Pentagon Federal Credit Union

[To assist us in bringing this matter to a close, you must give us a reason why you are rejecting the responseIf no reason is received your complaint will be closed Administratively Resolved]
Complaint:
I am rejecting this response because:
This is a nice gesture, but I do not feel it is fair for the following reasons:
* There is no indication a current credit score was ever used on my application There are several letters saved under my account that state my balance transfer request was rejected of them were dated 3/and before, and they all cite my credit score from November Regardless, nothing in your terms stated that an old credit score would be used I have the right to have my current credit outlook used, not something that's days old, days old, or even days old* Also, your terms weren't clear about what criteria would be used to determine if the balance transfer would be accepted or not If I didn't qualify, you shouldn't have offered it to me Any other credit card company I have ever used makes a balance transfer offer that is good through the stated deadline and is not dependent on other obscure factors Again, if I had known I would have been rejected, I would have kept my existing offer, which was 4.99% for life This should have been made more clear to me BEFORE I requested the balance transfer, not after You put me in a very tough position because my cash was tied up in paying off my old PenFed balance, and my Bank of America bill was due around the corner, which I was expecting to use the newly frePenFed credit line to pay off under the balance transfer offer I was promised* I checked my account and see I was charged a 3% fee for each transaction, which adds up to almost $1, The offer was supposed to be capped at $(I believe) for each transaction The only reason I made multiple transfers because that was all your system would allow me to do at one time Otherwise, I would have made one large transfer from my BOA account, since that's what I used the funds for anywayI hope we can reach a fair resolution to this matter so I don't have to pursue other avenues
Regards,
*** ***

Dear *** ***,
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) New Auto Loan account was received in my office on July 20, I appreciate having the opportunity to address your concerns
Since the disbursal of your loan, we received payments after the due date on occasionsWhen a loan becomes delinquent for any reason, we make an effort to reach out to our members to assist them in resolving said delinquency to avoid consequences such as negative credit bureau reporting or repossessionIn response to your complaint, the correspondence between yourself and our Delinquency Control department was examined for quality controlI apologize for any impression that our efforts were threatening and assure you that is not our intent
I understand you were informed of our due date change option but felt you were not given sufficient explanation about how to exercise that optionAfter a review of your account, a payment deferment was processed for your auto loan on 07/28/14, postponing your current due date by one full monthA $payment to your loan was received on July 30, 2014, so your next due date is now September 1, Provided you continue to make your payments at the end of each month, your payments will be received before your due date and you will no longer be contacted by our Delinquency Control department
Given the circumstances surrounding the rejection of your June 30th, payment, I do not find sufficient cause to adjust the credit reporting on your auto loanSection of the Fair Credit Reporting Act (FCRA) requires us to report accurate information to the credit reporting agencies. Changes can be made to reported information if the information reported is inaccurate or the delinquencies were the result of PenFed errorIn this instance, we may also consider adjusting our reporting if *** will issue documentation taking responsibility for the error in the payment being returnedI am sorry you feel the motivation behind this reporting is inappropriatePenFed maintains a high standard of integrity among its employees and the reporting of the delinquency on your loan is being done in compliance with the FCRA
I regret that this experience caused you such frustration that you are considering ending your financial relationship with PenFed
Sincerely,
James *S***
President/CEO

