PenFed Credit Union Reviews (%countItem)
PenFed Credit Union Rating
Address: PO Box 1432, Alexandria, Virginia, United States, 22313-1432
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Having my car loan through PenFed credit union has een the worst decision I have ever made. I have had nothing but issues. Today took the cake. After already making my car payment on the 12th of this month (like every month) ANOTHER payment was taken from my account not an authorized payment.
m. This entire company is nothing more then a big scam. This is just one example of how PenFed has not only scammed me, and taken my money without my consent. I have plenty more and I have only had this loan 8 months. I will be speaking with a lawyer regarding this, and will be reporting "Jose".
I assumed it would be an easy fix. I work in finance. I figured they would simply reverse the payment as it is essentially an ACH payment there should be no issue. Boy was I wrong.
My father is a cosigner on my loan. Im young, and in order to get the best rate he cosigned with me. The payments do not come from his account, or a shared account. It comes directly from my debit account. The supervisor, named Jose, tried to tell me they were unable to reverse this charge into my account that because my father is the cosigner and viewed as the loan holder with me! as the cosigner (which is not correct) it would be transferred into his account. I then pointed a few things out.
1)- this transaction was not authorized. It is illegal to withdraw money from someones account like this.
2)- If you reverse a charge the institution can not pick and choose where the payment goes. When reversing a charge the payment is suppose to go directly back to the account it came out of.
3)- my father does not make the payments. I do. This money came out of my account. We do not have a "shared" account as he kept referring to, nor does my father have an account with Penfed as he also referred to twice.
This man Jose was incredibly rude. I will admit by the end of the conversation I was raising my voice and extremely angry. They had basically stolen money from me and were not going to give it back. He intentionally mispronounced my first and last name. At first glance I could understand why someone wouldnt be able to pronounce my last name correctly without hearing it before. The first time he got my first and last name wrong I corrected him. I corrected him 4 times in fact and he continued to get my name wrong, clearly trying to be rude.
I then asked for his name, which is when he said his name was Jose. Now I know how to spell Jose but I did just want to make sure I got the correct spelling. People spell simple names in different ways all the time. I asked 5 times for the spelling of his name. Each time he responded with "Jose" he refused to spell it for me. After this I then asked how to even get the transfer. He explained my cosigner (my dad) would need to call in and request it. Fine. This isn't the situation I want to deal with but fine I was willing to in order to get my money back. I asked for the number and his extension so when my dad called he could speak directly to him. He wouldnt give me the number, I know I could look it up but really? and then tried to say they do not have extensions. My issue with that is if he is a supervisor wouldnt he need an extension? How do coworkers reach you if you do not have a direct line? This man is pure s
If I could go back I would have never! gone with PenFed. I would strongly encourage people to go anywhere else. I will be refinancing my car as soon as possible to get away from this nightmare.
We are very sorry to hear of the challenging phone call you recently had with a PenFed representative. Providing a positive experience with every interaction is our primary goal. We regret we did not meet this commitment in our discussion with you.
Regrettably, thus far, we have not been able to reach you to discuss this matter and your loan. We will continue to reach out to you, and look forward to the opportunity to offer further clarification and apology.
Pentagon Federal offered to give a loan for consolidation they pulled my credit said I had excellent credit but declined me
We received your Revdex.com complaint on May 15, 2018. We appreciate the opportunity to address your concerns.
We know you have many choices in the financial marketplace, and appreciate that you chose to apply on May 15th for a $17,500 Bill Consolidation Loan with PenFed. We cannot know if an application will be approved until it is reviewed with your consumer credit report.
Your willingness to speak with our Underwriter on May 18, 2018 and expanding on your experience is very much appreciated. I understand we were able to approve your request, with your agreement to close your unused credit line. I was pleased to hear we were able to find an amicable solution, and approve your loan. I hope the loan is helpful in consolidating your other debts.
Thank you for being a member of the PenFed community. We value every opportunity to assist you with your financial needs.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
PENTAGON SERVICE MEEMBER CHANGED MY CHECKING OUT FROM BASIC ACCOUNT TO SOME FORM OF DIVDENS ACCOUNT, AFTER I TOLD THEM NO, AND WITH OUT PERMISSION, THE DID IT ANYWAY. WHEN I ASKED TO PUT ACCOUNT BACK TO ITS BASIC STATUS, I WAS TOLD, SORRY CANNOT GO BACK TO THE OLD TYPE OF CHECKING ACCOUNT.
