Penfed Reviews

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penfed.org
3.63
136 reviews
Great Rating
Based on 136 user experiences

Rated 3.63 out of 5 by 136 Happy Customers

44.1%
14.7%
14%
11.8%
14.7%
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M

Money is not safe

August 28 the PenFed team withdrew 1500 in error Eight days later Cindy has not been able to get it fixed She is a one woman show Received an email that they acknowledge the error however for having 2 9 million member and 35 3 billion in assets they not only can t fix this error finding a manager has take over 7 5 hours today and still at a loss finding one Do you feel like your money is safe You shouldn t
M

Horrible

Horrible Sent me a pre approved credit card offer Signed up for it knowing it would lower my score Then they asked me for a bunch of information that has nothing to do with being pre approved Pre selected at best Stay away from their credit card offers
B

Their unsolicited pre-approval offers are a scam

After mailing me an unsolicited pre-approval for a Visa they declined me for the exact data elements that were in my credit report on the date that they did the soft-pull to screen me for the pre-approval so then why send me a pre-approval they knew they would decline Only NOW they ve put not just one but TWO hard pulls on my Equifax knocking 14 points off my credit score in addition to the soft pull This kind of false advertising should be prosecuted
A

Don t trust this bank

Don t trust this bank they do not protect your money I lost my iPhone and Wallet and within hours notified them provided police report and proof of new iPhone purchase and they still denied my claim with no reason as to why I am shocked every other financial institution assisted me and was able to credit me back my stolen unauthorized fraudulent activity except PenFed I would think twice before opening account with PenFed as they do not protect your money
M

Buyer Beware

When you purchase a CD at PenFed and you allow your interest to accumulate thinking you can have it when you want it like you can at every other bank or credit union think again They send you a 1099-INT statement and you pay taxes on the interest earned for the year but you can t have it until the CD matures If that upsets you and you want to take a penalty and move your money you will really be upset because they charge 30 of all the interest you would have earned for your 3 year CD term Not just 30 of what you have earned but 30 of money you have not yet received Other institutions charge 6 months of interest As an example 200 000 CD for 3 year term costs nearly 6000 to cash out early A CD with similar rate and time at Navy Federal has a penalty of only 6 months interest and costs 3000 to terminate early When you explain that you need money to pay taxes they offer you a CD loan for 2 higher than you are earning These people don t care about customers and I strongly do not recommend doing business with PenFed
D

This company is doing the mortgage for my buyer

This company is doing the mortgage for by home buyer What a joke and horrible experience We should have closed 3 weeks ago but Pen Fed cant seem to get it together to close the loan on time I would never use them or recommend them Slowest underwriting and multiple delays
N

Worst company to do business with

Worst company to do business with PenFed underwriters have no clue what they re doing They couldn t figure out paperwork I submitted asked for the same paperwork three times didn t contact me when they needed more information and ended up cancelling my auto loan app and denying a personal loan app BTW my credit score is over 800 with no neg marks and my debt loan ration is about 15 They gave a phony reason for rejecting my app because I told them how horrible their customer service was
B

Refinanced with this company on my autolaon

Refinanced with this company on my autoloan and I can already see im going to have a headache dealing with these people Petty fees that they include are just absolutely ridiculous People please im begging you do not do any type of financial contract with this company you will regret it No matter how low they go just say no
A

Absolute garbage

Absolute garbage Terrible website that constantly glitches I tried to add an external account and they routed it to the wrong bank and it was a nightmare dealing with them to get THEIR mistake corrected Will NEVER deal with them again
J

Bait Switch

PenFed should be ashamed of themselves with their bait and switch credit approval process I was pre-approved not pre-qualified but pre-approved for their Platinum Rewards Visa card After answering a few questions following the approval for a 15K line of credit I get a message saying that my application was under review Long story short despite having a 760 Fico score and 100 on time payment history I got denied and now my FICO score will also end up getting dinged because they did a hard pull Will never recommend this outfit to anyone

About Penfed

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Frequently Asked Questions

PenFed is PenFed Credit Union, one of the largest and most respected credit unions in the United States. Founded in 1935 to serve military personnel and their families, it has expanded its field of membership. Eligibility is broad and includes employees of numerous partner companies, members of certain associations, and individuals who join one of PenFed's affiliated organizations. The website provides a dedicated section outlining the straightforward paths to membership, which often requires only a minimal opening deposit.