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) accounts was received in my office on August 14, I appreciate having the opportunity to address your concerns
We perform periodic reviews of all products and services and changes are made as necessary to balance costs and revenueIn August we made the decision to reduce the cash rewards earned with the [redacted] Platinum Cash Rewards accounts and assess an annual fee of $on all accounts where the cardholder does not have a qualifying PenFed product
We mailed letters to accountholders on August 31, informing them of the upcoming reward changes, the annual fee that would be assessed in and the ways in which the annual fee could be avoidedAs you did not choose to open a qualifying account, your [redacted] account was set to be assessed an annual fee in July of
The Money Market Savings Account (MMSA) you opened on July 7, with a $deposit does qualify your [redacted] account for the higher cash reward and annual fee waiver; however, as noted in the August 31, letter, approximately days is required to upgrade the [redacted] account from the date of opening the MMSATherefore, the MMSA was not opened in time to prevent the assessment of the annual fee on July 26,
I regret this was not identified and resolved either at the time of your call on July 7th or the call after the annual fee was assessedClearly, your intent was to meet the requirements for the waiverI approved a refund of the annual fee to your [redacted] account on August 13, I noted that you closed the [redacted] in the interimAdditionally, your MMSA was closed on August 12, and the $deposit mailed to you by check
I am very sorry this incident caused you close these accountsI hope you will give some consideration to reopening themShould you choose to do so, your [redacted] will not be assessed the annual fee and will earn higher cash rewardsMsBarbara W[redacted] would be pleased to assist you with the reopeningShe can be reached at ###-###-#### by requesting to be transferred to extension [redacted] or by dial direct to ###-###-#### extension [redacted]
I sincerely hope you will allow us an opportunity to restore your confidence in our ability to meet your financial needs and treat you as a valued member of PenFed
Sincerely,
Kevyn ** M[redacted]
Executive Vice President/COO

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) mortgage application was received in my office on February 9, I appreciate having the opportunity to address your concerns
I am sorry to hear of your dissatisfaction with the handling of your mortgage applicationIn reviewing the file, I found you submitted the application on January 10, for a $15-year, fixed-rate loanYou also locked your rate at 2.750% and chose not to purchase points to further reduce this rate
As a result of your telephone conversation with your Processor on January 26, 2015, your request to change your application to a 30-year, fixed-rate loan was reviewedThe change in product type resulted in a changed application status and therefore, differing conditionsOne of the conditions was the addition of a Loan Level Pricing Adjustment (LLPA)LLPAs are calculated by the Federal National Mortgage Association (FNMA)They use a matrix of risk factors to determine when an LLPA should be appliedIn your case, the change from a 15-year to a 30-year loan affected the risk factors and the FNMA determined an LLPA of 0.5% point was required
As of January 26th, the 30-year, fixed-rate was 3.50% with no rate buy-down pointsYour Processor notified you of this rate by email on that dateHer email also included the addition of the 0.5% LLPA
I am sorry your conversation with a supervisor on January 27, did not clarify the difference between buy-down points and the LLPAI hope this response provides additional explanation about the handling of your application
I regret you decided to withdraw your application and are upset by the fees resulting from itDuring the application process you reviewed a disclosure that stated you would be responsible for costs incurred should the loan not close
In your case, the credit report and flood certification were obtainedThese fees were $and $respectivelyAdditionally, there was the $application fee and a $appraisal cancellation feeThese are fees charged by other parties that we paid on your behalfHowever, given the misunderstanding with the rate and costs, we refunded this amount to your credit card account.
Thank you for considering PenFed for your home mortgage needsWe hope to have another opportunity to assist you
Sincerely,
Craig *O[redacted]
SrVice President, Mortgage Operations
Pentagon Federal Credit Union

