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Established Contributor
Posts: 855
Registered: ‎06-23-2010

Re: PenFed $500 Overdaft protection

[ Edited ]

mrldp40 wrote:

i didnt realize u needed credit for the 500.00 overdraft line im have 2 different checking accounts and was automatically approved for 500

on each account . was denied for every other credit product 568 nextgen score


I believe all of their products require credit review.  I think this one is the easiest to get because the only way you can access it is by overdrafting your checking account.  So unlike a Personal Line of Credit, you cannot access this the checking line of credit whenever you want.  The only way to access it is via overdraft.


Starting Score: Eq: 662 Tu: 532 (03/02/2011) CH7BK 01/12/2009 Discharge
Current Score: Eq: 712 (02/03/2017) Tu: 717 (04/03/2013)
Goal Score: Eq: 760 Tu: 760

Wallet: PenFed Power Cash 10k | AMEX Blue Cash (AU) 49.5k | Cap One QSMC 26.5k | AMEX Platinum NPSL | LFCU Visa 11k
Contributor
Posts: 91
Registered: ‎01-03-2016
0

Re: PenFed $500 Overdaft protection

[ Edited ]

Tazman81 wrote:

I have the Power Cash Rewards card.  I think the one you have is the older one that they had prior to Feb 2017.

 

I am not sure how their auto loans work for new vehicles.  Mine was a refinance of my current vehicle loan.  I was assume they give you an amount that you're approved up to, and then you have a certain amount of time to shop.  Or if you already know of a car you want, you can apply for that specific vehicle.

 

This is the card I have:  https://www.penfed.org/power-cash-rewards/


I recently got a new car loan from Penfed.  I applied without having a vehicle in mind and tried for $36,000 and they countered me around $32,000.  I ended up finding a 2017 Nissan Murano and when I gave the VIN information and the total cost of the truck, which was $33,946, they appoved it for that amount.  They at first told me I needed  to send in the purchase order in order to get the check, but I went back and added the Gap insurance, they approved for the extra $399 that it cost and then sent the check....no purchase order needed.  Got my check the next day after signing the forms and picked up my truck 2 days later.  

 

I remember being able to save the approval without accepting for 45 days.  

 

 

 

Frequent Contributor
Posts: 379
Registered: ‎03-07-2007
0

Re: PenFed $500 Overdaft protection

Does anyone know if the overdraft line of credit will cover debit card transactions or at transactions also can we transfer it to our checking thanks
current fico 08 ex 612 eq 569 tu 590 ex bankcard 08 630 ex fico 02 612
navy cr 1k discover sec. 300 credit one 450 overstock 2050 mjc 5k 2 penfed oloc 500 each goal to see 700 across all 3 one time
Contributor
Posts: 91
Registered: ‎01-03-2016
0

Re: PenFed $500 Overdaft protection

You can transfer from your overdraft LOC to your checking account. I did it once before.
Frequent Contributor
Posts: 379
Registered: ‎03-07-2007
0

Re: PenFed $500 Overdaft protection

you did that with penfed ? right , thats the cu im asking about just to claify

?

current fico 08 ex 612 eq 569 tu 590 ex bankcard 08 630 ex fico 02 612
navy cr 1k discover sec. 300 credit one 450 overstock 2050 mjc 5k 2 penfed oloc 500 each goal to see 700 across all 3 one time
Frequent Contributor
Posts: 379
Registered: ‎03-07-2007
0

Re: PenFed $500 Overdaft protection

Thank you for contacting PenFed.

Anytime your checking account is taken negative, instead of taking your account
negative and getting fees, the funds will instead be pulled from the overdraft
line of credit.

You may also do cash advances from the overdraft line of credit if you so wish.

If you need further assistance, please contact us.

Sincerely,


PenFed Credit Union

just got this email from penfed  still didnt say how to get the cash advances ? maybe ATM.

current fico 08 ex 612 eq 569 tu 590 ex bankcard 08 630 ex fico 02 612
navy cr 1k discover sec. 300 credit one 450 overstock 2050 mjc 5k 2 penfed oloc 500 each goal to see 700 across all 3 one time
Contributor
Posts: 91
Registered: ‎01-03-2016
0

Re: PenFed $500 Overdaft protection

[ Edited ]

Yes it was with PenFed. If you go to transfers on the website, you have the option of choosing the overdraft LOC to transfer from and then you transfer to whatever account is listed as a transfer to account. I transferred to my checking account and withdrew from the ATM.  Very easy process.

Frequent Contributor
Posts: 379
Registered: ‎03-07-2007
0

Re: PenFed $500 Overdaft protection

is there a waiting period because i dont have that option in the transfer i can just transfer to the overdraft line of credit im totally confused lol

current fico 08 ex 612 eq 569 tu 590 ex bankcard 08 630 ex fico 02 612
navy cr 1k discover sec. 300 credit one 450 overstock 2050 mjc 5k 2 penfed oloc 500 each goal to see 700 across all 3 one time
Contributor
Posts: 91
Registered: ‎01-03-2016
0

Re: PenFed $500 Overdaft protection


mrldp40 wrote:

is there a waiting period because i dont have that option in the transfer i can just transfer to the overdraft line of credit im totally confused lol


Not sure if there is.....I only used it once and I had the account open for about 2 months before I used it. I know when I look at my transfer from list it shows the Thrifty Line of Credit as an option to transfer from.  You may want to check with PenFed to see if there is a waiting period.  

Frequent Contributor
Posts: 379
Registered: ‎03-07-2007
0

Re: PenFed $500 Overdaft protection

My doesn't say thrifty line of credit it just says overdraft line of credit .I wonder if it's the same line u have .?
current fico 08 ex 612 eq 569 tu 590 ex bankcard 08 630 ex fico 02 612
navy cr 1k discover sec. 300 credit one 450 overstock 2050 mjc 5k 2 penfed oloc 500 each goal to see 700 across all 3 one time

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