topic Re: PenFed Questions in Credit Cards

PenFed Questions

Anonymous — Sun, 04 Oct 2009 14:30:47 GMT

I recently joined PenFed and got the Platinum Cash Rewards visa card.

I have made multiple payments to PenFed - but my available balance doesnt seem to be going down!

I have made payments via my PenFed regular share account, via the ACH transfer from my primary CU.... but that available balance is stubbornly still unchanged even though I am showing the payments deducted from both my primary CU and my Penfed accounts... and show the credit card updated with a payment... What gives?

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 14:57:33 GMT

New Member probation... Your available credit isn't given back to you until 10 days after a payment, even if it is from a PenFed account!

Word on the street is that will stay that way for the first 6 months of your account.

It's pretty stupid, IMHO. I can understand if it's from an outside bank and you are a new member, but if you pay cash from a PenFed account, I just can't see holding it THAT long. We made our last payment on 9/21 and it is reflected in the balance, but not the available credit. Boo.

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 15:11:30 GMT

Payment's ACH'ed from outside sources are held from available for the first six months of membership.

I have always paid my account by internal transfer and have never had a payment held up from available. Not once.

I have:

Share account

Checking account

MMA

Platinum CR Visa x2

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 15:22:06 GMT

I have experienced the opposite... I ACH transfer $50 per day into my Share account, then when I make a payment I do a PenFed transfer from the PenFed share account to the card.. Payments are taken out of the CC balance the next day, and my available credit is not increased for a minimum of ten days...

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 15:46:07 GMT

Could be that my payments are being made from cleared funds and yours from uncleared ACH'ed funds.

I have never made an ACH transfer to PenFed.

At this point checks that I ATM deposit (through a CU24 ATM, not a PenFed ATM) into my checking account are instantly available to me in full. There must be a ceiling to this - the highest deposit I have made is $1.4K (very recent) and it was instantly available.

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 15:56:45 GMT

Hi All

thanks for your feedback.

CWCID, I also made 2 payments from my PenFed Regular Share account - made the payment 6 days ago... the available credit still doesnt reflect this particular payment. This is a matter of concern if I cant access available credit for 10 whole days even after the payment has been made! 10 days is a tad bit extreme especially since I am paying from my PenFed account!

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 16:01:44 GMT

It will get better.

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 16:45:20 GMT

this means I will have to go through this for 6 months before I graduate to a better tier with them,... I will have to watch how much I spend and when and PIF 10 days before the statement cuts to show a zero balance!

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 17:03:50 GMT

There is a difference between the balance on your account and the available credit. Aren't the payments being reflected in the account balance within a day or two of your transferred payment with just the available credit change lagging behind?

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 17:40:32 GMT

Hi CWCID,

The balance reflects my payments within one day but the available credit doesnt go back up.

Re: PenFed Questions

Anonymous — Sun, 04 Oct 2009 17:59:55 GMT

@Anonymous wrote:
Hi CWCID,

The balance reflects my payments within one day but the available credit doesnt go back up.

That's what I figured. Whatever the balance on the account is on the statement date (at end of business) is what reports so there is no need to back up your payment ten days. My transfer payments are very consistently post the day I make them and can be viewed the following day. Until you are comfortable I would suggest making your payments a few days early, but not ten.

Re: PenFed Questions

Anonymous — Mon, 05 Oct 2009 13:32:19 GMT

@Anonymous wrote:
Payment's ACH'ed from outside sources are held from available for the first six months of membership.

I have always paid my account by internal transfer and have never had a payment held up from available. Not once.

I have:
Share account
Checking account
MMA
Platinum CR Visa x2

CWCID: You are incorrect. ALL PAYMENT, regardless of source, internal account or external, cash or otherwise are held a full 10 days for all new members for AT LEAST 6 months.

This has been one of my complaints against PenFed. It seems ridiculous to "HOLD" a cash payment (from internal "available funds" in a PenFed account).

I have paid from PenFed account. I have ACH from PenFed. I have initiated bank BillPay from BoA. I have wire transferred cash, then transferred to Visa. In EVERY CASE, PenFed gives you a legder "post" of payment, but available credit is held for the full 10 days.

When I called to ask about it, they said this is STANDARD NEW MEMBER protocol for at least 6 months, period.

I am now 6 months old and they still held my last payment the full 10 days. So we'll see what they do in month 7.

Re: PenFed Questions

Anonymous — Mon, 05 Oct 2009 14:08:09 GMT

L and I made payments from our PenFed share account on 9/21 for a 9/25 statement date... Balance was updated next day, available credit STILL does not reflect the payment, and this is day 14... Calling in to complain/rant/do absolutely nothing useful other than vent.

