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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L

online process was horrible

There was no mechanism to correct the credit card payment I tried to use online to fund my savings account Capital One declined my card due to suspected fraud Once that was sorted out I had to call PenFed and sit on hold for over 30 minutes to resolve something so simple
P

New Application process

Submitted application online about 10 days ago after a second successful account login my account was blocked Found 5 days ago identity documents needed to be uploaded this was never requested during my application Today got customer service email states documents not sufficient without further clarification I m loosing interest to do business here
S

I applied for a gold credit card

I applied for a credit card My interest rate went up 8 I have a credit card with PenFed that has a good interest rate I don t understand why the gold card is so far out of range with a 781 credit score I am not activating the card with the increase
K

Loan process was good getting funds another issue

Loan process online was quick easy and was approved As of the time I write this review I am several days past when my loan proceeds should have been in my account Been told it s a IT problem that needs to be resolved Loan approved 11 10 21 That they put a IT ticket in on 11 12 21 to resolve the issue and still unresolved as of now 11 16 21
J

Difficult to complete application

The product looks like a good product It seems difficult to apply for the product
J

Slower process than normal

Got credit card pre approval in the mail not the first one I got from PenFed finally decided to apply for a card Had to submit further documentation to complete the application Had to call to find out my approval status credit limit Still have yet to receive email communication in regards to this days later
J

I very much DISLIKE their aggressive behavior

I very much DISLIKE their aggressive behavior I have not yet even received the VISA card I applied for and am being bombarded by them with emails and review our services I will try but if the past indicates the future I will likely cancel
D

Started receiving your ads in my inbox - I don t want them

Started receiving your ads in my inbox on the new Outlook I didn t ask to receive these I don t know who you re buying customer information from or who you re paying to advertise via surreptitious means but please stop
J

Pros and Cons

PROs -Competitive rates on loans if you have good credit -Easy to open an account -Very friendly and responsive customer service CONs -Technology-side is absolutely awful The website and mobile app straight up do not work from some clients This is a real deal killer for a mostly on-line financial institution I would advise PenFed really look to modernize their online and mobile banking infrastructure and get off whatever this incredibly janky Salesforce back-end is

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.