PenFed Questions

[Anonymous]

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@Anonymous wrote:

Hi CWCID,

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

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That's what I figured. Whatever the balance on the account is on the statement date (at end of business) is what reports so there is no need to back up your payment ten days. My transfer payments are very consistently post the day I make them and can be viewed the following day. Until you are comfortable I would suggest making your payments a few days early, but not ten.

[Anonymous]

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@Anonymous wrote:

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

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CWCID:  You are incorrect.  ALL PAYMENT, regardless of source, internal account or external, cash or otherwise are held a full 10 days for all new members for AT LEAST 6 months.

This has been one of my complaints against PenFed.  It seems ridiculous to "HOLD" a cash payment (from internal "available funds" in a PenFed account).

I have paid from PenFed account.  I have ACH from PenFed.  I have initiated bank BillPay from BoA.  I have wire transferred cash, then transferred to Visa.  In EVERY CASE, PenFed gives you a legder "post" of payment, but available credit is held for the full 10 days.

When I called to ask about it, they said this is STANDARD NEW MEMBER protocol for at least 6 months, period. 

I am now 6 months old and they still held my last payment the full 10 days.  So we'll see what they do in month 7.

[Anonymous]

L and I made payments from our PenFed share account on 9/21 for a 9/25 statement date... Balance was updated next day, available credit STILL does not reflect the payment, and this is day 14... Calling in to complain/rant/do absolutely nothing useful other than vent.

We used our PenFed accounts only for the BTs that we did at 2.99% so the available credit doesn't really matter to us, but it sure is annoying!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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

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CWCID:  You are incorrect.  ALL PAYMENT, regardless of source, internal account or external, cash or otherwise are held a full 10 days for all new members for AT LEAST 6 months.

This has been one of my complaints against PenFed.  It seems ridiculous to "HOLD" a cash payment (from internal "available funds" in a PenFed account).

I have paid from PenFed account.  I have ACH from PenFed.  I have initiated bank BillPay from BoA.  I have wire transferred cash, then transferred to Visa.  In EVERY CASE, PenFed gives you a legder "post" of payment, but available credit is held for the full 10 days.

When I called to ask about it, they said this is STANDARD NEW MEMBER protocol for at least 6 months, period. 

I am now 6 months old and they still held my last payment the full 10 days.  So we'll see what they do in month 7.

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txjohn -

I am not incorrect about my personal experience. As I have previously stated no payment of mine has ever been held from available for ten days - or even one day for that matter. Perhaps I was fortunate and my account was miscoded when it was set up.

I do agree, however, that holding payments made from collected funds for ten days doesn't make a great deal of sense. It seems unduly harsh.

[Karatz]

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@Anonymous wrote:

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. 

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Exactly why anyone who is thinking of getting a PenFed Visa down the road as their credit or utilization improves should open the savings account with them now. That way, when the time is ripe, things will be better to start with.

[smallfry]

Holding payments against available balance must be something relatively new. I joined about 2 1/2 years ago and always had payments applied immediately. Available credit reflected the payments by next business day.

[pattycake]

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@smallfry wrote:
Holding payments against available balance must be something relatively new. I joined about 2 1/2 years ago and always had payments applied immediately. Available credit reflected the payments by next business day.

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The payments are applied right away, but the available credit isn't released for ten days.  I think it's harsh, but I don't max out the card anyway. 

[haulingthescoreup]

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smallfry wrote:
Holding payments against available balance must be something relatively new. I joined about 2 1/2 years ago and always had payments applied immediately. Available credit reflected the payments by next business day.

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I agree --I think this is something new-ish, and that's why you, CWCID, and I (and others) never experienced *not* having our available credit immediately posted.

I joined in Feb 2007, and I made all my payments by using the transfer funds option on the PenFed site, paying from my USAA checking account. They never did put a hold on my funds, and I don't think it's because I looked magical or anything.

PenFed got really hot in 2007, and I'll bet that they got burned enough, one way or another, by some new members that they started setting these restrictions. I agree, it's goofy to put a hold on an ACH, but I suppose if they're going to put all the newbies on probation, this could be part of the deal.


edited to add the essential *not*

Message Edited by haulingthescoreup on 10-05-2009 04:37 PM

[Anonymous]

I know there was absolutely nothing special about me when I joined and was granted credit in April 2008. I was lucky to be allowed in the front door!

[Anonymous]

I just noticed this...  I'm glad I asked for a big limit!  I pay off charges almost daily, so I was wondering why my available credit wasn't going back up.  Mystery solved!

So it takes about 6 months huh?  Ok, I can deal with that.