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[Frustration] PenFed Autopay System Update

TheFIGuy
Established Contributor

[Frustration] PenFed Autopay System Update

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!

 

Visual Example:

  • 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.

 

Rant over! Smiley Mad

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