We received your Revdex.com complaint on May 14, 2018. We appreciate the opportunity to address your concerns.
Upon receiving your complaint, we thoroughly reviewed the circumstances surrounding the April 27, 2018 switch of your checking account from PenCheck Access to the Access America Checking account.
It is our understanding you spoke with an Operations Officer on April 27th and requested checks. During the call, we suggested that you switch to the Access America Checking account in an effort to save money on your check order, as well as the opportunity to earn dividends on your balance. It was our understanding you agreed to the change, and the check order was placed at no cost. As promised, there was no change to your account number, and I see you already earned a $7.15 dividend on May 7, 2018.
We would appreciate the opportunity to discuss this matter and your PenFed checking account options with you in detail. Please contact us at *** and a Member Service Representative will transfer you to management.
We look forward to speaking with you and ensuring you are completely satisfied with your PenFed accounts, and our service.
Sincerely,
Senior Vice President, Operations
I have been working with *** with *** who I am in the process of getting a mortgage. *** promised me that she would keep my up to date on rates and she would let me know when there was a change in interest rates so I could file a rate lock. A couple of weeks passed and I checked in with her. To my surprise, rates had changed and she did not communicate with me and is know changing her story saying that I am confused. I am not confused and fully understood what was agreed too. I tried to work with ***, and then her manager, Lori C and they are not willing to honor their commitment to me. The plan to charge me 1/8 to 1/4 % more than originally offered. My realtor is assisting me with this as well and is shocked by the lenders behavior.
We received your Revdex.com complaint on May 9, 2018. We appreciate the opportunity to address your concerns.
We are committed to providing superior service to our members in every interaction. We feel clear and consistent communication with you during the processing of your mortgage application is essential. In response to your complaint, we examined the correspondence between you and the assigned Mortgage Loan Officer (MLO).
You had several conversations with the MLO about locking the rate on your application for a new home construction. I understand the MLO explained that you could lock the rate for 60 days, and discussed the costs involved if you should want to extend that rate beyond the lock period. We understand it is frustrating when rates go up and a lock was not established, just as when rates go down and a lock was executed at a higher rate. Rates change daily and we do not guarantee the rate anyone would receive in the future, which is why we present options for rate locks. Our policy is to provide applicants with information about rate locks and allow them to choose when they would like to do so. I understand you locked your rate on May 11th at 4.375%.
Thank you for speaking with one of our Mortgage Ambassadors about your experience. I believe member feedback is often the very best source for us to learn and improve our products and processes.
We are grateful for your interest in our real estate products, and value your membership with ***.
Sincerely,
Senior Vice President, Mortgage Operations
I am extremely disappointed with PenFed. I had a personal loan application for a home renovation project for about 20K to do some backyard work which would add to the home equity by another 10 percent (which will be already at 20 percent over when complete). I have excellent credit scores of 717,747, 741 for three bureaus and my income is over 20k a month. My debt to income ration is well within the guidelines. I was denied by PenFed because they said I have over 135K of unsecured lines of credit that I did not want to use to rack up my credit cards. There explanation is that is a problem!
So if I have excellent credit, I have credit cards that I don't want to use and I am being responsible to ask for a 20K personal loan for home improvement which will add equity to the house, PENFED says use your cards as you have unsecured line of credit. This is absolutely frustrating and disappointing. Being a PenFed customer for over 20 years, I didn't expect it! They cannot support a home buyers dream to help them out for a backyard renovation project with excellent credit and are basically saying use your credit cards. I am being responsible and calling them to apply for a loan for the exact reason of not racking up cards and they encourage to do that! I have never heard this or seen customer service like that. I support and work for the federal government for over 12 years driving health care fraud analytics and I am getting turned down for something as a home improvement project for my family. I am extremely disappointed!! My application number is 11703627
Dear ***,
This letter is in response to your complaint filed with the Revdex.com. It was forwarded to Pentagon Federal Credit Union (PenFed) on May 2, 2018.
I would like to thank you for your over 10 years of PenFed membership. We are grateful for your support and loyalty.
I regret we were not able to approve your recent application. Our lending guidelines place a limit on the amount of unsecured debt a borrower should carry based on their income. While you have substantial and stable income, the balances owed on your credit lines as shown on your consumer credit report exceed the ratio we allow.
