topic Re: No longer recommending PenFed in Personal Finance

No longer recommending PenFed

SouthJamaica — Fri, 15 Jan 2021 22:10:51 GMT

I've recommended PenFed in the past, but I'm no longer recommending them.

The customer service from their member service department has deteriorated terribly.

Re: No longer recommending PenFed

coldfusion — Fri, 15 Jan 2021 22:18:33 GMT

What happened?

I found them to be a solid CU once I got past the initial 6 months worth of noob restrictions hoisted on all new members but I'd agree that their CS is nothing to get excited over.

Re: No longer recommending PenFed

Anonymous — Fri, 15 Jan 2021 22:26:45 GMT

@coldfusion wrote:
What happened?

I found them to be a solid CU once I got past the initial 6 months worth of noob restrictions hoisted on all new members but I'd agree that their CS is nothing to get excited over.

I agree with this.

A post "not recommending" them without details is hard to get behind. That said, I also have found that no business or institution can make everyone happy all the time.

Re: No longer recommending PenFed

GApeachy — Fri, 15 Jan 2021 23:46:00 GMT

@SouthJamaica wrote:

The customer service from their member service department has deteriorated terribly.

10-10 listening in.....we've got our ears on.

Re: No longer recommending PenFed

Bankrupt2019 — Sat, 16 Jan 2021 00:12:06 GMT

@SouthJamaica wrote:
I've recommended PenFed in the past, but I'm no longer recommending them.

The customer service from their member service department has deteriorated terribly.

When I got my PCR last month I certainly noticed that they were not Navy🤣😂

Re: No longer recommending PenFed

Creditplz — Sat, 16 Jan 2021 01:13:43 GMT

I can stand behind this 100%, I ditched PENFED back in 2019 eliminating $30k in CL. Customer service is non-existent, then I had to resolve a issue and was told "drive 100 miles to the nearest branch if you want to get it resolved".

then I asked them to close the cards, they froze my banking products and wanted a MEDALLION SIGNATURE TO UNFREEZE MY LEGAL MONEY.

let me tell you..... pretty much no bank would sign that request for medallion signature guarantee since it wasn't a transfer of stocks....

had to threaten to sue them to get my funds out of that bank.

Re: No longer recommending PenFed

FinStar — Sat, 16 Jan 2021 01:15:09 GMT

Not sure what issue you experienced, but IMO, just about every FI will not get it right 100%. Hopefully it wasn't anything horrendous.

I've only had a few hiccups in the entire 5+ years since I joined, but in those instances, they fixed the issues which were minor.

I'm still recommending them (depending on what someone asks) since they still offer a variety of competitive products for a CU of their scale 🤷‍♂️.

Re: No longer recommending PenFed

CreditCuriosity — Sat, 16 Jan 2021 02:24:26 GMT

Penfed is my primary FI although they certainly aren't what they were at one point in time they are still solid for most people that have been with them along time. With that said I would never take a PL from them or an auto loan from them and various other things as they aren't really competitive anymore with the above mentioned. Their CC's are no where near NFCU, but you can't compare apples to oranges either as NFCU is a whole different ball game for whatever reason. I might move my direct deposit to some other FI, but I will weigh my options as they use to be alot better and hope that the expansion they have gone through hasnt ruined them as a good CU for viable products I seek.

Re: No longer recommending PenFed

SouthJamaica — Sat, 16 Jan 2021 03:03:00 GMT

It's just typical 21st century customer service garbage.

Getting treated like dirt, long hold times, nonresponsive responses.

And then when I finally got someone on the phone with half a brain, she didn't have enough knowledge to resolve the issue, and was ordered by her supervisor to resolve the matter in a way that was wrong.

They were behaving like a typical bank with bad customer service. The kind of 'customer service' that could care less about the customer. I joined credit unions to get away from that kind of treatment.

Re: No longer recommending PenFed

FinStar — Sat, 16 Jan 2021 04:29:10 GMT

Well, if you're no longer satisfied with them, service or otherwise, maybe it's time to look elsewhere and perhaps close your accounts/part ways. It's fairly common knowledge around the forums that no Bank or CU will be the right fit for everyone. If you intend on staying with them, your perceived image of any interaction will likely remain the same in the event that you need to contact them.

I agree with @CreditCuriosity. Over the years, things have changed with PenFed, but thankfully I don't need to contact them that often, if at all. I'm not saying they're amazing 🤩 during every interaction.

The last time I reached out to them was during their account conversions plus wanting to consolidate several accounts to simplify things. I asked around here for DPs, tempered my expectations and assumed a train wreck was possible. But, I was really surprised the outcome went seamlessly. That's not to say others would've had the opposite experience 🤷‍♂️

Re: No longer recommending PenFed

dunn2500 — Sat, 16 Jan 2021 04:47:30 GMT

in my short time with them and navy

Navy is far superior in every way.....i wish they could have matched rate but they pull from different platforms

pen fed reporting loans to CRA is ridiculous, Navy was on the ball......customer service i have experience the same as SJ....navy seems like a CU where pen fed feels more like a bank.....idk what they used to be like

Navy was so good i almost thought they were trying to screw me if that makes sense.......very professional and seamless

if not for 7k ill save on interest rate i would be with navy and heck i almost didnt switch cuz i didnt want to leave navy....

