As some of you know, PenFed is slowly beginning to update its website and backend processes. Due to some legal requirements—(stated by PenFed CSR), they had to update their auto-payment system ASAP. They, therefore, required all consumers to re-establish auto-payments with external financial institutions.
Somehow I was able to maintain my old established auto-payment schedule with my external financial institution. In the last 24hrs, I decided to switch my financial house from Charles Schwab: Checking, Taxable Brokerage, Roth IRA, etc., into Fidelity Investments and was required to update my auto-payments with PenFed as I have a new CMA—(Cash Management Account) number.
Frustration—PenFed no longer allows consumers to choose the date their auto-payments are pulled. You now only have an option to pay on the statement date after the due date! After talking with four different PenFed CSR team members: Membership Services, Credit Card Services, Mobile Payment Services, and Loan Services, it was determined there is no way around this issue. All four team members agreed this was a foolish change and will submit my feedback up the command chain. So, now, you cannot set up a "float" window in case a system glitch occurs. You're forced to pay the statement balance on the statement cycle date but will not incur a late fee, confirmed by all four members of the PenFed team!
Previous PenFed auto-payment options
Due date: 07th
Statement cycle date: 10th
Auto-payment allows you to choose any date before or on the 10th—(statement cycle date) to pay the statement, other, or minimum balance from an external financial institution.
Current PenFed auto-payment options
Due date: 07th
Statment cycle date: 10th
Auto-payment ONLY allows you to choose the 10th—(statement cycle date) to pay the statement, other, or minimum balance from an external financial institution.
I know some people might not see this as an issue, but it's just stupid, and I like to pay all my bills three business days before the due date! The only way to avoid this is not to update your auto-payment preferences and maintain the previous settings.