You are entitled to a free copy of the *** credit report we used. You can request it by:
Visiting: www.***.com/fcra/
Calling:
Writing to:
*** Information Services LLC P.O. Box *** Atlanta, GA ***
We would be pleased to reconsider your application if the credit report information is incorrect.
While we are not able to assist you with your current renovation project, we hope to be able to do so in the future.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
We received your rejection of our May 8, 2018 response to your Revdex.com complaint on May 11, 2018. We appreciate another opportunity to address your concerns.
I am disappointed to hear of your dissatisfaction with our service and prior responses to you about your Personal Loan application. At times, when a member is dissatisfied with the outcome of a request for credit, we may suggest adding a creditworthy joint borrower to strengthen an application. We cannot know if this action will change the outcome until we review that borrower’s income and credit information, as well as the complete application with both borrowers.
While we were not able to approve your request with the joint borrower at this time, I am grateful for your interest in a Personal Loan, and for the opportunity to serve you over your many years of membership. Thank you for being an engaged member of the PenFed community.
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: three different people ran the numbers and told me I will be approved and applying with my wife and I still got denied! DO NOT MISLEAD your members just for the fun of it. My wife's income, score and debts were taken into account when suggesting to apply by THREE of your reps! I am not interested in pursuing PENFED for anything in the future. I feel you mislead your members and your ads in television about helping families and members do not truly represent the service you provide.
Regards
me and my husband bought a brand new car in DEC 2017- the car wqas totaled by a deer on 3/29/2018 they received the ck from my insurance company for their part and I requested a copy of the ck over 2 weeks ago in order to send into my GAP insurance so they could take care of their part-as of today no copy of the ck or an e-mail response bk. my husband called them today to inquire where the copy of the ck we requested was he was told as soon as they could get an electronic copy of the ck they would send it I requested that over 2 weeks ago when they got the insurance ck to begin with- after that ck was posted I did receive in the mail a letter stating that my loan would continue to draw 3.21% interest on a daily basis. well if you can send that out why not send my copy of the ck out. now here it is 2 weeks later no ck copy and they want another payment on my account. I have all the e-mails requesting all the times I ask for a copy of the ck and the several times we have called requesting the same thing. also they want full payoff on the car even though it will paid off early so my insurance will be paying 32,000. for a 3 month old vehicle- can we guess who came out on top with that one- PenFEd made 32,000 off a totaled 3 month old car. but they are dragging their feet to help me settle this cause all they are doing is ripping me off for even more money. stay as far away from this company if you want to be treated like a human being.
We received notification of your Revdex.com review on May 2, 2018.
We are very sorry to hear of the delay providing you with the information you requested. You deserve to receive prompt and courteous service, and we regret we did not provide it for you in this case.
We completed your request and hope you now have all the information you need to complete your claim.
Thank you for being a member of the PenFed community. We look forward to our next opportunity to serve you.
I've been with PenFed since I was 18. Almost 40 I have pulled almost everything away from using PenFed due to their absurd rates and little interest paid on savings accounts. So I decided to give them one last go for a loan since they are advertising a 6.49% rate. What do they do they drop the ball once again. It's a game of bait and switch who on earth is going to get that rate. Both my wife and I have an 800+ credit score and we are approved but not at the advertised rate. No they come in at 9.99%. Have you ever wondered why we decide to go elsewhere? Why can get a loan from Discover for the 6.99% they advertise or why when we bought our car we got it for 0% interest through the Dealer for 5 years? I can't even get an answer as to why we were given a 9.99% other that just because. Yet when we come to you the rates are through the roof. It wasn't enough that when my credit card was compromised a number of years ago I called only to find out the 24 hour support was gone. Shame on you. I can not recommend PenFed and their bait and switch false advertising tactics to anyone ever.
We received your Revdex.com review on April 27, 2018 and appreciate the opportunity to address your concerns.
We regret we were not able to approve your recent credit request for the lowest possible rate. We want our members to fully understand the rate they may receive; therefore, all of our advertising states loan rates are “as low as” with an explanation that the rate is based on application and credit information.
There are several factors that contribute to the approved rate. I hope the conversation you had with one of our Senior Lenders on April 28th helped in understanding the rate you were offered.
We are grateful for your many years of PenFed membership. We hope you will continue to consider PenFed for your financial needs.