PenFed offers a comprehensive suite of financial products and services. These include various checking and savings accounts, such as high-yield savings and money market accounts. The credit union provides a portfolio of credit cards with robust rewards programs and low introductory APRs. Lending solutions encompass auto loans, mortgages, personal loans, and home equity lines of credit (HELOCs). Additionally, members have access to investment, retirement planning, wealth management, and insurance services through PenFed’s subsidiary companies.

Members can manage their accounts securely and conveniently through PenFed's digital banking platforms. The official website, PenFed.org, provides seamless access to online banking. Additionally, PenFed offers a highly-rated mobile app. These tools allow members to perform a wide range of activities, including viewing account balances, depositing checks remotely, paying bills, transferring funds, and monitoring their overall financial health from anywhere. The interfaces are designed for clarity and ease of use for all members.

Yes, PenFed is committed to financial education and empowerment. The website hosts a 'Learn & Grow' center, which is a valuable resource filled with articles, guides, and tools on various financial topics. These include budgeting, credit management, home buying, and saving for retirement. This educational focus aligns with the credit union's not-for-profit, member-owned philosophy and aims to help members make informed financial decisions.

PenFed Credit Union was founded in 1935 with a mission to serve military personnel and their families. It has maintained a strong legacy of community support and giving back. The website highlights its ongoing commitment to military communities, first responders, and various charitable initiatives. This community commitment, combined with its member-focused approach, distinguishes PenFed as a financial institution dedicated to more than just transactional services.

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About Penfed

PenFed: A Trusted Financial Partner for Members Nationwide

PenFed.org is the official digital gateway for PenFed Credit Union, one of the largest and most respected credit unions in the United States. Serving a vast and diverse membership, the website functions as a comprehensive financial hub, offering a wide array of banking products, loan services, and educational resources. Founded in 1935 to serve military personnel and their families, PenFed has since expanded its field of membership to include a broad spectrum of individuals and organizations, all united by a commitment to financial well-being and community support.

Core Financial Products and Services

The website is meticulously organized to provide easy access to PenFed's core offerings. Members and prospective members can explore detailed information on:

  • Checking and Savings Accounts:A variety of accounts, including high-yield savings, money market accounts, and checking accounts with competitive rates and low fees.
  • Credit Cards:A portfolio of cards known for robust rewards programs, cash-back offers, and low introductory APRs, particularly appealing to those with strong credit.
  • Lending Solutions:Comprehensive loan options including auto loans (new, used, and refinancing), mortgages, personal loans, and home equity lines of credit (HELOCs).
  • Investment and Insurance Services:Access to retirement planning, wealth management, and various insurance products through PenFed’s subsidiary companies.

Digital Banking and Member Experience

PenFed.org places a strong emphasis on secure and convenient digital banking. The site provides seamless access to online banking and a highly-rated mobile app, allowing members to manage accounts, deposit checks remotely, pay bills, transfer funds, and monitor their financial health from anywhere. The interface is designed for clarity and ease of use, ensuring that both tech-savvy users and those less familiar with digital tools can navigate their finances effectively.

Educational Resources and Community Commitment

Beyond transactional services, PenFed distinguishes itself through a commitment to financial education. The website hosts a valuable "Learn & Grow" center filled with articles, guides, and tools on topics like budgeting, credit management, home buying, and saving for retirement. This focus on empowerment aligns with the credit union's not-for-profit, member-owned philosophy. Furthermore, the site highlights PenFed's enduring legacy of giving back, showcasing its support for military communities, first responders, and various charitable initiatives.

Membership Eligibility

A dedicated section clearly outlines the straightforward paths to membership. While rooted in its military heritage, eligibility is broad and includes employees of numerous partner companies, members of certain associations, and individuals who join one of PenFed's affiliated organizations. The website simplifies the process of becoming a member, often with a minimal opening deposit.

In summary, PenFed.org is more than just a banking website; it is the digital embodiment of a member-focused financial institution. It successfully combines competitive financial products with robust digital tools and a genuine mission to educate and serve its community, making it a reliable and comprehensive resource for anyone seeking a trustworthy financial partner.