PenFed Problem: Can't Transfer Funds

[mt2va]

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@Uncle_Money wrote:

I receive the following message when trying to transfer funds from a non PedFed account into my share account:

NOT ELIGIBLE TO PERFORM THIS TRANSFER.

So I called up and the CSR said I have to mail in my deposits. Did this happen to anyone else? I'm trying to establish a relationship with PenFed so I want to start depositing some funds into my share account.

- UM

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I had this problem with NFCU & the way it was explained to me is that you can't transfer money from another bank into a share (savings) account.  I can transfer the money to pay my car loan, either of my NFCU CC, my LOC, or to my checking account (which I didn't have before & only opened for the LOC), but not to the share (savings) account.  I'm thinking Penfed may be the same.

So every 2 weeks I write myself a check & then mail it in to NFCU to deposit into my account.  (at least they provide postage paid envelopes)

Message Edited by mt2va on 10-21-2009 04:44 PM

[Anonymous]

That makes sense. I don't even use my share account. It has now, and most likely always will have, $5 in it! The money is in the checking and MMA accounts.

[haulingthescoreup]

General note: it would probably be helpful on this thread to include how long ago you joined PenFed when you relate your experiences. It's mighty frustrating to read posts about how simple everything is, when it isn't for you.

I have to say that I'm awfully grateful to have dodged the bullet on all this. I would be pulling my hair out. --Member since Feb 08.

[Anonymous]

Length of Membership = 18 months

The suggestions I posted in this thread are relevant no matter how long you have been a member.

[Uncle_Money]

Well, that is good for you hauling

Member since Aug 09 here lol. Nonetheless, this shouldn't be, especially with scores and history like mine.

Message Edited by Uncle_Money on 10-21-2009 05:35 PM

[haulingthescoreup]

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Uncle_Money wrote:

Well, that is good for you hauling

Member since Aug 09 here lol. Nonetheless, this shouldn't be, especially with scores and history like mine.

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Yeah, I'm sorry. Like I said, this is something that they instituted fairly recently, and several months ago, we had some pretty hotly argumentative threads going about this, until we all finally realized that it was a new policy.

txjohn has a separate thread going about having finally graduated from his PenFed diapers after six months. So it appears that it does finally get better. It would drive me completely nuts during the interim period, though.

[Uncle_Money]

Thanks. Yeah, it is a little ridiculous because I can't even transfer fifty bucks into the share account. And, I'm Uncle Money! 

Anything I can do here? Should I really start mailing my deposits? I hear PenFed is good to get in with so I'm trying.

- UM

[Anonymous]

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@Uncle_Money wrote:

Thanks. Yeah, it is a little ridiculous because I can't even transfer fifty bucks into the share account. And, I'm Uncle Money! 

Anything I can do here? Should I really start mailing my deposits? I hear PenFed is good to get in with so I'm trying.

- UM

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You are in!

Either mail the deposit (I found Omaha worked better than Alexandria for me) or open a checking account so you can get an ATM card. Those are your choices.

(Research the checking account before opening it.)

[Uncle_Money]

Actually, come to think of it you're right CWCID.

I just got off the phone with them.  I have 4 more months to go, they said.  Then I will have more privileges.  I really don't understand the logic of the six month waiting period but hey, I guess they have their reasons.

[Anonymous]

It's just a little PITA inconvenience for a few more weeks. After that it will get better.