topic Re: Penfed conditionally approved in Personal Finance

Penfed conditionally approved

Creditplz — Wed, 15 Jun 2022 02:08:20 GMT

Hey guys I applied for a penfed card since the last time I tried in 2017... conditionally approved but it says "member has a negative share balanace" I'm assuming that's what's holding the approval... what's the fastest way to deposit money in Penfed?. Says Zelle won't work for 65 days since I just opened the account again.

Re: Penfed conditionally approved

SUPERSQUID — Wed, 15 Jun 2022 02:49:05 GMT

@Creditplz wrote:
Hey guys I applied for a penfed card since the last time I tried in 2017... conditionally approved but it says "member has a negative share balanace" I'm assuming that's what's holding the approval... what's the fastest way to deposit money in Penfed?. Says Zelle won't work for 65 days since I just opened the account again.

I started my penfed savings account with 15 bucks, i beleive they took it electronically from my checking account at another bank.

Re: Penfed conditionally approved

babygirl1256 — Wed, 15 Jun 2022 03:06:55 GMT

@Creditplz That's interesting . . . Did you re-open with the same account number? Did reopening the account cost you another hard inquiry? Either way PenFed should be able to complete an electronic transfer just as SUPERSQUID stated.

Re: Penfed conditionally approved

sportsguy83 — Wed, 15 Jun 2022 17:08:34 GMT

@Creditplz wrote:
Hey guys I applied for a penfed card since the last time I tried in 2017... conditionally approved but it says "member has a negative share balanace" I'm assuming that's what's holding the approval... what's the fastest way to deposit money in Penfed?. Says Zelle won't work for 65 days since I just opened the account again.

Out of curiosity what are your DP? I've been debating applying for the PCR but the DP for approvals seem to be all over the place. As others have said, the best way to get money into your PenFed account is an electronic transfer.

Re: Penfed conditionally approved

SouthJamaica — Wed, 15 Jun 2022 20:27:25 GMT

@Creditplz wrote:
Hey guys I applied for a penfed card since the last time I tried in 2017... conditionally approved but it says "member has a negative share balanace" I'm assuming that's what's holding the approval... what's the fastest way to deposit money in Penfed?. Says Zelle won't work for 65 days since I just opened the account again.

Fastest way is to pull an ACH transfer from an external account if you have an external account set up with them.

Otherwise I'd try electronically depositing a check in the mobile app.

Re: Penfed conditionally approved

cashorcharge — Thu, 16 Jun 2022 00:58:11 GMT

@SouthJamaica wrote:
@Creditplz wrote:
Hey guys I applied for a penfed card since the last time I tried in 2017... conditionally approved but it says "member has a negative share balanace" I'm assuming that's what's holding the approval... what's the fastest way to deposit money in Penfed?. Says Zelle won't work for 65 days since I just opened the account again.
Fastest way is to pull an ACH transfer from an external account if you have an external account set up with them.

Otherwise I'd try electronically depositing a check in the mobile app.

Agreed @SouthJamaica !

However, if your account is new....they will likely hold that deposited check for 7 days. If you do the ACH, you'll have to wait for that "test push" of 5 cents back and forth from another FI...though that should still be less than 7 days

Re: Penfed conditionally approved

Creditplz — Thu, 16 Jun 2022 03:58:25 GMT

I did mobile deposit! 7 day hold so on 6/22.

stats are, AAoA 4 years, EQ Fico8: 841, Income 590k, utilization on cards 1%, total available credit 1.1M (including AU for 140k).

Honestly I had forgotten about Penfed, and was bored at work so I decided to join again and apply.

Re: Penfed conditionally approved

Cookiegrabber — Thu, 16 Jun 2022 05:23:42 GMT

If you have an account at DCU or any other place that uses "People Pay" instead of Zelle, there's a lot less input required from the receiving side to transfer money. I use it to push money from DCU to my various accounts and to deposit $1/month to 3 accounts of an out-of-country friend that used to get her accounts locked and fined for inactivity every few months.

Re: Penfed conditionally approved

Credit4Growth — Fri, 17 Jun 2022 04:59:09 GMT

This is a super late response in my eyes.

Wire transfer, it only take hours if not minutes when done during the 1st half of the day... regardless of the cost involved.

I am beyond curious why noone has mentioned this...nowhere than potential fees involved 🙄

Fellow myficoers, please enlighten me!

Re: Penfed conditionally approved

Cookiegrabber — Fri, 17 Jun 2022 05:02:57 GMT

@Credit4Growth wrote:
Wire transfer

You're absolutely right! I think most of us just keep wire transfers in the deep dark places of our heads due to the fees unless we're wanting to transfer a big sum.

Re: Penfed conditionally approved

Credit4Growth — Fri, 17 Jun 2022 05:12:34 GMT

I understand you on that.

I was just thinking 🤔, people with alot of credit (power) would also take advantage of perks offer by holding certain bank accounts...
I have accounts, banking accounts, at a institution that I do. ot have any credit products with... that allows me to do wire transfers for free due to the daily balance I hold off a monthly service fee which is less than the cost of 1 wire transfer 😳.

For those reasons, I hope others chime in with their reasoning.

Thank you @Cookiegrabber!

I admire how you have been handling your (what most will call unique) situations 👌 I will attempt to reach out to soon through email ( I already did but that failed). Be well and trudge forward! What you are attempting is normal and helps many others. Thank you for sharing!

Re: Penfed conditionally approved

Cookiegrabber — Fri, 17 Jun 2022 05:17:16 GMT

@Credit4Growth

Thanks for the encouragement and many many kudos!