Sincerely,
Senior Vice President/Chief Credit Risk Officer
After selling my car to a private party I deposited two 5,000 checks into my account in order to payoff the loan. After the checks were released from a hold and payments were made to my auto loan, PenFed put my checking account In the negative over 10,000. There was no explanation of why as it was not listed on my transactions. This caused checks to bounce that I had written. After my wife and I called multiple times we were treated terribly. We were questioned where the 10,000 went. We were treated like thieves. Clearly, we paid off the loan we have with PenFed. We were also told the checks bounced because we did something wrong because once the account was no longer negative that amount there was no evidence it ever was. Then to top it off PenFed rejected a check I deposited for no reason! The money was in the account it was written from and it never processed.
PenFed closed my bank account because of their error and when I called on several occasions to resolve the issue they treated me like a thief!
Dear ***,
We received your Revdex.com complaint on April 24, 2018. I appreciate the opportunity to respond to you.
Upon receiving your complaint, we carefully reviewed your account activity. The $5,000 deposits made through the PenFed Mobile App on April 7, 2018 and April 9, 2018 were successful; however, they were subject to the standard two-business-day hold, and $1,500 of each of the deposits was available on April 11, 2018. I understand as the proceeds of the two $5,000 deposits became available, you transferred funds to the loan as intended, and the auto loan is now paid in full.
Regrettably, your two April 5, 2018 $400 mobile deposits, and your April 10, 2018 $1,600 mobile deposit were returned to us by the issuing institution due to non-sufficient funds. The return of these deposits caused outstanding checks to be returned. We do not show that your checking account was ever overdrawn by $10,000. After the return of these deposits, you were left with an overdraft of $1,559.64 to your primary *** Checking account, and we closed the account. I would like to thank you for promptly resolving the negative balance on April 20, 2018 with your Automated Clearing House (ACH) transfer on that date. Although we closed your over-drafted checking account, your other checking account remains open for your use.
Please accept my apology for the poor service you received when contacting us for help with this issue. We recognize the responses our representatives provide directly affects you; therefore, it is imperative that we deliver exceptional service in every interaction. I shared the details of your situation with all levels of management. I believe member feedback is often the best source for us to learn and improve our products and processes.
I hope my response in this matter alleviates your concerns and we are on our way to rebuilding your trust in our ability to meet your financial needs.
Sincerely,
Senior Vice President, Operations
I purchased a vehicle with Pen Fed Credit union and at the time I purchased the Gap insurance with the vehicle. My car was total loss on 1-22-18 My car insurance submitted their claim and paid their part. It was a balance of 1300.00. I have been calling pen fed since 2-6-18 to process the claim no one could help me until I sent a email to corp ofc. They process on 3-9-18. I spoke with the gap insurance person on 3-27-18 she told me she sent a check to pay this balance off. Pen fed said they have not get the check. When you call customer service they tell you they will call you back and never will. I have been done everything on my part to get this process. They has been going so since 2-6-18 from first day I started calling and taking notes.
This has been resolved
I applied for a vehicle loan at *** on January 19, 2018. They ran my credit with *** which appears on my credit report with *** twice. I disputed this with *** and contacted *** and no one to tell why there are two inquiries into my credit. I have a fraud alert on file with all of the credit agencies. No one for *** contacted me before pulling my report.
Dear Ms.
Your complaint filed with the Revdex.com regarding ***’s (***) credit inquiry was received on April 11, 2018. We appreciate having the opportunity to address your concerns.
We received a request on January 19, 2018 to review your application to finance your purchase of a vehicle from ***. We submitted a request only once to *** for a copy of your credit report. It is our understanding your application may have been shared with other potential lenders, and their inquiries may also appear on this same date.
When there is a fraud alert or comment on a consumer credit report, we contact the consumer prior to issuing a new account or loan. In your case, we did not move forward with your application, therefore, no contact was needed.
We hope we have fully addressed your concerns. If you have questions about the submission of your application, I suggest you contact the dealership.
Sincerely,
Vice President, Consumer Underwriting
I have had numerous used and new car loans through this banking establishment and never had any issues until now. My current used car loan has had a *** (insurance) added to the loan through the bank twice now without informing me of placing this against my loan. The first time happened in September of 2017 I contacted the branch and had it removed which took a couple weeks to accomplish. Recently the *** (insurance) was placed against the same loan again without informing me on March 16th I went into a branch to have it removed once again and I have provided all the necessary paperwork. It is now April 11th and they have not removed this. I have been back to the branch numerous times to have this corrected and no one seems to be able to help me with this matter.