[redacted],
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) [redacted] account was received in my office on May 7, I appreciate having the opportunity to address your concerns
I am sorry to hear you had difficulty performing a balance transfer to your PenFed [redacted] to take advantage of our promotional ratesAs you noted, our disclosures provided with the balance transfer advertisements and at the time of initiating a balance transfer state that credit approval is required to qualify for the promotion
Each consumer credit reporting agency calculates a credit score using its own proprietary model, which differs from the model used by [redacted] Corporation for the FICO scoreThe scores generated by the credit bureaus differ in what they are meant to predict, the statistical methods used to determine a creditworthiness score, the data used and how they are weightedIt is not unusual for the scores to differ for the same borrower, not only between the scores each credit bureau provides but also from the FICO scorePenFed does not use either a proprietary model or the FICOInstead, we use the [redacted] score provided to us by [redacted], as we feel this best fits our lending guidelines
We obtain periodic credit scores for our members who have line-of-credit accountsTo limit the number of full credit inquiries performed, when determining approval of a promotional balance transfer, we utilize the most recent credit score on file if it is not more than days oldYour balance transfer request in March of was declined based on the periodic credit score obtained in December 2013, which was below our minimum requirement to obtain the promotional rateAt your request, a full credit report was pulled on March 27, This score was higher than the January score but still did not meet our requirements for the promotion
When you again attempted a balance transfer in April, prior to submitting a home equity loan application, your March credit score was used and the transfer request was again denied. A new credit report pulled on April 18, for your equity application showed your score had risen above our minimum requirements to qualify for the credit card balance transfer promotionAs you did not qualify for the 0% promotion based on your credit score during that promotional period, I am not able to provide that rateHowever, as your April credit score does qualify, I approved converting the cash advances totaling $39,performed from April 4, to April 12, to our current balance transfer promotion of 4.99% APR for monthsThis change was completed on May 14, and will be reflected on your next statement
I regret any confusion created by the link in the PenFed Online banking system to perform a standard cash advance from your credit cardIt was not our intent to mislead you and we have re-evaluated this link based on your experience and are in process of removing itI would like to thank you for bringing this to my attentionYour feedback is appreciated and was used to implement a change that will benefit the entire membership
I regret this experience has caused you to question PenFed's integrityI hope the information I provided and our actions alleviate these concernsYour trust in our ability to meet your financial needs and treat you as a valued member is of the utmost importance to us
Sincerely,
James *S[redacted]
President/CEO
Pentagon Federal Credit Union

Dear **[redacted],
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) [redacted] account was received in my office on March 22, I appreciate having the opportunity to address your concerns
I regret that when you recently contacted PenFed to inquire about the charged-off [redacted] account, the representative provided inaccurate informationWhen a loan account reaches a charged-off status, it is assigned to a collection agency to pursue payment; however, we maintain the account recordsFurther research could have been conducted to provide you with the records you requested
Per your request, a signed copy of the credit card authorization form dated October 10, was mailed on March 28, We also enclosed copies of four of your credit card statements showing the final balance and the last cardholder-initiated activity
This account was used and repaid on a consistent basis from the time of opening until August of when regular payments ceased and a final payment was received in October of There was regular contact with you throughout the active period of your account including the processing of Servicemembers Civil Relief Act rate reductions during your deployment in and
On September 28, and November 19, our records show you spoke with a Delinquency Control Counselor regarding your financial situation and expressed your refusal to make payments on the [redacted] due to our closure of the accountRepayment suggestions were discussed at that time, but you were unable to make arrangementsLack of payment resulted in the account reaching the charged-off status
Based on the account history, we continue to conclude that this is your debt and your obligation to repayWhen your account was charged off, [redacted] was assigned the task of collecting that debt from youPenFed still owns the debt, but as the account is being serviced by [redacted], it is appropriate for you to direct your questions and concerns regarding this account to them at ###-###-####
We confirmed that your account is being correctly reported to the credit reporting agencies as a charged-off account with a balance of $17,According to the Fair Credit Reporting Act, the negative reporting could continue to report for seven years from the date of first delinquency and the account could continue to appear on your credit report for seven years from the date of last activity
As a result, PenFed is unable to assist you in your attempt to have your account information removed from your credit reports at this time
Sincerely,
[redacted]
President/CEO

