is continued. If this is needed, I will use ALL proceeds of the settlement to assist other abused / cheated members of PenFed. I will in each successful case retains 50% of the settlement, to assist others in legitimate litigation against PenFed. PenFed can probably appreciate the exponentially detrimental effect of such a chain of events. I will also publish my strategy, and encourage other PenFed members to seek justice, and assist them.
If people pay this type of extortion, and don't complain, think how financially advantageous it will be for the crook or incompetent slob (can't tell which) leading PenFed. Unlike most normal businesses, including large worldwide operational companies, there is NO contact information for the leadership of this organization. This is NOT normal, I have been contacting 'C' level executives on rare occasions for 40 years, and companies normally have this contact information available, albeit with some effort. PenFed executives contact information is hidden as if they were IN TRHE PENTAGON, or the federal witness protection program ... or are criminals.
We received your Revdex.com complaint on June 10, 2019. We appreciate the opportunity to address your concerns.
We regret your experience with us has not met your expectations. We strive to take perfect care of our members and are sorry we let you down. After receiving your title in
August 2018, we should have mailed you paperwork to assist us with placing our lien. Regrettably, we did not send this paperwork until December 2018. We apologize for the delay.
We received your completed lien placement paperwork in April 2019, and in May 2019 received confirmation from the North Carolina DMV that our lien has been placed. We adjusted the interest rate and payment on your loan to the original terms.
Thank you for speaking with our Automotive Product Experience Senior Manager on
June 10, 2019. We hope your call allayed any remaining concerns. We are grateful for the trust you have placed in us to meet your financial needs and look forward to serving you for many years to come.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
[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 had to contact the CEO of Pentagon Federal in order to resolve this, his Executive Assistant was instrumental in resolving, and in explaining the growing pains and problems at PenFed. I have reviewed the response made by the business in reference to complaint ID, and find that this resolution is satisfactory to me, provided that PenFed doesn't backslide into again loosing the paperwork ... as it did 4 times prior.
Regards
On 6/2/2019, I called into PenFed because someone internally changed my security questions on my account -preventing me from accessing my account information and making a payment on my credit cards. I spoke to Eric, and was told that I had to send in notarized documentation to validate who I was. I asked Eric, if this request was normal procedure, and I was not paying a notary. I asked Eric for a copy of PenFed policy which confirmed this request was required of ALL customers. Eric told me he could not give me a copy of the policy and this was not something all customers had to do. I told him the request was a UDAAP violation and asked for the corporate office. He did not know the corporate number to give me. I asked to speak to a supervisor. I told the supervisor, Maddy, in the operations department, and was told that per the Patriot Act, if PenFed wants to be overly cautious, I would need to pay for a notary and have notorized documents sent in. Using the Customer Identification Program (“CIP”), in verifying identity should be reasonable and practicable - not targeted and discriminatory.
We received your Revdex.com complaint on June 3, 2019. We appreciate the opportunity to address your concerns.
I am sorry to hear of your difficulties accessing your PenFed accounts. Per your recent report of identity theft, we must be especially cautious and take additional steps to verify you, particularly when changing demographic information on your account. We have been unsuccessful in our attempts to verify your identity through normal channels over the phone and must request additional identity documents.
You may review our Member Disclosures regarding our Customer Identification Program on our website at https://www.penfed.org/forms/penfed-membership-disclosures. I assure you our request for additional identity documents from you is not a UDAAP violation and is solely based on the suspicious account activity.
If you prefer, you may bring your documents to a local branch so we can verify your identity and provide them to our Fraud team to review. Otherwise, you may send notarized, color copies of your driver’s license, Social Security card, phone bill with your correct address, and a written request to update your phone number to [email protected] or fax them to .
We look forward to helping you resolve this matter and restore your account access as soon as possible.
Sincerely,
Senior Vice President
We received your second rebuttal to our Revdex.com response on June 19, 2019.
Thank you for providing us with the requested documents. Based on our review and verification of the documents provided, we have unblocked your account so you may now access it online.
We apologize for any inconvenience we may have caused you in providing us with the requested documents. Due to the high incidents of identity theft all financial institutions face, we hope you understand that the extra precautions we took were to protect you and your account from unauthorized activity.
Sincerely,
Senior Vice President
*** Fraud Management
[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