topic Re: PenFed 1-a-day limit? in Credit Cards

PenFed 1-a-day limit?

SouthJamaica — Wed, 14 Dec 2022 12:58:35 GMT

In many years of using different financial institutions, I have never seen anything like this before:

I went to make a 2nd credit card balance transfer on one of my PenFed accounts and got this message:

You've reached your daily limit
warning
You are allowed one balance transfer per day. This includes withdrawals and cash advances.

Re: PenFed 1-a-day limit?

805orbust — Wed, 14 Dec 2022 14:21:31 GMT

WHAT!?!? That's bumpkus. I did about 7 in a single evening 2 years ago when I bailed out DW.

*Edit* oh wait, that was with NFCU Platinum, my bad, but still that is about as silly as I can imagine.

Re: PenFed 1-a-day limit?

CreditCuriosity — Wed, 14 Dec 2022 15:14:22 GMT

Must be new.. Let me initiate one and see if allows me to do more than one.

err can't see as started one, but no language at begining might be worth a call in to them and asking as that is very strange and if true it must be new.

Re: PenFed 1-a-day limit?

SUPERSQUID — Wed, 14 Dec 2022 16:20:11 GMT

@SouthJamaica wrote:
In many years of using different financial institutions, I have never seen anything like this before:

I went to make a 2nd credit card balance transfer on one of my PenFed accounts and got this message:

You've reached your daily limit
warning
You are allowed one balance transfer per day. This includes withdrawals and cash advances.

Penfed said that to me once regarding bt's. They said if you want to take multiple bt's you have to take them rapid fire and not take one and wait a few hours for the second otherwise their system resets and wont let you take the 2nd bt for 24 hours.

Re: PenFed 1-a-day limit?

Anonymous — Wed, 14 Dec 2022 17:36:21 GMT

@SUPERSQUID wrote:
@SouthJamaica wrote:
In many years of using different financial institutions, I have never seen anything like this before:

I went to make a 2nd credit card balance transfer on one of my PenFed accounts and got this message:

You've reached your daily limit
warning
You are allowed one balance transfer per day. This includes withdrawals and cash advances.
Penfed said that to me once regarding bt's. They said if you want to take multiple bt's you have to take them rapid fire and not take one and wait a few hours for the second otherwise their system resets and wont let you take the 2nd bt for 24 hours.

Sure indication of top-notch IT! (And/or whoever designed the business rules)

Re: PenFed 1-a-day limit?

SouthJamaica — Wed, 14 Dec 2022 20:07:29 GMT

@SUPERSQUID wrote:
@SouthJamaica wrote:
In many years of using different financial institutions, I have never seen anything like this before:

I went to make a 2nd credit card balance transfer on one of my PenFed accounts and got this message:

You've reached your daily limit
warning
You are allowed one balance transfer per day. This includes withdrawals and cash advances.
Penfed said that to me once regarding bt's. They said if you want to take multiple bt's you have to take them rapid fire and not take one and wait a few hours for the second otherwise their system resets and wont let you take the 2nd bt for 24 hours.

This is not that. I've lived with that peculiarity for years. I learned that I had to click the link to do another balance transfer before closing the window.

This is totally new. It simply will not let you do another balance transfer. Period.

Also, it will not let you do a cash advance.

This is absolutely crazy. It's definitely new, has to have been implemented this month.

What's really a shame about this is that their balance transfer website pages had been obsolete for many many years, and they finally fixed the functionality just a couple of months ago.

I have no clue as to why they did this. The first thing that came to my particular mind is that they're in some kind of financial bind. But it's hard to imagine PenFed being in a financial bind.

Re: PenFed 1-a-day limit?

FinStar — Wed, 14 Dec 2022 21:22:15 GMT

@SouthJamaica wrote:
@SUPERSQUID wrote:
@SouthJamaica wrote:
In many years of using different financial institutions, I have never seen anything like this before:

I went to make a 2nd credit card balance transfer on one of my PenFed accounts and got this message:

You've reached your daily limit
warning
You are allowed one balance transfer per day. This includes withdrawals and cash advances.
Penfed said that to me once regarding bt's. They said if you want to take multiple bt's you have to take them rapid fire and not take one and wait a few hours for the second otherwise their system resets and wont let you take the 2nd bt for 24 hours.
This is not that. I've lived with that peculiarity for years. I learned that I had to click the link to do another balance transfer before closing the window.

This is totally new. It simply will not let you do another balance transfer. Period.

Also, it will not let you do a cash advance.

This is absolutely crazy. It's definitely new, has to have been implemented this month.

What's really a shame about this is that their balance transfer website pages had been obsolete for many many years, and they finally fixed the functionality just a couple of months ago.

I have no clue as to why they did this. The first thing that came to my particular mind is that they're in some kind of financial bind. But it's hard to imagine PenFed being in a financial bind.

Are you in a financial bind? Unless PenFed may feel you're high risk 🤷‍♂️ But, if there's a daily restriction, try again the following day? That would be my guess based on the language.

As far as PenFed's financial condition, you know where to find it. Financial condition reports are available to the public where you can assess how any FI is doing. If they truly were in a "bind", then you wouldn't see that many loan or CC originations, unsecured or otherwise.

Re: PenFed 1-a-day limit?

SouthJamaica — Thu, 15 Dec 2022 15:03:10 GMT

@FinStar wrote:
@SouthJamaica wrote:
@SUPERSQUID wrote:
@SouthJamaica wrote:
In many years of using different financial institutions, I have never seen anything like this before:

I went to make a 2nd credit card balance transfer on one of my PenFed accounts and got this message:

You've reached your daily limit
warning
You are allowed one balance transfer per day. This includes withdrawals and cash advances.
Penfed said that to me once regarding bt's. They said if you want to take multiple bt's you have to take them rapid fire and not take one and wait a few hours for the second otherwise their system resets and wont let you take the 2nd bt for 24 hours.
This is not that. I've lived with that peculiarity for years. I learned that I had to click the link to do another balance transfer before closing the window.

This is totally new. It simply will not let you do another balance transfer. Period.

Also, it will not let you do a cash advance.

This is absolutely crazy. It's definitely new, has to have been implemented this month.

What's really a shame about this is that their balance transfer website pages had been obsolete for many many years, and they finally fixed the functionality just a couple of months ago.

I have no clue as to why they did this. The first thing that came to my particular mind is that they're in some kind of financial bind. But it's hard to imagine PenFed being in a financial bind.
Are you in a financial bind? Unless PenFed may feel you're high risk 🤷‍♂️ But, if there's a daily restriction, try again the following day? That would be my guess based on the language.

As far as PenFed's financial condition, you know where to find it. Financial condition reports are available to the public where you can assess how any FI is doing. If they truly were in a "bind", then you wouldn't see that many loan or CC originations, unsecured or otherwise.

It didn't seem like it was directed at me personally. But I guess we'll find out one way or the other, if others report the same error message, or its absence.

Re: PenFed 1-a-day limit?

ptatohed — Thu, 15 Dec 2022 05:10:31 GMT

Usually when I get the 1-a-day warning, it's because I am trying to use the McD's app to order a second 'Deal'.