PenFed Limited Checking Account

[shadanat]

Hi All,

I was looking to add a PenFed checking and savings account in addition to my Navy Federal account. However, when I spoke with the customer service rep she indicated that because I have a bankruptcy on my credit the only thing they can offer is a PenCheck Limited account. 

What does this entail? 1. I can't deposit checks to the checking account. It has to be deposited to the savings account and then there is a five day hold. 2. I can't get ACH deposits either. Only direct deposit.

They did indicate after six months I could apply to have the restrictions lifted.

Just wanted to share this tidbit for those considering PenFed after bankruptcy.

[Anonymous]

We too have NFCU accounts with credit cards that will be part of our bankruptcy. When we retained our attorney in mid to late Aug. we were told to open new bank accounts so we did it with PenFed. We currently have a checking and savings with them. Will they switch our accounts once our bankruptcy is filed??? Do they get info saying we filed? Thanks!!!

[shadanat]

I don’t think they will switch your account. They probably won’t find out about your bankruptcy if you don’t have any credit products that are included.

I was looking to open the account post discharge. I went with another local credit union who doesn’t do credit checks.

[Anonymous]

No we do not have any cc with them. Thanks!!!