Dear [redacted],
">
We received your Revdex.com complaint regarding your Pentagon Federal Credit Union (PenFed) [redacted] account on October 29, I appreciate having the opportunity to address your concerns
The circumstances surrounding your request to transfer your balance with [redacted] to your PenFed [redacted] account were carefully reviewedBalance transfers are a multi-step process involving different channelsIt can often take multiple business days to finalize the process before the transfer is received by the other financial institution.
We found you first contacted us on August 11, to initiate the process in hopes of having the funds received by [redacted] no later than August 18, At that time, you held a PenFed Platinum Rewards [redacted] Signature accountTo take advantage of our promotional offer to transfer a balance without a balance transfer fee, you opted to open a new [redacted] account
Prior to being able to process transactions on a new credit card account, the account must be activated, which cannot be accomplished until the cards are received by the cardholderThe process of opening an account, generating the cards and shipping them can take up to two weeksThis increases the time necessary to complete a balance transferYour account was not activated until August 24, Therefore, we were unable to complete your request by the August 18th deadline
Additionally, our balance transfer promotions are subject to credit review, and, unfortunately, when we attempted the balance transfer on August 26th, you did not the meet criteria to take advantage of our August promotionYou were informed of this in an August 26, emailed notification
It is apparent we were not clear in our communications with you about the balance transfer process and timelineFor this, I sincerely apologize to youIn an attempt to resolve this issue, we offered to grant the August balance transfer promotion for the full balance of your [redacted] accountThis promotion included a 4.99% APR for months and no balance transfer feeAdditionally, we will reimburse you for the $finance charge accrual on your [redacted] accountTo date, we have not heard if you would like to accept our offer
Please contact MrCody S[redacted] with your decision at your earliest convenienceHe can be reached by calling ###-###-#### and asking to be transferred to his extensionWe look forward to coming to an equitable resolution
I hope the service you have received over your many years of membership helps to overshadow this unfortunate eventWe appreciate every opportunity to assist you with your financial needs
Sincerely,
Christopher *M[redacted],
SrVice President, Operations
Pentagon Federal Credit Union

Dear [redacted],
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Your review and complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) mortgage application were received in my office on February 20, and February 22, I appreciate having the opportunity to address your concerns
Please be assured we appreciate your choice of PenFed when considering a mortgageI know you have many options in the market place, and I value your commitment to usI apologize the application did not progress as smoothly as you would have preferred
I want to reassure you, the preliminary denial of this application does not affect your credit standing in any way, either through reporting to the consumer credit reporting agencies or internally with PenFedAlthough your credit scores met the PenFed threshold, your application did not meet internal lending guidelinesI apologize for the confusion our February 12th decision letter caused you
The [redacted] lending guidelines outlining credit approval criteria after a short sale or foreclosure clearly state there must be a waiting period after the completion of a derogatory credit event, such as a short sale or foreclosure, before qualification for a new mortgageThe required wait time is at least four years for a short sale, and seven years for a foreclosureIn addition to meeting the revised mandatory waiting period, [redacted] requires there be no late payments on any debt since the original eventAs mortgage lenders, we look for re-established credit and ongoing excellent payment history after the required wait time
After careful review of your circumstances, management approved returning your application to processing for further considerationPlease be assured your application is being monitored by management to ensure it is given the utmost care as it evolves
I am grateful for your interest in our real estate products, and value your membership with PenFed

Dear Ms[redacted],
">
I am writing in response to your complaint filed with the Revdex.com regarding the reporting of your Pentagon Federal Credit Union (PenFed) [redacted] account to the consumer credit reporting agenciesI apologize for my delayed response; however, this issue took considerable research and working with various agencies to determine the cause of the incorrect reporting
Our research found the reporting of the [redacted] account is correct with [redacted] and TransUnion; however, while multiple corrections were submitted to [redacted], it is not remaining in their systemWe contacted [redacted] and learned that, though they are making our requested changes, this information is overridden when we submit our standard monthly report of accountsWe are in the process of changing the account information in our system to ensure the [redacted] account reports as a charged-off account, settled for less than the full amount, with a zero balance owing
I apologize that this problem was not recognized earlierI assure you it has not been our intent to prevent accurate reporting of your accountWe will continue to work with [redacted] to ensure the information is corrected on your consumer credit report
Thank you for bringing this matter to our attention
Sincerely,
Fred R[redacted]
SrVice President/Chief Credit Officer

