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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J

Closed account without notice - balance tossed away

Garbage The hoop-jumping is constant and to no end They actually closed my account without any communications or notifications of any kind I actually still get an email with account activity - even though no account exists and threw the balance in the checking account to the state When they told me this is the reason I can t access my account I was very perplexed - they assured me that I can feel free to apply online to open a new account with them any time Outrageous
A

I was not able to finish my credit card

I was not able to finish my credit card application because it would shutdown cancel or reload the page when I click submit Also the same kind of thing happens when I try to connect my account to other bank credit union accounts So still not able to connect them
D

Mortgage review

Mortgage review They will not honor their promises Was told I could do a float down Waited for rates to drop and contacted them After discussion we decided on a lender credit instead of reducing the rate This was over 2 weeks before closing Right before close I received the final disclosure and the credit was not reflected Then I am told I shouldn t have been offered the credit and only a rate change but now it s too late to make any changes Escalations was denied So now I am out money or reduced rate due to incompetence
S

Bad Customer Service

This is for the Bad Customer Service from The Joke of loan originator to his boss and oh and let s not forget their RE representative I m in the industry and a professional and they were completely incompetent I had to push probe for answers and results and they were actually bothered that I knew the process and was not giving up I suggest Looking elsewhere for better rates and good customer service they were horrible
J

BEWARE CUSTOMER NO SERVCE

BEWARE Great company as long as you do not need any service Completed a request for a new Debit card online 2 months ago NOTHING So I have them call me first person wasted 8 minutes of my time all the while making me provide personal information then dumped me over to the fraud department without providing any information to the rep Had to give out personal information again Kept being put on hold some Hole at PENFED cancelled my previous card as fraud that was not the case 25 minutes later I am advised that another card will be mailed to me I wanted to change the address but that meant being put on HOLD AGAIN HORRIBLE COMPANY FOR GETTING SERVICE
L

If I could give them a zero I would

If I could give them a zero I would Customer Service is rude and useless They restrict access to my account won t let me make a payment and have the nerve to charge me a late fee Stay away I have never been through these headaches And after over a month of contacting them there is still no resolution The inefficiency is unbelievable
S

I m disappointed they tricked me into

I m disappointed they tricked me into getting a credit card with what seemed excellent rewards only to find out the points are not 1 for 1 To get my first 100 cash back card it cost me 11 760 points So they are deceiving by saying 5 or whatever cash back because that is not actually what you get They devalue your points by 15
M

Access Blocked

I have been blocked from accessing my account within 1 week of opening I haven t made any transactions yet They demand to have a copy of your Social Security card which no other financial institution has ever asked of me This is very suspicious They won t accept a drivers license nor a W2 to prove I am who I am Do not give out your SSN It is too easy to have your identity stolen I DO NOT trust PenFed DO NOT BANK HERE
T

I received a pre-screened offer for

I received a pre-screened offer for PenFed Gold visa card that was supposed to give 100 bonus statement credit for spending 1 500 in first 90 days I spent over 3k in first month to fulfill the requirement I ve had 2 call several times over the past several months PenFed has yet to meet their obligation I strongly recommend avoiding doing business w PenFed bcuz they don t honor their offers promotions provide poor service There are much better credit unions that provide quality services
M

PenFed will hold your account hostage

PenFed will hold your account hostage if you miss a payment They will make it where you cannot make a payment online You half to call in to make a payment and then charge you 5 dollars Do not use PenFed

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.