PenFed Problem: Can't Transfer Funds

Uncle_Money · ‎10-20-2009

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

Anonymous · ‎10-21-2009

@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

I joined PedFed a few days ago and to test this out I just transferred from my USAA checking to my PenFed share. The nice thing is it was credited immediately. The bad thing is I have a $50.00 per day maximum ACH transfer limit......hehe.

I've never had a bank (never belonged to a CU) give me a hard time about putting money INTO the bank........

So the CSR said you need to write a check to yourself, from yourself, and mail it in? Seems a little barbaric in this day and age!

Lets see if I want to deposit $10,000 in my PenFed share at $50.00 per day.......carry the one......it will only take me 200 days! I'm assuming this is because I'm new? I'd like to at least be able to transfer enough to pay for my monthly gas.

Message Edited by idmd on 10-21-2009 07:19 AM

Message Edited by idmd on 10-21-2009 07:26 AM

Anonymous · ‎10-21-2009

I don't have this problem, but a universal problem (imnsho) with Penfed is getting funds OUT, if you need/want to.

Seems that the only way is to have them cut and snail mail you a check (you can ACH IN, but not OUT).

So, I had them send all but my $5 back to me - the deposit rates aren't so fabulous, and my deps haven't helped get me a cc, so I took my $$ back.

Plenty of folks have gotten nice CLs with them with nothing more than $5 in there.

Percy · ‎10-21-2009

I opened up a Regular share account with penfed a month ago... and was depositing 50 dollars in it every two weeks.... I just opened a checking account with them... and am going to do direct deposit with them every two weeks from my work. Rather than use my BOFA for my checking needs so i can build up a relationship with them.... I heard after 6 months being with penfed.... and probation being over.... its alot better

only one way to find out.... is to do it and wait...

Anonymous · ‎10-21-2009

@Anonymous wrote:
I don't have this problem, but a universal problem (imnsho) with Penfed is getting funds OUT, if you need/want to.

Seems that the only way is to have them cut and snail mail you a check (you can ACH IN, but not OUT).

So, I had them send all but my $5 back to me - the deposit rates aren't so fabulous, and my deps haven't helped get me a cc, so I took my $$ back.

Plenty of folks have gotten nice CLs with them with nothing more than $5 in there.

I guess my question is why is it different for different people? I'm still trying to wrap my brain around why they are making it difficult to put money INTO their CU.

Anonymous · ‎10-21-2009

I realize that not everyone has an actual PenFed branch near them - but I believe they are part of the CU network where you can deposit at any CU branch that is part of the network (might take a day or 2 to credit to the PenFed account) USE cash if you can or get a cashier's check it it's a big deposit - no holds. Heck I deposit cash at NFCU becaus eof the 'hold' -- just cash any commission checks at the company's bank (that goes over real well with that bank and I had to raise a stink the first time then opened a free checking account there and deposit then withdraw immediately).

Anonymous · ‎10-21-2009

@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

I have never heard of this before. Did they tell you why? If not keep calling back until you get an explanation.

If you open a checking account you will get a debit/ATM card and then you will be able to make deposits through some ATM's. There would probably be one near you and you can find the locations through the website. Be aware that there are two locations you can mail your deposits to if you have to go that route. You might notice a days difference in processing time between the two.

Anonymous · ‎10-21-2009

@Anonymous wrote:
I realize that not everyone has an actual PenFed branch near them - but I believe they are part of the CU network where you can deposit at any CU branch that is part of the network (might take a day or 2 to credit to the PenFed account) USE cash if you can or get a cashier's check it it's a big deposit - no holds. Heck I deposit cash at NFCU becaus eof the 'hold' -- just cash any commission checks at the company's bank (that goes over real well with that bank and I had to raise a stink the first time then opened a free checking account there and deposit then withdraw immediately).

I deposit checks into a CU24 ATM at my local CU in FL. By the time I travel the 0.5 mile back to my house the entire amount of the deposit is available to me. The largest amount I have deposited this way is $1,400 - when I got back home the entire amount was available I transferred it into my MMA. You can find the location of these ATM's through:

https://www.penfed.org/aboutUs/atmLocations.asp

You may find more locations here as well:

http://www.cu24.com/ATMlocator/index.html

Anonymous · ‎10-21-2009

@Anonymous wrote:
@Anonymous wrote:
I realize that not everyone has an actual PenFed branch near them - but I believe they are part of the CU network where you can deposit at any CU branch that is part of the network (might take a day or 2 to credit to the PenFed account) USE cash if you can or get a cashier's check it it's a big deposit - no holds. Heck I deposit cash at NFCU becaus eof the 'hold' -- just cash any commission checks at the company's bank (that goes over real well with that bank and I had to raise a stink the first time then opened a free checking account there and deposit then withdraw immediately).

I deposit checks into a CU24 ATM at my local CU in FL. By the time I travel the 0.5 mile back to my house the entire amount of the deposit is available to me. The largest amount I have deposited this way is $1,400 - when I got back home the entire amount was available I transferred it into my MMA. You can find the location of these ATM's through:

https://www.penfed.org/aboutUs/atmLocations.asp

You may find more locations here as well:

http://www.cu24.com/ATMlocator/index.html

Thanks for the links. It's interesting that PenFeds website (including CU24) doesn't show any locations in my town but the CU24 website shows many.

Anonymous · ‎10-21-2009

I found differences at those links when I looked at them today. They could be in the process of updating those databases. I noticed the absence of the VCOM kiosks as well.