Dear Mr.
Your complaint filed with the Revdex.com regarding your *** was received on April 10, 2018. I appreciate having the opportunity to address your concerns.
Thank you for making us aware of your concerns regarding your ***. I am sorry there were problems verifying your insurance coverage.
As noted on the loan documents you received when your loan was disbursed in 2016, we require proof of comprehensive and collision coverage with *** listed as the lienholder on the policy. If we do not receive this proof, we may purchase limited comprehensive and collision insurance at your expense.
We received notice of the expiration of your insurance policy from your vehicle insurance carrier. We mailed letters to you on December 20, 2017 and January 17, 2018 that proof of your insurance had not been provided. As of March 16, 2018, we still had not received your proof of insurance and in turn purchased Collateral Protection Insurance for your vehicle.
Thank you for responding to our request and visiting the *** Branch on March 22, 2018 to provide proof of your new insurance. Regrettably, there was some confusion about the documents you provided, and they could not be matched with your vehicle due to missing information, or the information being in Japanese. Please accept my apology for our lack of communication with you on this matter. This is not representative of the level of service you deserve as a member of ***.
The Automobile Insurance Policy and accompanying documents you provided were added to your file. We will refund to your loan the $1,248 Collateral Protection Insurance policy added on March 16, 2018 for the lapse period of November 17, 2017 to November 17, 2018. We will effective date the refund to March 16th to reverse the additional interest accrual.
We have added a note to your file in the hopes of preventing this issue in the future. It would also be helpful if your insurance carrier added your *** loan number to your insurance documentation.
I hope this response and the refund to your loan fully resolve this matter. We very much appreciate that you chose *** for your vehicle financing, and look forward to future opportunities to serve you.
Sincerely,
Vice President, Consumer Underwriting
be very weary on dealing with this credit union. ive been a member of credit unions since 1989. this one isnt there to help you I can say by my past and current credit unions I have now. they are holding amount due by leasing company until they sell/buy or whatever do with it for over 3 months isnt acceptable. if you miss payments for three months what do u think they will do? repo right but as a customer they hold that debt on u for 3 months and its ok for them. but as customers we expect them to help us not take advantage of us.becareful with this one is all I can say from experience
Been with them for over a year, Have a credit card with them in good standing was told when I opened the account that as long as I make on time payments with them and other credit cards I would be able to get a CLI in six months. I pay in full almost every month all my credit cards haven't missed any payments to anyone in years yet I still get denied every time mean while my other cards are giving me an increase without even asking, I prefer to use my penfed card because of the 2% cash back but if I can't make in progress with it whats the point of using it. I started my account with them with a credit score around 500 and now its pushing 700+.. It would be nice to get down to just having 1 card and not having to worry about going over 30% usage at any given time.
Dear Mr. Bartz,
Your review filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) Visa account was received on April 5, 2018. We appreciate having the opportunity to address your concerns.
We are pleased we were able to assist you in rebuilding your credit standing by providing you with a Visa account in September of 2017, and also approving a $500 credit line increase since that time. While good management of your PenFed account is a factor in our decision on your subsequent requests, we also consider how you are managing your overall credit and debt. At this time, based on the information provided on your consumer credit report, we are not able to approve an additional line increase.
We appreciate that you turned to PenFed, and we hope to have future opportunities to assist you.
Sincerely,
Vice President, Consumer Underwriting
Absolutely unacceptable that PenFed does not have a principle only payment option on their website. To make additional payments towards principle, the account holder must call PenFed and wait until a representative is available, request a payment, and then be placed on hold again while they get manager approval for the principle payment... very shady business practice!
Thank you for choosing PenFed for your financial needs.
We regret you are dissatisfied with PenFed’s online service when making payments to your loan. We appreciate receiving your feedback and suggestion for improvement to our systems.
We shared your request for a principal-only payment option with our Product Development team for their consideration with future enhancements.
While you are not able to select a principal-only option in PenFed Online, any amount you pay above your regular monthly payment will be applied entirely to the principal balance if both payments are made on the same date. If you prefer to the make the principal payment on a subsequent date, a phone call to our service center is required.