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) mortgage application was received in my office on May 7, I appreciate having the opportunity to address your concerns
I understand your frustration and disappointment regarding the decision made on your application Lending decisions are generally a compilation of several factors When indicating why a loan was not approved, if a credit report was pulled and there is information on the report which was considered in the decision, we include the componentsBankruptcy was listed as a reason but there were other reasons for the denial of the loan as listed in the letterNo one factor decided the loanI regret our letter was not clearer on these reasons and caused you to question our integrityAs a result of your complaint, your application was reevaluated and our decision remains unchanged
At the time of application submission, you were provided with and agreed to the disclosures including one titled "My Responsibility for Third Party Costs." This disclosure authorized PenFed to charge your credit card for any third party costs associated with your application in the event the loan does not closeTherefore, I cannot approve a refund of the $application fee and the $credit report fee connected with your application
I am sorry you do not have a positive view of your experience with PenFed and have opted to close your membershipI wish you the best in your future banking experiences.
Sincerely,
[redacted]
President/CEO
Pentagon Federal Credit Union

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) equity loan account was received in my office on June 1, I appreciate having the opportunity to clarify this issue with you
Please accept my apologies for the difficulty you experienced attempting to pay off your equity loanWe strive to provide high quality member service and I regret any miscommunication that occurred during the pay-off process
On October 29, 2009, your $30,fixed-rate equity loan was disbursedYou made regular payments to this loan until August 5, 2011, when you made a payment in the amount of $22,This was the exact amount of your outstanding principal balance and did not include the interest accrued on the account since your previous payment or the outstanding account feesYour payment was applied to the loan as follows:
$ - interest accrued from 06/29/11, date of the previous payment, to 08/05/
$30.00 - rejected payment fee from 02/16/
$22,380.19 - principal balance
This left a remaining principal balance of $and, since the $22,payment paid your loan in advance, your loan was not delinquent nor reported as suchOn your monthly consolidated statements the outstanding balance continued to show
I apologize that you were informed your final payment was for closing fees, as this was not the caseYour final payment of $was applied to the loan as follows:
$ – principal balance
$19.82 – interest accrued from 08/05/to 05/08/on principal balance
$20.75 – lien release fee charged by Fayette County
Due to the unique situation surrounding your payoff, management approved a refund of the interest accrued and lien release fee associated with the final paymentThe amount of $was deposited into your primary share account on June 6, Since your equity loan is now paid off, we are reporting it as such to the credit reporting agenciesPlease allow up to days for your credit report to reflect this change
I hope the information in this letter sufficiently clarifies the actions taken on and the current status of your equity loanYour satisfaction with our service is of the utmost importance and we appreciate every opportunity to assist you with your financial needsI am pleased you are interested in refinancing your home with PenFed and hope you choose to pursue that option
Sincerely,
[redacted]
Executive Vice President/CAO
Pentagon Federal Credit Union

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) Thrifty Credit Service (TCS) account was received on November 19, I appreciate having the opportunity to address your concerns
Your TCS account was opened in and review of the repayment history of the loan found there were numerous instances of late payments, some of which exceeded daysThere were also several instances of payments to the account being rejectedA review of the information we submitted to the consumer credit reporting agencies for this account found these late payments are accurate
We did not find documents on file supporting your claim of incorrect reportingIf you have documentation specifying the exact dates you believe are reporting incorrectly, we would be pleased to review itYou may provide this information by fax to ###-###-#### Attn: Credit Bureau CorrectionsIf you have a recent copy of your credit report, please also provide itThis will prevent the need to pull a new report
I hope this information is helpful for you in coming to resolution on this matter
Sincerely,
James *K[redacted]
Senior Vice President, Operations
Pentagon Federal Credit Union

Dear [redacted],
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Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) [redacted] account was received in my office on July 8, 2014. I appreciate having the opportunity to address your concerns.
 