Re: No longer recommending PenFed

Namaste7 — Sat, 16 Jan 2021 13:46:31 GMT

@FinStar wrote:
Not sure what issue you experienced, but IMO, just about every FI will not get it right 100%. Hopefully it wasn't anything horrendous.

I've only had a few hiccups in the entire 5+ years since I joined, but in those instances, they fixed the issues which were minor.

I'm still recommending them (depending on what someone asks) since they still offer a variety of competitive products for a CU of their scale 🤷‍♂️.

I concur FinStar.

I had a few hiccups with PFCU (and another less than loved CU on these boards). In both situations, I wrote a note to the leadership team describing my situation and dissatisfaction. In both cases, I received calls from the executive office (or customer relations team) and the issues were resolved in a few days.

I would selectively recommend PFCU. If personable banking matters, I think local credit unions will be the best choice.

Re: No longer recommending PenFed

BearsCubsOtters — Sat, 16 Jan 2021 16:53:15 GMT

@SouthJamaica wrote:
I've recommended PenFed in the past, but I'm no longer recommending them.

The customer service from their member service department has deteriorated terribly.

Sadly, any of us could enter nearly any financial institutions' name in your sentance, "I've recommended XXXXX in the past, but I am no longer recommending them for xxxxx reason."

Having said that, I was hung up on by a CSR at PenFed a few years ago. I had never been overly fond of PenFed, but I do like their pre-approvals, high credit lines and auto loan rates. As others have said, I will keep them around to shop them for the best rates, but I certainly do not sing their praises.

I have to say that NFCU and USAA have destroyed all other banks for me. The service, the rates etc, hard to beat. But if you search around here, you will see plenty of USAA bashing and even a few cases of people not happy with NFCU.

Also, as a side note, your name here always reminds me of a Nicki Minaj song, "Moment for Life." One of the lyrics is "Grew up out in Baisley south side Jamaica, Queens and its crazy" in reference to where she has lived. Whenever I see you post, I hear that song

Re: No longer recommending PenFed

OmarR — Sat, 16 Jan 2021 21:46:22 GMT

I joined PenFed about 2 years ago with my $5 share. When I tried some of the APP functions, I was locked out as a "new user". I got ahold of them and they wanted more documentation. I sent it to them, and I was unlocked for a while, and than went back to being locked down. I have even tried pushing from USAA, just a couple of bucks for activity, but it bounces back.

I really only joined for future credit cards that might interest me. So far, they have been a C+ for me. I actually thought they would have terminated my account by now for inactivity.

Re: No longer recommending PenFed

creditfan — Sat, 16 Jan 2021 23:39:10 GMT

no one size fits all

enough said

Re: No longer recommending PenFed

HiiiPoWeR — Sun, 17 Jan 2021 10:03:36 GMT

I was going to post a topic about them yesterday but decided against it.

In short,

I'm just going to stay away from them. I didn't like a recent interaction that I had with them during the account opening process.

Re: No longer recommending PenFed

DaveInAZ — Sun, 17 Jan 2021 16:52:33 GMT

@SouthJamaica wrote:
I've recommended PenFed in the past, but I'm no longer recommending them.

The customer service from their member service department has deteriorated terribly.

Well, interesting. It is so rare that I need to contact customer service that is far down in my criteria on whether to continue banking with an institution. I've been a Penfed member since May 2017 and yeah, getting through to their customer service and getting accurate information has never been their strong suit. If I hadn't gotten a great Home Equity LoC in Aug. 2017 I would have quit them, but certainly not over customer service. Right after joining them they approved me for a PCR 2% card, with a whopping $750 CL. When I was approved for the PayPal 2% Cashback just 3 months later with a $7,000 CL I called to cancel my PCR. When I told the rep the reason why was my new PayPal card she responded "Oh well, I can submit a CLI for you!". When she confirmed that would be a HP I told her "No thanks just close the account, I don't allow a HP just for a CLI, and the PayPal card already has a CL almost 10 times your card".

And their banking accounts were nothing special. Standard minimum 3 biz day for ACH pushes/pulls, .20% interest laughable, and $500 min. in DD or balance in checking to avoid a $5/mo. fee also laughable, I had 2 completely free checking accounts with other CUs. But, I think they've gotten much better since they got their national charter. 1 to 2 days for ACH, and instant credit to available credit for pulls with a $10k limit for checking and $50k for Premium Savings, and the .55% interest for Premium Savings is better than Amex HYS or Marcus.

So, I'm happy enough with Penfed these days, pretty much my primary banking accounts, and I do recommend them. But for new members just park the minimum amount there until your new member restrictions pass, I forget if it's 3 or 6 months, but the severe restrictions are annoying as heck. And call customer service as a last resort. But then, almost every bank I deal with warns me of 'long wait times' during Covid.