We hope this information is helpful with your future payments. We look forward to serving you for many years to come.
Sincerely,
Senior Vice President, Operations
I opened two auto loans with Pentagon on November of 2017. These auto loans, after 5 months, are not being reported to ***, since they are not reflecting on my report. I have constantly called NUMEROUS times, only to be told by PenFed that they are reporting the information correctly, but failing to provide any evidence. I have also contacted ***, and they inform me they have not received the information, and they cannot report something they do not receive. This is on PFCU's fault. By not reporting ACCURATE information to my report, this affects my credit ADVERSELY.
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) auto loans was received on March 19, 2018. I appreciate having the opportunity to address your concerns.
I apologize for the difficulties you have had resolving the reporting of your PenFed accounts to the consumer credit reporting agencies. This is not reflective of the best-in-class service you deserve.
Upon receiving your complaint, we thoroughly reviewed our reporting of your auto loans to the three major credit bureaus, and confirmed we are reporting accurate information for both loans. We believe the integrity of the information obtained through the credit reporting agencies is reliant on all financial institutions reporting full and correct information.
In the hopes of resolving this issue, we reached out to *** on your behalf, and they confirmed there are internal issues with your consumer credit report related to your name, which only they can resolve. Please contact *** Consumer Services at for further assistance with this issue.
We hope this information is helpful for you as you look to resolve this issue with ***. We value every opportunity to assist you with your financial needs.
Sincerely,
Vice President, Consumer Underwriting and Processing
Dear ***,
Your rejection of our March 28, 2018 response to your complaint filed with the Revdex.com (Revdex.com) regarding your Pentagon Federal Credit Union (PenFed) accounts was received on March 30, 2018. I appreciate the opportunity to follow up with you.
I am very sorry to hear of the continued troubles you have encountered when attempting to resolve this issue with ***. Since our prior March 28, 2018 Revdex.com response, your name was updated in our systems to help solve the issues related to your name. Your updated name will automatically be reported to the credit bureaus with our next monthly cycle.
*** has informed us that they also manually adjusted your credit file, and your accounts should update moving forward. However, they did point out that any future disputes could block additional information again, and this could include your PenFed account information.
I hope the actions we took resolve this issue meet with your satisfaction. Thank you for being an engaged member of the PenFed community.
Sincerely,
Vice President, Consumer Underwriting and Processing
[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the response. If no reason is received your complaint will be closed as Answered]
Complaint: ***
I am rejecting this response because:
While I am pleased to know that the proper corrections have been made, in both PenFed and ***, I believe that I should not have to wait until the next monthly cycle for PenFed to send the information, due to all of the inconveniences that I have experienced. I know this information is pushed electronically, and it should have been done the moment you confirmed this with ***.
As of today, I've pulled the most recent report and the auto loans are still not showing up.
Regards
I became a member of Pentagon Federal Credit Union on May 31, 2017 and was approved for a Promise *** Card with a limit of $5,000. I used the card responsibly and generally paid in full before the next statement. On February 23rd, I unfroze my *** report so I could look into possibly getting a credit increase. On the morning of February 24th, I applied, updated two pieces of information (how long I had lived at my address and my annual income by $5,000, which is combined with that of my wife since everything is in a joint bank account). I was immediately approved for an increase to a $50,000 limit. At that point I had a -$26.25 balance since an item was refunded. I only made one charge on the card after that date, which was for $52.25. I had no intention of using the card for the rest of the week since the next statement was coming up. On March 1st, I saw that my credit limit was reduced to $0, so I contacted Pentagon Federal Credit Union (aka PenFed) and asked if there was something I could do. On March 2nd, a customer service representative contacted me and said the card was suspended for review and I needed to provide proof of identity, address and income. I did just that on the morning of March 3rd, asking only that the card be restored to it's previous limit, with perhaps a small increase since my *** score is 770, however, I did not expect anything to happen on the weekend. On March 5th, I looked at my *** report and saw that the card had been closed on March 4th. This means the customer service representative clearly lied about the suspension since there are no loan or fraud officers available on the weekend.
Dear ***,
This letter is in response to your complaints filed with the Consumer Financial Protection Bureau (CFPB), Revdex.com, and National Credit Union Administration. We will provide a copy of this response to the CFPB and Revdex.com.