Please accept my sincere apology that we did not act promptly on the promised refund of finance charges assessed on your [redacted] account. The finance charge adjustments on May 30, 2014 were based on transactions made to your account either prior to or during the period between December 2013 and March 2014.  Finance charges accrued during this period, but were not posted to your account as a result of a system error. Based on your acceptance of the terms and conditions of this account, you are responsible for these charges.
 
Given that you paid your [redacted] balance in full just prior to our application of the prior finance charges, we agreed to waive the $54.25 finance charge adjustment. Unfortunately, due to an internal miscommunication, we were slow to act on the refund. I ensured the credit has now been applied to your account.
 
I regret this experience left you with an unfavorable impression of PenFed. I hope our resolution of this issue fully resolves the matter and that you will continue to find benefit from your PenFed membership and [redacted] account.
 
Sincerely,
 
[redacted]
Executive Vice President/COO

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding the closure of your Pentagon Federal Credit Union (PenFed) share account was received in my office on January 6,
I regret you felt compelled to close your PenFed [redacted] account and membershipWe carefully reviewed the closure and found your telephone request on December 15, to close both accounts was acted upon immediatelyOn that same date, check number [redacted] for the balance in your share (savings) account ($113.26) was mailed to youUnfortunately, the check was mailed to the address on your PenFed profile in Oroville, CA, rather than the Pinion Hills address you requested during your call.
As a result of your telephone contact with us on January 6, in which you indicated you had not received the December 15th check, a stop payment was placed on that checkThe stop payment was confirmed on January 8, and the funds placed back in your share accountA second check (number [redacted], $113.26) was issued on January 9, and mailed to PO Box [redacted] Pinion Hills, CA [redacted]
As a result of your phone calls on January and 16, stating you had not received the second check either, a stop payment was again placed, your account credited and a third check issuedCheck [redacted]was sent by certified mail to the Pinion Hills address on January 16, 2015, tracking number [redacted]The amount of this check was increased to $to compensate you for your time involved with this matter
I apologize for the oversight with the mailing address for your share withdrawal check and hope the reissuance by certified mail to the Pinion Hills address resolves this matter
It is my understanding you feel PenFed engaged in bait-and-switch tactics when the decision was made to assess an annual fee to these accountsYour original cardholder agreement includes the following:
Change in TermsYou agree that the terms of this Agreement are applicable to any cardholderYou also agree that we can change the terms of this Agreement at any time by adding, deleting, or modifying any provision of the Agreement
In August of 2013, it was decided an annual fee would be assessed beginning in on all [redacted] Platinum Cash Rewards accounts if the primary account owner does not have another PenFed qualifying productNotification of the new fee was sent to all affected cardholders in August and September of Information was also provided on how to qualify to have the fee waivedI assure you PenFed does not engage in bait-and-switch tactics and sufficient notification of this change was providedI noted your annual fee was refunded in
I regret you do not have a positive view of your experience with PenFed and wish you the best in your future banking experiences.
Sincerely,
James *K[redacted]
SrVice President, Operations
Pentagon Federal Credit Union

