topic Re: PenFed hates me....becoming mutual in Credit Cards

PenFed hates me....becoming mutual

Anonymous — Mon, 27 Jul 2009 23:58:24 GMT

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!"

Re: PenFed hates me....becoming mutual

pattycake — Tue, 28 Jul 2009 00:03:51 GMT

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.

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 00:08:54 GMT

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.

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.

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 00:09:57 GMT

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.

Re: PenFed hates me....becoming mutual

haulingthescoreup — Tue, 28 Jul 2009 00:11:44 GMT

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

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 00:28:14 GMT

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

Ridiculous!

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 00:47:00 GMT

@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

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.

Re: PenFed hates me....becoming mutual

haulingthescoreup — Tue, 28 Jul 2009 00:56:50 GMT

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. (just the viewpoint of an adult ADHD'er who has learned what she's good at, and what she's not so good at)

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 00:58:01 GMT

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.

Re: PenFed hates me....becoming mutual

haulingthescoreup — Tue, 28 Jul 2009 00:59:30 GMT

Sounds like a plan.

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

Re: PenFed hates me....becoming mutual

ocheosa — Tue, 28 Jul 2009 01:06:22 GMT

@Anonymous wrote:
@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

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.

txjohn,

You have every right to blow a gasket.... Like you I understand new member "probation" period for credit. But I have never heard of bank account limitations above 30 days. (Mom/Pop banks included.) Hold on checks sure...but on cash? You obviously have more patience than I do, all bank accounts would have been closed on the spot with checks returned to me by mail. Even if it involved a road trip. I can get a bit overheated in such matters.

Although its not public, they must be taking a beating in the crunch. Maybe members floating checks or god knows what else ?? Geez!

Lets start a countdown for your 6 month anniversary!! Just think you will be graduating from pull ups to big boy pants!

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 01:11:26 GMT

I guess if I had crap credit, extremely new credit, was real young or something, I'd understand more.

But I have 780-800 credit, 40 something years old, 6 figure income and was approved for $10k Visa....so it seems that I would not be such a huge risk that they can't take cash without a 10 day hold on funds

Re: PenFed hates me....becoming mutual

smallfry — Tue, 28 Jul 2009 01:14:03 GMT

Give what you get John. That's past ridiculous.

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 01:27:34 GMT

@ocheosa wrote:
txjohn,

You have every right to blow a gasket.... Like you I understand new member "probation" period for credit. But I have never heard of bank account limitations above 30 days. (Mom/Pop banks included.) Hold on checks sure...but on cash? You obviously have more patience than I do, all bank accounts would have been closed on the spot with checks returned to me by mail. Even if it involved a road trip. I can get a bit overheated in such matters.

Although its not public, they must be taking a beating in the crunch. Maybe members floating checks or god knows what else ?? Geez!

Lets start a countdown for your 6 month anniversary!! Just think you will be graduating from pull ups to big boy pants!

Can I have the ones with race cars on them?!!!

Message Edited by txjohn on 07-27-2009 06:27 PM

Re: PenFed hates me....becoming mutual

ocheosa — Tue, 28 Jul 2009 01:30:29 GMT

Sure! How cute!!!

Re: PenFed hates me....becoming mutual

FocusOnFICO — Tue, 28 Jul 2009 02:05:52 GMT

Tx----I just received my Addison card today . I don't think I'll go for the 3.41%, as I'd need to do the obligatory 12 debit card purchases per month.....

Sounds like your plan should be fine. My CSUN credit union originally had a five business day turn time to PenFed. The next payment credited at PenFed the next business day. The most recent is taking the whole five busines days..... not too consistent. I am setting up enough money in PenFed by small amount direct deposit to start transferring the payments next month. We'll see...

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 03:11:44 GMT

Yeah I am beginning to hate them too. They are doing alot of stupid stuff and they don't care. When you talk to the CSRs or through email, they are dismissive and blow you off. I was so thinking they were nice and better than most banks but they are just turning into not only as bad as them but also even worse in many ways. They are for example assessing me finance charges when according to their own policy if the balance is paid before the 25 day billing cycle, they should not. I have contacted them 3 times and they have not replied to me at all. Just ignored me. I don't have time to call them or I would and in the meantime two month of finance charges when according to terms, they should not. I have pulled most of my funds out of there and pretty much just use their credit card.

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 03:29:06 GMT

@Anonymous wrote:
Yeah I am beginning to hate them too. They are doing alot of stupid stuff and they don't care. When you talk to the CSRs or through email, they are dismissive and blow you off. I was so thinking they were nice and better than most banks but they are just turning into not only as bad as them but also even worse in many ways. They are for example assessing me finance charges when according to their own policy if the balance is paid before the 25 day billing cycle, they should not. I have contacted them 3 times and they have not replied to me at all. Just ignored me. I don't have time to call them or I would and in the meantime two month of finance charges when according to terms, they should not. I have pulled most of my funds out of there and pretty much just use their credit card.

The PenFed credit card works fine. I just can't seem to pay the dang thing in less than 10 days....and actually it was 15 days when you consider how long it took them to credit my wire transfer (5 days). I mean, come on, holds on wire transfers for 3 days plus a weekend?. 10 day holds on cash payments?

If I described what had happened, but made people guess the CCC, I bet I would get people saying First Premiere and like peers.

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 03:40:58 GMT

I write a paper check (shrieks!) on my Wachovia checking account, deposit it at my local CU's ATM (which is CU24) into my PenFed checking account, go home and immediately make a transfer from my checking account to my CC's. (I believe $1K of my deposit is immediately available.) The CC's reflect the payment the next day most of the time and only under very rare circumstances is it the second day. It is never later.

Message Edited by creditwherecreditisdue on 07-27-2009 11:40 PM

Re: PenFed hates me....becoming mutual

Anonymous — Tue, 28 Jul 2009 03:40:32 GMT

I'm assuming you are all PenFed grown up (more than 6 months member old)?