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Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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PenFed hates me....becoming mutual

I'm sorry, but PenFed has gone too far!

 

Last month I initiated an ACH online payment from PenFed website to pay my credit card.  They put a full 10 day hold on funds (even though it cleared in 48 hours).  There was no exception to this rule for "new members under 6 months" as a risk policy.

 

Okay, annoying but I will "push" the money next time.  This time I wire transfered CASH to my PenFed checking account.  PenFed took 3 business days to credit it. 

 

3 days later I transferred CASH (from the wire) from my PenFed checking account to my VISA CC.  They have now put a 10 day hold on funds.  I called in and asked what this was for because I paid with clear funds from my PenFed account.  They told me "we hold funds for 10 days, and up to 15 days, on all new members under 6 months regardless of the source of payment as a part of risk management."

 

WTF!  I have never, in all my earthly days heard of the need to put a hold on cash due to some risk!  I posted previously that PenFed was one of my regrets.  I then eased up and said, okay I won't call it regret, I'll call it annoyed.

 

Well, now it's regret.  This is ridiculous, not risk managment.  If I pay cash, how can they have risk.  It's gone from my deposit account, but not credited and I have no use or access to it.

 

I'm on hold right now waiting for the CSR to see if there is any way to get a one time waiver of this hold due to the fact that funds were drawn on PenFed and were derived from a wire....but she said "I can't promise anything though!"

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
pattycake
Posts: 760
Registered: ‎04-30-2007
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Re: PenFed hates me....becoming mutual

That is frustrating!  I'm depositing $50 a day until I can get my card and start using it, then will pay the card from a PenFed account.  

 

I hope it works out and you're finally happy with them.  I'm using them to BT.   

pattycake's FICOs: 6/2/10 - TU: 708; EX: ???; EQ: 749
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: PenFed hates me....becoming mutual

Finally got off the phone with the CSR and she was able to get the hold "lifted" but told me this is a general "new member policy" that all VISA payments, regardless of source get a hold.

 

I went so far as to ask:  "If I walked into a branch and paid with cash, not check, I would still incur such a hold?"  And she said, "yes, that is correct."

 

Wow, somebody said PenFed was ultra-conservative.  I don't think that adequately describes PenFed.  :smileyindifferent:

 

Anyway, this is now my Gas Card $200-300 per month use at most, PIF.  I realize it's their card, so their rules, but I just can't wrap my head around putting a 10 to 15 day hold on cash payments from a direct wire transfer which they had in their possession for nearly a week before I made use of the funds to make the payment.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Frequent Contributor
hobojon
Posts: 261
Registered: ‎01-20-2009
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Re: PenFed hates me....becoming mutual

I don't think you see many people complaining about this because most people don't put money in Penfed checking or savings since they offer such a pitiful return.
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: PenFed hates me....becoming mutual

That's just crazy! I pay from a non-PenFed source, and it's credited that day.

So they have no issues with payments from outside sources, but they put the stink-eye on their own??

Like I said, I use them for credit, not for banking. sheesh
* 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
Established Contributor
Posts: 742
Registered: ‎12-19-2008
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Re: PenFed hates me....becoming mutual

I thought cash was king. I guess if PenFed has your cash they are king.

 

Ridiculous!

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
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Re: PenFed hates me....becoming mutual


haulingthescoreup wrote:
That's just crazy! I pay from a non-PenFed source, and it's credited that day.

So they have no issues with payments from outside sources, but they put the stink-eye on their own??

Like I said, I use them for credit, not for banking. sheesh

 

How long have you been a member?  The issue is not source, they said "any source" for "new members under 6 months."  The point is not how much or where it comes from or how they got it, just that I'm a new member and thus unworthy even of cash till I become a beautiful butterfly in 6 to 12 months :smileyindifferent:

 

And I am using them for credit too....but they make it impossible to pay them in a manner that is satisfactory that the funds are released or available in less than 10 days.  10 days is 1/3 of every month! 

 

Okay, rant over, thanks for listening.  Just don't like people doing that to MY MONEY!  Oops, guess I still had a little rant left in that last breath.

 

 

 

 

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: PenFed hates me....becoming mutual

I joined in Feb 2008. I have the obligatory share account (mine is actually $50 + interest, instead of $5; superstition, I guess), but I have never used the banking side of PenFed.

I set up both the CC and the auto loan to be paid from the family joint account (a local credit union), and the payments have gone through like clockwork from day one. I also sometimes pay part of the CC bill from my personal USAA account, and again, not a blink. It's posted the next day. I'm getting ready to switch my car payment from the joint account to my personal account, and they said that if I faxed in the request on the proper form, it might get done within a month's time, which is silly.

From other posts I've read, the delays seem to be on the banking side, with the 6-month requirement and the $50/day limit. This is absurd to me --if they can immediately acknowledge an ACH for a credit account, what's the diff for a banking account?

Our local CU used to put holds on checks for everything back in the day, but they finally wised up.

I'm delighted with my banking functions at USAA, so even when I get with another CU or bank, I have no interest in opening new banking products with them. I spend a lot of time trying to make my life less complicated, not more. :smileywink: (just the viewpoint of an adult ADHD'er who has learned what she's good at, and what she's not so good at)
* 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
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: PenFed hates me....becoming mutual

Okay, my PenFed is zero balance and I know what I am going to do with PenFed to avoid the annoyances of the first 6 months and still capitalize on the benefits of PenFed. 

 

I am in the middle of home improvement.  Going to put the expenses on my BoA or NFCU card then BT to PenFed at the 2.99%.

 

The cash I was going to pay these expenses with I am depositing into my Addison Avenue CU Dividend Reward Checking which pays 3.41%.  Then I am going to collect 3.41% while I pay 2.99% and wait until I am 6 to 12 months, then decide what, if anything, I want to do from that point.

 

 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: PenFed hates me....becoming mutual

Sounds like a plan.

lol, after reading it, I felt the urge for a nap. (again, my need for things to be dirt simple!)
* 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

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