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding the Guaranteed Asset Protection (GAP) on your Pentagon Federal Credit Union (PenFed) vehicle loan was received in my office on April 18, I appreciate having the opportunity to address your concerns
Please accept my sincerest apology for the service you received when inquiring about the status of your GAP claimWe strive to provide our members with the superior service they deserve and I regret this was not proven to you in this instanceEvery effort is made to ensure timely submission of claims once all the required documentation is received
The documents required for a GAP claim are a copy of the payoff check, the valuation used, photos of the vehicle, title for the vehicle, a Letter of Guarantee, and the settlement letter from the insurance companyAll of this documentation was obtained for your file by February 21, and the claim submittedRegrettably, the claim was rejected by the insurance company due to the settlement letter not containing all of the required information
Upon receipt of the rejection notice, a request was sent to you by email requesting a more complete settlement letter on March 7, and a follsent on March 17, Without the updated settlement letter, we were unable to proceed with your claimAttempts were made to request the letter directly from the insurance company to no avail.
On April 21, we reached out to the insurance company again to request the settlement letterWe were informed that the request would need to be in writing and a fax was sent on that same dayThe letter was received the following day and your claim was resubmittedDue to the significant delays with your claim, we requested expedited processing of the resubmission
Confirmation of your claim acceptance was received on April 25, and the checks received on April 29, The first check for $1,posted to your old loan with an effective date of December 2, 2013, the date of the loss, and the loan is now appearing as paid in fullThe second check for $1,is your GAP advantage creditThis amount posted to your new auto loan effective to the disbursal date of December 17, and was applied to principal only
I again apologize for the delays in your claim processing and hope that our actions meet with your satisfactionWe strive for continuous improvement and using your experience, we will look for ways to improve our process to enhance service to all PenFed membersThank you for your membership
Sincerely,
[redacted]
President/CEO
Pentagon Federal Credit Union

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding your PenFed Credit Union mortgage application was received in my office on August 28, I appreciate having the opportunity to address your concerns
I was sorry to hear your application was not processed as expediently as you wishedMaintaining open lines of communication is essential during the mortgage application process and I am sorry we did not meet your expectations
After your application submission on May 21, 2015, a Mortgage Consultant spoke with you regarding the application on May 22, It is unfortunate you did not have time to discuss your application at the time of our call
Your Processor attempted to reach you three more times by telephone, email and mailWhen a response had not been received by June 20, 2015, the application was cancelled
I regret you decided not to proceed with your application and are upset by the resulting feeDuring the application process you electronically viewed a disclosure stating:
I acknowledge that under the circumstances noted below, I will be responsible for all third party costs actually incurred by PFCU in processing my loan requestThese costs include the $charge for submitted the application as well as the other third party costs disclosure on the Good Faith Estimate
Circumstances:
1. The Loan does not close, or
2. Property securing the loan is Investment Property, or
3. The purpose of the loan is to refinance an existing Pentagon Federal mortgage
FURTHER, I authorize PFCU to charge my credit card account for those third party costs using the credit card account number I have provided to youIn the event that the credit card cannot be used, I authorize you to deduct those costs from my Pentagon Federal deposit account
I understand your disappointment with paying for an application from which you did not benefitThese are fees PenFed paid on your behalf to third party providersWe are simply seeking reimbursement for the costs we incurred
As you acknowledged your responsibility for third-party fees at the onset of the application, I am not able to grant your request for a refundThank you for your interest in our real estate productsI hope you will consider PenFed in the future when applying for a mortgage, auto loan, or a credit card
Sincerely,
Cindy G[redacted]
Senior Vice President, Mortgage Originations

Dear [redacted],
">
Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) used auto loan account was received in my office on September 18, I appreciate having the opportunity to address your concerns
Our records indicate you applied for a $used auto loan on April 22, The loan was approved and a loan check was mailed to you on April 25,
PenFed faces greater financial risk and expense should a borrower default on a loan if the title for the collateral has not been received and PenFed is not recorded as the lien holderTherefore, on June 24, 2014, a letter was mailed to you requesting that you provide to us a title for your vehicle, either lien-free or with our lien already listed
On June 30, 2014, you contacted us and informed us you wished to cancel your loanA stop payment was placed on your loan check on July 1, and the loan was cancelled on July 4, Due to our oversight, the company that handles our title tracking was not informed that your loan was cancelled and two additional letters requesting the title were generated on July 23, and August 22, I apologize for any confusion this caused you
Per your request, a letter was mailed to you on September 23, confirming this loan was cancelledI hope this resolves any concerns you may have about this issue
Sincerely,
James *K[redacted]
Senior Vice President