Re: No longer recommending PenFed

SouthJamaica — Sun, 17 Jan 2021 22:57:34 GMT

@DaveInAZ wrote:
@SouthJamaica wrote:
I've recommended PenFed in the past, but I'm no longer recommending them.

The customer service from their member service department has deteriorated terribly.

Well, interesting. It is so rare that I need to contact customer service that is far down in my criteria on whether to continue banking with an institution. I've been a Penfed member since May 2017 and yeah, getting through to their customer service and getting accurate information has never been their strong suit. If I hadn't gotten a great Home Equity LoC in Aug. 2017 I would have quit them, but certainly not over customer service. Right after joining them they approved me for a PCR 2% card, with a whopping $750 CL. When I was approved for the PayPal 2% Cashback just 3 months later with a $7,000 CL I called to cancel my PCR. When I told the rep the reason why was my new PayPal card she responded "Oh well, I can submit a CLI for you!". When she confirmed that would be a HP I told her "No thanks just close the account, I don't allow a HP just for a CLI, and the PayPal card already has a CL almost 10 times your card".

And their banking accounts were nothing special. Standard minimum 3 biz day for ACH pushes/pulls, .20% interest laughable, and $500 min. in DD or balance in checking to avoid a $5/mo. fee also laughable, I had 2 completely free checking accounts with other CUs. But, I think they've gotten much better since they got their national charter. 1 to 2 days for ACH, and instant credit to available credit for pulls with a $10k limit for checking and $50k for Premium Savings, and the .55% interest for Premium Savings is better than Amex HYS or Marcus.

So, I'm happy enough with Penfed these days, pretty much my primary banking accounts, and I do recommend them. But for new members just park the minimum amount there until your new member restrictions pass, I forget if it's 3 or 6 months, but the severe restrictions are annoying as heck. And call customer service as a last resort. But then, almost every bank I deal with warns me of 'long wait times' during Covid.

I'm not saying they're the worst financial institution in the world.

I'm just saying that I have recommended them many times in this forum, and that now -- due to the deterioration in their customer service -- I'm no longer recommending them.

The other problem with PenFed, which has been true throughout my relationship with them, is their failure to offer a free checking account, and the unreasonable $10 maintenance fee they impose on the only checking account they do offer if one fails to meet the minimum balance or direct deposit requirement.

Re: No longer recommending PenFed

Yeliaba1 — Sun, 17 Jan 2021 23:40:33 GMT

I agree that over the past year I've seen some decline with their customer service, but I've also seen worse. PenFed has been very generous extending me credit despite my BK13 on file. They're no NAVY, but they were definitely better for me in my rebuild.

Re: No longer recommending PenFed

Anonymous — Mon, 18 Jan 2021 00:26:45 GMT

@SouthJamaica wrote:
@DaveInAZ wrote:
@SouthJamaica wrote:
I've recommended PenFed in the past, but I'm no longer recommending them.

The customer service from their member service department has deteriorated terribly.

Well, interesting. It is so rare that I need to contact customer service that is far down in my criteria on whether to continue banking with an institution. I've been a Penfed member since May 2017 and yeah, getting through to their customer service and getting accurate information has never been their strong suit. If I hadn't gotten a great Home Equity LoC in Aug. 2017 I would have quit them, but certainly not over customer service. Right after joining them they approved me for a PCR 2% card, with a whopping $750 CL. When I was approved for the PayPal 2% Cashback just 3 months later with a $7,000 CL I called to cancel my PCR. When I told the rep the reason why was my new PayPal card she responded "Oh well, I can submit a CLI for you!". When she confirmed that would be a HP I told her "No thanks just close the account, I don't allow a HP just for a CLI, and the PayPal card already has a CL almost 10 times your card".

And their banking accounts were nothing special. Standard minimum 3 biz day for ACH pushes/pulls, .20% interest laughable, and $500 min. in DD or balance in checking to avoid a $5/mo. fee also laughable, I had 2 completely free checking accounts with other CUs. But, I think they've gotten much better since they got their national charter. 1 to 2 days for ACH, and instant credit to available credit for pulls with a $10k limit for checking and $50k for Premium Savings, and the .55% interest for Premium Savings is better than Amex HYS or Marcus.

So, I'm happy enough with Penfed these days, pretty much my primary banking accounts, and I do recommend them. But for new members just park the minimum amount there until your new member restrictions pass, I forget if it's 3 or 6 months, but the severe restrictions are annoying as heck. And call customer service as a last resort. But then, almost every bank I deal with warns me of 'long wait times' during Covid.
I'm not saying they're the worst financial institution in the world.

I'm just saying that I have recommended them many times in this forum, and that now -- due to the deterioration in their customer service -- I'm no longer recommending them.

The other problem with PenFed, which has been true throughout my relationship with them, is their failure to offer a free checking account, and the unreasonable $10 maintenance fee they impose on the only checking account they do offer if one fails to meet the minimum balance or direct deposit requirement.

That $10 fee is why I don't see myself ever having the PCR as a 2% card. Their 6 month probation period for new members is obnoxious too.