PenFed Questions

Anonymous · ‎10-04-2009

Hi

I recently joined PenFed and got the Platinum Cash Rewards visa card.

I have made multiple payments to PenFed - but my available balance doesnt seem to be going down!

I have made payments via my PenFed regular share account, via the ACH transfer from my primary CU.... but that available balance is stubbornly still unchanged even though I am showing the payments deducted from both my primary CU and my Penfed accounts... and show the credit card updated with a payment... What gives?

Anonymous · ‎10-04-2009

New Member probation... Your available credit isn't given back to you until 10 days after a payment, even if it is from a PenFed account!

Word on the street is that will stay that way for the first 6 months of your account.

It's pretty stupid, IMHO. I can understand if it's from an outside bank and you are a new member, but if you pay cash from a PenFed account, I just can't see holding it THAT long. We made our last payment on 9/21 and it is reflected in the balance, but not the available credit. Boo.

Anonymous · ‎10-04-2009

Payment's ACH'ed from outside sources are held from available for the first six months of membership.

I have always paid my account by internal transfer and have never had a payment held up from available. Not once.

I have:

Share account

Checking account

MMA

Platinum CR Visa x2

Anonymous · ‎10-04-2009

I have experienced the opposite... I ACH transfer $50 per day into my Share account, then when I make a payment I do a PenFed transfer from the PenFed share account to the card.. Payments are taken out of the CC balance the next day, and my available credit is not increased for a minimum of ten days...

Anonymous · ‎10-04-2009

Could be that my payments are being made from cleared funds and yours from uncleared ACH'ed funds.

I have never made an ACH transfer to PenFed.

At this point checks that I ATM deposit (through a CU24 ATM, not a PenFed ATM) into my checking account are instantly available to me in full. There must be a ceiling to this - the highest deposit I have made is $1.4K (very recent) and it was instantly available.

Anonymous · ‎10-04-2009

Hi All

thanks for your feedback.

CWCID, I also made 2 payments from my PenFed Regular Share account - made the payment 6 days ago... the available credit still doesnt reflect this particular payment. This is a matter of concern if I cant access available credit for 10 whole days even after the payment has been made! 10 days is a tad bit extreme especially since I am paying from my PenFed account!

Anonymous · ‎10-04-2009

It will get better.

Anonymous · ‎10-04-2009

this means I will have to go through this for 6 months before I graduate to a better tier with them,... I will have to watch how much I spend and when and PIF 10 days before the statement cuts to show a zero balance!

Anonymous · ‎10-04-2009

There is a difference between the balance on your account and the available credit. Aren't the payments being reflected in the account balance within a day or two of your transferred payment with just the available credit change lagging behind?

Anonymous · ‎10-04-2009

Hi CWCID,

The balance reflects my payments within one day but the available credit doesnt go back up.