Dear [redacted],
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Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) membership was received in my office on February 1, I appreciate having the opportunity to address your concerns
Based on provisions in the U.SPatriot Act, PenFed must verify the identity of all potential membersTo accomplish this, we compare the information provided in the membership application with that contained in a consumer credit reportIf we are not able to obtain a credit report or there is conflicting information, we require additional documentationWhen we are not able to review the documents in person, they must be notarized, color copies
In the case of your membership application submitted on January 28, 2016, we were unable to verify your identity and addressYour membership was suspended until full identity verification could be completed
Credit unions differ from other banking institutions in that an individual must be a member of the credit union to take advantage of its products and servicesEvery credit union has a field of membership and those individuals who fall within it are eligible for membershipMembers of some defense-related organizations are eligible for PenFed membership, including the [redacted]During your online application process, you elected to join [redacted] and paid their $membership feeYour $deposit to your PenFed share account was also made at that time
As you elected to not complete the membership process, we reimbursed you for the Voices' duesA check for $was mailed to your address on file on February 9,
I regret you were discouraged by the identity verification requirements for opening a new membership and wish you the best in your future banking experiences.
Sincerely,
Christopher *M[redacted]
Senior Vice President, Operations

Dear [redacted],
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Thank you for contacting me regarding your recent mortgage application with PenFed Credit UnionThis is in response to both your letter to me, and to your complaint filed with the Revdex.comI appreciate having the opportunity to address your concerns
Please accept my apology for the difficulty you encountered in communicating with your Processor about your March 29, mortgage applicationFrequent, timely contact during mortgage processing is vital to the completion of your requestI am sorry this was not the case in your situation, and I can understand your dissatisfactionI can assure you this is not representative of the service and efficiency we wish to provide our membersPlease accept my apology for both the quality and for the frequency of our contact
The Manager of Mortgage Resolutions attempted to reach you on February 2, in the hopes of discussing the issues surrounding your applicationAlthough she was unable to reach you, she mailed a copy of the April 24th appraisal to your address of recordPlease accept this documentation as evidence of services ordered, and feel free to return her call with any additional concerns
After careful consideration, management agreed to waive the fees associated with the applicationOn February 11, a credit of $was issued to your credit card issuerI hope this refund is just the first step in restoring your confidence in us
I am grateful for your interest in our real estate products, and value your membership with PenFedI am sorry your membership has had an inauspicious start, and hope we will gain your trust and grow to become your preferred financial institution
Sincerely,
President/CEO

Dear [redacted],
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Your complaint filed with the Revdex.com regarding your Pentagon Federal Credit Union (PenFed) [redacted] account was received in my office on April 18, I appreciate having the opportunity to address your concerns
As a lender, we rely on the information reported to the credit reporting agencies to be accurate and unbiasedIt is our policy that all reportable information is submitted to these agencies for all membersWe believe the integrity of the information obtained through these agencies is reliant on all financial institutions reporting full and accurate information
Your [redacted] payment made in December was for the full balance appearing on your November statementThe $remaining on the account after the payment is the interest accrued on the account from the date of the November statement to the date of the paymentThis balance appeared on your subsequent statements in December, January and February
It is unfortunate that your contact information was incorrect in our systemMultiple attempts to contact you were made by phone, mail and email when your account became delinquentThe multiple email attempts and your monthly statement notifications were sent to your primary email address on file, as is the standard processThe email address you provided to the Revdex.com is coded as your secondary email and is not used for these types of notificationsWhen you contacted us on February 28, to inquire about the balance and inform us of your situation, we were pleased to refund the $late charge on the account
Your desire to improve your credit score is understandable and I sympathize with your situationAlthough I am happy to approve changes when the reported information is inaccurate or the result of PenFed error, I cannot approve changes to information reporting correctly.
I appreciate that you honored your financial obligations with us and regret I am not able to make the requested changes
Sincerely,
[redacted]
President/CEO
Pentagon Federal Credit Union