can i close penfed savings?

[Anonymous]

I was forced to open the savings account for penfed, but i never use it. am i able to close it now that i have a credit card with them? Thx

[Anonymous]

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@Anonymous wrote:

I was forced to open the savings account for penfed, but i never use it. am i able to close it now that i have a credit card with them? Thx

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You need a membership to get access to their great products.  All you need to keep in the savings is $5.  Is that too much?  If you close your savings, you might lose your credit account.

But call them and see the best choice for your situation.

[Anonymous]

I agree. I think you have to keep that account open.

[Blodreina]

As others mention, I'm pretty sure you cannot close it.  The share account thing seems like a standard practice for credit unions; however, each of them may treat it differently.  I think Alliant gives you $5 to maintain their share account (if I recall correctly), for example.  From some reading, it seems like the share account may function as your part-ownership of the institution (credit unions are owned by its members).  My understanding of it all remains hazy, but I think that's the gist.

Here's what I read to arrive at my rudimentary understanding of how it all works.

http://banking.about.com/od/creditunions/g/share_accounts.htm

https://www.aacreditunion.org/savings-share-account.aspx

http://www.mycreditunion.gov/about-credit-unions/pages/how-is-a-credit-union-different-than-a-bank.a...

[Vegas4Play]

Wouldnt closing the savings account be closing the membership?...same as NFCU right.

[ddemari]

You have to have a shared shavings account. I have there PenFed cards, a ploc, and checking account and just leave 5 in the shared savings.