I appreciate the opportunity to reply to your concerns regarding our temporary closure of your PenFed *** account. I apologize for using vague language in our March 2, 2018 email about the status of the account. You are correct, a suspension of the account versus a temporary closure is different, and reports differently to the consumer credit reporting agencies. Our Adverse Action Notice mailed to you March 5, 2018 accurately described our action as a temporary closure.
Since the opening of your $5,000 *** account in May of 2017, we approved a credit limit increase to $7,500 in October of 2017 and a second increase to $50,000 in February of 2018. We became concerned in February when we noted the number of applications you had submitted to us requesting additional unsecured credit, and this prompted our review of your applications. When we found a disparity between the gross monthly income stated on your most recent application and that on your paystub provided with your 2017 application, we temporarily closed the account on February 28, 2018 until we could obtain current income information, and ensure there was no fraud involved.
We report credit card account information to the credit reporting agencies on a monthly basis as of the account statement date. For your account, this is the fourth of the month. This is why your report shows the closure as of March 4, 2018.
Thank you for promptly providing all the documents we requested. While the CARD Act allows household income to be used for an individual credit card account, lenders are not required to do so and PenFed has chosen to use only the income of those individuals who would be account owners in our decision-making process. We have found this approach is of greater benefit to our members by reducing possible overextension of credit, and reduces the risk for the credit union.
We have concluded our review of the documents you provided, and we do not have concerns the account was opened fraudulently. Additionally, based on your income and our lending guidelines, we reopened the *** on March 21, 2018 at the $7,500 limit.
On April 4, 2018, the account information will transmit to the credit reporting agencies, and show as open and active. There will be no indication of the prior closure.
I hope my letter addresses all your concerns. Thank you for choosing PenFed as one of your financial partners. We look forward to serving you for many years.
Sincerely,
Senior Vice President
Payment Products & Services
Unknowingly, *** dropped my collision coverage only without my permission to change my policy. In turn, PenFed tagged on $3000 CPI to my loan also without my knowledge or consent. I did not realize any of this until I had a car accident. It's going on the second month and each day that passes I am still without a vehicle. I've already made two car payments during this time & on-time, I have over $1000 paid out in rental car fees and tow yard fees. I filed a claim and notified PenFed as I was supposed to. PenFed had a check from *** (CPI) for almost a month and have not issued it to the repair shop to complete my repairs. I have called probably over 50 times and I get no answers, no resolutions, employees are extremely rude. Today I asked to speak to a manager and she hung up on me. *** even said the bank is being impossible to work with. The repair shop called *** out for a second adjustment once it was torn apart and they have now deemed it a total loss. That was a week ago. Here I sit, I've called PenFed 5 times this week and I get no help and no communication from anyone. *** has requested a payoff for my loan from PenFed but this information is not being provided. No one will help me.
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) Used Auto Loan was received on March 22, 2018. I appreciate having the opportunity to address your concerns.
I am very sorry to hear of your car accident, and I regret our representatives did not support you with service excellence as you attempted to resolve this matter. Our Member Service Representatives are dedicated to providing you with the highest quality assistance when you reach out to us, and this is especially important when addressing the many issues that accompany insurance claims.
As noted on the loan documents you received when your loan was disbursed in 2017, we require proof of full comprehensive and collision coverage with a $500 deductible and PenFed listed as the lienholder on the policy. If we do not receive this proof, we may purchase limited comprehensive and collision insurance at your expense. I was informed only liability coverage was maintained on your vehicle, which is why a $3,410 Collateral Protection Insurance (CPI) policy was added to the loan on November 17, 2017 to cover the vehicle for collateral damage from July 12, 2017 through July 12, 2018.
I understand your vehicle was deemed a total loss. However, prior to this judgement, repairs had already been completed. Our Collateral Control Department staff has since been in contact *** Solutions, the Administrator for CPI, and made arrangements for the insurance settlement check to be expedited to PenFed. The second $5,637.45 check intended for the repairs will be held until the settlement check is received. Once both checks are received, they will be applied to your loan balance.
I am told *** Solutions will contact you directly should they require additional information.
I hope this information alleviated your concerns and we are on our way to rebuilding your trust in our abilities to meet your financial needs. We look forward to continuing to serve you in the years to come.
