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Penfed phew!

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Anonymous
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Penfed phew!

I applied for penfed membership and funded my share savings account and voice of america membership using my capital one CC last month and penfed showed 5$ in my share savings account and i was approved for their powercash rewards cc , first statement cut just 4 days after I received , activated and used the card and i paid back the whole amount in full.

 

fast forward today , i login and i see a negative 22$ balance on my share savings account , i called and found out that Capital one CC funding didnot go through (capital one does not even show the charges as pending) so ,voice of america membership fee plus share savings minimum amount were charged to my newly created penfed share savings account. i  tried immediately transfering from my UMB checkings to penfed share savings online ,and got a message saying not eligible to transfer . then i researched and found out that that new members have to wait 6 months to transfer or something like that , but i  can either snail mail in a check or pay via phone for a fee of 5 $. I called again to ask about the mail in address , thankfully a very helpful customer representative offered to transfer from my UMB to penfed without any fee over phone. and it was instantaneous . i transferred 50$ since that is the limit and it updated the balance immediately! i dont know if i had waited for the whole snail mailing the check i had to pay some fee for insufficient funds .

 

I had no problem funding nasa and alliant credit unions with my capital one card , for some reason due to some technical glitch this happened.

Also had no problem transferring fund from external checkings account to powercash rewards CC payment.

 

My powercash rewards experience  --    Mine was approved on feb 28th  and received it on march 6th. Used it on march 8th and on march 10th the first statement cut with full balance reported to credit bureaus. LOL~!. Didnt expect that.  I recently got some insurance money and paid down almost all of my debts , but i used penfed cash rewards to pay DMV sales tax on two of our new cars , so that i can meet the 1500$ spend for 100$ bonus plus receive 1.5% (22$) in  rewards  as i had the cash ready in alliant CU checkings so i thought i will pay it back as soon as the balance posts. And i was waiting eagerly for the balance to move from pending to posted so that i can pay back and bring over all utilization of my credit down to less than 1%. BUT penfed generated the statement and reported the FULL 1405$ balance to bureaus on the same day as the balance posted. LOL. didnt have the chance to pay back as soon as it posted and before it reported to the bureaus.

Anyways i had to accept what IS , and pay it in full and now I wait a whole month for bureaus to update my utilization. This never happened with any other cards. i mean after activation there was at least a week or two before even the first statement generated. I thought i am planning well by using the card for sales tax payment and pay it back immediately after it posts before the statement cuts. but i was taken by surprise in this case. Atleast they paid the bonus and rewards immediately. infact they updated the balance minus 100$ bonus , so thats great. 1402$ instead of 1502$. Penfed is a silent NINJA with very quick moves.

 

Even with all this unexpected surprises i love penfed because not only they gave me a membership they approved me for their CC and offered to refinance my autoloan (WITH JUST 10 MONTH aaoa). Their customer serive is super awesome!.

 

 

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Penfed phew!

Glad it has been corrected for you.  Enjoy Penfed.  It is a great CU...

Message 2 of 5
Anonymous
Not applicable

Re: Penfed phew!

Thank you ! Yes they are so friendly Smiley Happy

Message 3 of 5
fltireguy
Valued Contributor

Re: Penfed phew!


@Anonymous wrote:

Thank you ! Yes they are so friendly Smiley Happy


One other thing about PenFed..

AFTER your 6 months is up, when you do a transfer from an outside bank, the funds are available IMMEDIATELY! (long before PenFed gets the ACH from the other bank)

NFCU $60.4k/PenFed $22.5k/Commerce $15K/53 $11K/Synovus $14K/BBT $11K/CapOne $12K/DCU $7.5K/BMO $7.5K/Chase $14.5k/Cabelas $10K/ and many many more!
Total CL $398600, plus car and RV loan.
Ooh. Ooh. Getting closer to that $500K mark!
Message 4 of 5
Anonymous
Not applicable

Re: Penfed phew!

Infact after i requested the transfer the funds via phone funds were available immediately . I thiught that was cool! 

Message 5 of 5
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