topic Re: PenFed and CHEX system in Personal Finance

PenFed and CHEX system

Anonymous — Tue, 04 Jul 2017 05:29:24 GMT

Hi,

I have a credit score in the low 700's and a lot of good credit history. I am interested in signing up for cards from PenFed, but does this mean that they will require me to also open a checking and/or savings account with them? And if I am listed on the Chex system for having an overdrafted checking account get shut down 3 years ago, then I am assuming that PenFed will probably not open me said required checking/savings account? If this is the case, and I decided to go back and clear up the overdrafted checking liability, how long will it take for the Chex system to reflect that I am in good status with the checking account system again? 30 days? 60 days? etc.

Re: PenFed and CHEX system

Anonymous — Wed, 05 Jul 2017 06:20:46 GMT

Unless you plan on paying by paper check everytime, its not gonna not be easy to pay your card bill.

Re: PenFed and CHEX system

Anonymous — Wed, 05 Jul 2017 07:59:25 GMT

I also have an active checking account at another bank which was set up before the first checking account got shut down.

Re: PenFed and CHEX system

fltireguy — Wed, 05 Jul 2017 12:00:27 GMT

PenFed does not use Chex as far as I know- I joined with a dirty report

Re: PenFed and CHEX system

fltireguy — Wed, 05 Jul 2017 12:01:24 GMT

And, since it is a CU, you HAVE to open a savings account to get any of their other products

Re: PenFed and CHEX system

AllCredit — Wed, 05 Jul 2017 16:55:16 GMT

I joined with a dirty report, no issue...they may not allow you to open a checking account (do not know from personal expereince only have credit produts) but it shouldn't be the reason they don't open a share account for you.

Re: PenFed and CHEX system

Anonymous — Thu, 06 Jul 2017 03:11:02 GMT

They will pull your EQ report, but I haven't seen them using Chexsystem.

It wasn't PenFed, but another CU let my better half in for membership and savings, but not checking because of Chex.

Not sure if you'd want to call and ask PenFed up front, but that might be better than finding out when they shut you down afterwards

Re: PenFed and CHEX system

Anonymous — Mon, 19 Feb 2018 17:22:19 GMT

I notice you have Navy Fed too.
Is there a way to get approved for membership if you are not in military or if you do not have a family member

Re: PenFed and CHEX system

DaveInAZ — Mon, 19 Feb 2018 19:28:33 GMT

I joined Penfed with both checking & savings in May 2017, and then DCU in October. I know DCU required a Chex, I was opening checking & savings, because I had recently frozen Chex and was waiting for the mailed PIN to unfreeze it, and that caused a delay with DCU until I got that PIN.

DCU was nice enough to give me a PDF of my Chex report, and in checking it I do not see any inquiry from Penfed, they are apparently satisfied with a EQ hard pull. I recently opened a Cap One 360 Money Market account, and unfroze Chex thinking they would pull it. I was speaking with a Cap One rep when I had technical problems and mentioned that, and he told me they do not pull Chex for a savings account. I'm thinking many banks/CUs are that way - a savings account is limited to 6 transactions per month, so less of a target for scammers/crooks. With a checking account you get unlimited transactions + a book of checks, so much more of a target for the bad guys.

Re: PenFed and CHEX system

Anonymous — Tue, 20 Feb 2018 18:45:00 GMT

PenFed pulls EQ not Chex

I originally has just savings with them, opened tha in 2008. It's is the requird share account for membership.

I recently app'd for a Power Cash Rewards card with them and they pulled EQ only. (Jan 24th, 2018)

Then after I received my CC I realized if I parked $500 in a checking account I would get 2% cash back on everything instead of 1.5%. So, I opened a checking account. They used the same EQ pull they used for the CC. NO chexsystems.