Sincerely,
Vice President, Consumer Underwriting
Penfed contracts an outside company, *** to handle their insurance policies for lien holders. I received a final notice letter from PenFed stating that if I do not furnish evidence of a physical damage insurance policy, they may purchase insurance coverage for me effective 10/24 and add the premium of $3,803 to my principal loan balance. I just received this notice from them and replied within the 10 days that they ask. I first evidence of the insurance policy as requested. Now I'm being told I have to show evidence of insurance dating back to October of 2017 or else I will still be charged for an insurance policy. I was never asked for proof of insurance for those months until now. I fulfilled my obligation that was on this final notice from PenFed and now ***, who is attempting to make money by giving me an arbitrary and retroactive insurance policy is demanding documentation that PenFed never asked me to provide. I filed a complaint with the insurance commissioner in Virginia and will be speaking to the state attorney general and my attorney next.
Dear ***,
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) Auto Loan account was received on March 14, 2018. I appreciate having the opportunity to address your concerns.
I understand your concern regarding the potential addition of Collateral Protection Insurance (CPI) to your vehicle financed with PenFed. As noted on the loan documents you received when your loan was disbursed in 2015, we require proof of comprehensive and collision coverage with a $500 deductible and PenFed listed as the lienholder on the policy. If we do not receive this proof, we may purchase limited comprehensive and collision insurance at your expense.
In March of 2017 we received a cancellation notice from Nationwide Insurance for your vehicle. We mailed notices to you on April 26, 2017 and May 24, 2017 asking for updated insurance information. On March 14, 2018 we received proof of your new coverage through *** that took effect on January 23, 2018. We were still in need of your insurance information for 2017. In our March 14, 2018 phone conversation with you, we offered to call your insurance company to confirm coverage dates; however, you did not wish to take this step.
As a one-time courtesy based on the status of your Auto Loan during the period of the insurance lapse, we waived the requirement for proof of insurance for 2017. We placed this waiver prior to the addition of the CPI policy to your loan.
I hope our waiver is helpful for you and that this response clarifies your responsibility for maintaining adequate insurance on your vehicle during the life of your loan.
Thank you for allowing PenFed to assist you with your auto financing needs.
Sincerely,
Vice President, Consumer Underwriting
I inherited several funds with this account after my mother a city worker for close to 40 years passed away. Originally her accounts were with the PSC CUNY Welfare fund but were then taken over by McGraw Hill FCU- I have never dealt with such inept handling of accounts with any bank or credit union. For three years I tried to keep my accounts with them for consistency and each year they somehow never filed the paper work regarding our accounts properly, in addition they incorrectly coded my tax documents and when I finally rolled all the accounts over to another firm they botched that as well. Never once has any one in customer care taken any responsibility or follow up. None of their departments speak to one another it is a complete disaster in there. The branches are a bit better but their communication with the central office is just as poor.
I applied for a Auto Refinance loan and I am not a member of the armed forces so to join to have a loan there I was given which charitable donation I would like to join and a deposit amount for a savings. I was approved for the auto loan but I declined it and even with declining the terms of the loan they still charged my credit card and the $5 savings account opening. I do understand that they have language that says that the charitable donation is non-refundable but when you click to apply for a loan this is what it says.
Not yet a member?
Apply before becoming a member.
After your application, we’ll help you:
1. Discover you’re eligible to become a PenFed member
2. Open a Savings/Share Account and deposit at least $5
It clearly states that after your application they'll help you discover how to be eligible to become a member. They did not do this as expected in the very first page of their website when you click apply. I declined the loan but yet they still charged me and at that point I wasn't interested in becoming a member. They refuse to refund the complete $22 that was charged to my card and I would like all of my money back as I was under the impression that the membership piece would come after the application but it was included in the application and I was never given a chance to say if I wanted to still join after the application.
Dear ***,
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) membership was received on February 13, 2018. I appreciate having the opportunity to address your concerns.
We appreciate that you considered PenFed for your auto financing needs, and regret we were unable to provide an offer that suited you. You correctly noted that the $17.00 dues to *** that qualified you for PenFed membership are nonrefundable. However, given the circumstances of your application, we reimbursed you for the dues, and mailed a $22.00 check to you on February 9, 2018 for the dues and the $5.00 deposit to the PenFed Share account.
I am disappointed you decided to close your PenFed membership. While it seems we could not meet your Auto Loan needs at this time, I am grateful for your interest in our products, and hope you will keep us in mind for your future financial needs.
Sincerely,
Vice President, Consumer Underwriting
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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