Penfed Account Holds

[Absolution16]

@CCrew 

Wow that's INSANE!  Totally unreasonable.  You are already an established member, having had an auto loan as far back as 5 years ago.  I also have NEVER, to this day, seen a FI putting holds on INTERNAL transfers between "regular" accounts.

Well... I don't think I would be as generous as you.  All they are gonna get me from me is $10, just to make sure that the savings account has a positive "available" balance, since they take the first $5 unavailable for use.

My initial funds transfer to open the account also seem to be taking this 5-day hold rule.  This, I expected, as it is clearly stated in their "Agreement."  But, your case?  Pfft.  No way in hell I'd put as much effort as you, to persue a relationship with an FI so FIXATED on putting holds on everything.

Thank you for your datapoint.  You saved me a lot of future hassle, time, and money.

[OmarGB9]

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@Absolution16 wrote:

@CCrew 

Wow that's INSANE!  Totally unreasonable.  You are already an established member, having had an auto loan as far back as 5 years ago.  I also have NEVER, to this day, seen a FI putting holds on INTERNAL transfers between "regular" accounts.

Well... I don't think I would be as generous as you.  All they are gonna get me from me is $10, just to make sure that the savings account has a positive "available" balance, since they take the first $5 unavailable for use.

My initial funds transfer to open the account also seem to be taking this 5-day hold rule.  This, I expected, as it is clearly stated in their "Agreement."  But, your case?  Pfft.  No way in hell I'd put as much effort as you, to persue a relationship with an FI so FIXATED on putting holds on everything.

Thank you for your datapoint.  You saved me a lot of future hassle, time, and money.

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While I agree their holds policy is a bit extreme, I don't know that OP's experience is the norm. There are countless data points confirming the 6 month hold rule (and their own T&C's state this as well), but besides OP, I've never heard of Penfed continuing to place extended holds on transfers/payments.

[Absolution16]

@OmarGB9 

I thought so too until I saw the OP's posts.  I read through PenFed's Disclosure Agreement, and it seems that any kinds of holds are limited to 6 months or to the special "Premium" savings account.  But OP says he has personally called them to verify.  So I am a little confused as well.  If they can do that to him, they can certainly do that to me.