We used our PenFed accounts only for the BTs that we did at 2.99% so the available credit doesn't really matter to us, but it sure is annoying!

Re: PenFed Questions

Anonymous — Mon, 05 Oct 2009 17:05:53 GMT

@Anonymous wrote:
@Anonymous wrote:
Payment's ACH'ed from outside sources are held from available for the first six months of membership.

I have always paid my account by internal transfer and have never had a payment held up from available. Not once.

I have:
Share account
Checking account
MMA
Platinum CR Visa x2

CWCID: You are incorrect. ALL PAYMENT, regardless of source, internal account or external, cash or otherwise are held a full 10 days for all new members for AT LEAST 6 months.

This has been one of my complaints against PenFed. It seems ridiculous to "HOLD" a cash payment (from internal "available funds" in a PenFed account).

I have paid from PenFed account. I have ACH from PenFed. I have initiated bank BillPay from BoA. I have wire transferred cash, then transferred to Visa. In EVERY CASE, PenFed gives you a legder "post" of payment, but available credit is held for the full 10 days.

When I called to ask about it, they said this is STANDARD NEW MEMBER protocol for at least 6 months, period.

I am now 6 months old and they still held my last payment the full 10 days. So we'll see what they do in month 7.

txjohn -

I am not incorrect about my personal experience. As I have previously stated no payment of mine has ever been held from available for ten days - or even one day for that matter. Perhaps I was fortunate and my account was miscoded when it was set up.

I do agree, however, that holding payments made from collected funds for ten days doesn't make a great deal of sense. It seems unduly harsh.

Re: PenFed Questions

Karatz — Mon, 05 Oct 2009 21:47:05 GMT

@Anonymous wrote:
New Member probation... Your available credit isn't given back to you until 10 days after a payment, even if it is from a PenFed account!
Word on the street is that will stay that way for the first 6 months of your account.

It's pretty stupid, IMHO. I can understand if it's from an outside bank and you are a new member, but if you pay cash from a PenFed account, I just can't see holding it THAT long. We made our last payment on 9/21 and it is reflected in the balance, but not the available credit. Boo.

Exactly why anyone who is thinking of getting a PenFed Visa down the road as their credit or utilization improves should open the savings account with them now. That way, when the time is ripe, things will be better to start with.

Re: PenFed Questions

smallfry — Mon, 05 Oct 2009 23:08:06 GMT

Holding payments against available balance must be something relatively new. I joined about 2 1/2 years ago and always had payments applied immediately. Available credit reflected the payments by next business day.

Re: PenFed Questions

pattycake — Mon, 05 Oct 2009 23:24:17 GMT

@smallfry wrote:
Holding payments against available balance must be something relatively new. I joined about 2 1/2 years ago and always had payments applied immediately. Available credit reflected the payments by next business day.

The payments are applied right away, but the available credit isn't released for ten days. I think it's harsh, but I don't max out the card anyway.

Re: PenFed Questions

haulingthescoreup — Mon, 05 Oct 2009 23:37:43 GMT

smallfry wrote:
Holding payments against available balance must be something relatively new. I joined about 2 1/2 years ago and always had payments applied immediately. Available credit reflected the payments by next business day.

I agree --I think this is something new-ish, and that's why you, CWCID, and I (and others) never experienced *not* having our available credit immediately posted.

I joined in Feb 2007, and I made all my payments by using the transfer funds option on the PenFed site, paying from my USAA checking account. They never did put a hold on my funds, and I don't think it's because I looked magical or anything.

PenFed got really hot in 2007, and I'll bet that they got burned enough, one way or another, by some new members that they started setting these restrictions. I agree, it's goofy to put a hold on an ACH, but I suppose if they're going to put all the newbies on probation, this could be part of the deal.

edited to add the essential *not*

Message Edited by haulingthescoreup on 10-05-2009 04:37 PM

Re: PenFed Questions

Anonymous — Mon, 05 Oct 2009 23:33:14 GMT

I know there was absolutely nothing special about me when I joined and was granted credit in April 2008. I was lucky to be allowed in the front door!

Re: PenFed Questions

Anonymous — Mon, 05 Oct 2009 23:35:30 GMT

I just noticed this... I'm glad I asked for a big limit! I pay off charges almost daily, so I was wondering why my available credit wasn't going back up. Mystery solved!

So it takes about 6 months huh? Ok, I can deal with that.