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PENFED: after 6 months, I graduate out of diapers ;)

Senior Contributor

PENFED: after 6 months, I graduate out of diapers ;)

Well,  I past my 6 month mark with PenFed and found that my 10/19 Visa payment was both posted and credited (as available credit) on 10/20.....so the "6 month newbie" sophmore treatment has come to an end it appears.

 

My payment was an ACH web payment initiated from PenFed.org drafting against BoA account.  Previously this required a 10 day "hold" on funds availability (though payment was posted on the date of payment).

 

This "hold" of available funds/credit was irrespective of source (cash, penfed account, wire transfer, billpay, ach web pay, etc).  Therefore, with PenFed be sure you make your payment of "needed available credit" at least 10 days prior to needing it IF you are less than 6 months member.

 

 

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Message 1 of 19
18 REPLIES
Regular Contributor

Re: PENFED: after 6 months, I graduate out of diapers ;)

I dont get it.!!!
Message 2 of 19
Regular Contributor

Re: PENFED: after 6 months, I graduate out of diapers ;)

Interesting. Thanks for posting this.

 

Do you think that it would make a difference one way or the other if you initiated the payment from your bank's website?

 

FWIW, I've been paying PenFed from BofA's Bill Pay page, using my BofA MasterCard as the "pay from" account. PenFed posts & credits my payment as of the pay date that I designate on the BofA page. I've had the PenFed account for a little over a year.

Message 3 of 19
Super Contributor

Re: PENFED: after 6 months, I graduate out of diapers ;)

I'm clueless how to pay my PenFed bill on its website.  I pushed the payment via my bank.  My bank tried to send the payment to PenFed electronically, but said it was the wrong account number.  I didn't make a mistake with the account number.  My bank mailed the payment instead, and the payment is posted after 2 weeks.  The timing is too long.
Message 4 of 19
Senior Contributor

Re: PENFED: after 6 months, I graduate out of diapers ;)


DI wrote:
I'm clueless how to pay my PenFed bill on its website.  I pushed the payment via my bank.  My bank tried to send the payment to PenFed electronically, but said it was the wrong account number.  I didn't make a mistake with the account number.  My bank mailed the payment instead, and the payment is posted after 2 weeks.  The timing is too long.

Call. It should be no problem paying a credit card bill. You need to enter you checking account but I am guessing you know that.

Message 5 of 19
Super Contributor

Re: PENFED: after 6 months, I graduate out of diapers ;)

I clicked on the paybills link.  It's asking about creating a checking account.  Do I need to sign-up for a checking account with PenFed to pay the CC bill in the future?
Message 6 of 19
Senior Contributor

Re: PENFED: after 6 months, I graduate out of diapers ;)


DI wrote:
I clicked on the paybills link.  It's asking about creating a checking account.  Do I need to sign-up for a checking account with PenFed to pay the CC bill in the future?

Log in. See the transfer money box to the right? You will need to input the account you will be paying out of. Click and follow the directions you will need the checking account number and the bank routing number. Any checking account will do you don't need to open a Penfed checking account. Try it.

Message 7 of 19
Super Contributor

Re: PENFED: after 6 months, I graduate out of diapers ;)


smallfry wrote:

DI wrote:
I clicked on the paybills link.  It's asking about creating a checking account.  Do I need to sign-up for a checking account with PenFed to pay the CC bill in the future?

Log in. See the transfer money box to the right? You will need to input the account you will be paying out of. Click and follow the directions you will need the checking account number and the bank routing number. Any checking account will do you don't need to open a Penfed checking account. Try it.


Awe thanks!! It's simple after all.  I must not had the option until my first bill generated.  I appreciate it.

Message 8 of 19
Moderator Emerita

Re: PENFED: after 6 months, I graduate out of diapers ;)

A lot of CU's use the "transfer funds" terminology, which never rang a bell with me. It took forever to make my brain read that as "pay my bill with outside funds."

Congrats on moving into your nice new rocket-ship undies, txjohn! Smiley Very Happy
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 9 of 19
Senior Contributor

Re: PENFED: after 6 months, I graduate out of diapers ;)

Congrats Tx. So Penfed will now take your money no questions asked? Wonderful. Nice of 'em huh?
Message 10 of 19