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Cant get a straight answer from PenFed

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Cant get a straight answer from PenFed

So I've got new account at PenFed.  I understand that I can't use their billpay program for thirty days.  Weird, but ok.  I also understnad there is a $50 daily ACH limit for 6 months.  Also weird, but thats where my question arises.  

 

I sent customer service an email and asked.  I can't transfer more than $50 to another bank account or into the account from a linked external account.  But what about if I send money from the linked account?  

ie-  I want to transfer $500 from my account with Chase to my Penfed account.  Can I go onto the Chase website and transfer it, or will Penfed reject that incoming transfer??

 

Same thing with debit card usage.  If I want to use my penfed debit card, is the limit also $50 for pos purchases and/or ATM limits?

 

I can't get a definite answer, so hopefully someone here knows. 

Scores as of 10/2019





Gardening until further notice
Message 1 of 5
4 REPLIES 4
Established Contributor

Re: Cant get a straight answer from PenFed

I can tell you for a fact - They loosened the reins back 6 months ago and got absolutely crushed with new accounts...

You can bet your life a % of those account were bad people looking to commit fraud. I am sure they had to immediately install safeguards.

Call them and ask for a supervisor they would be happy to give you the true answers you're looking for !

Discharged BK7 - 7.16.15
Current Fico8 - (11.28.19) EX - 660/EQ - 669/TU - 671
Total CL - $229,000.
Message 2 of 5
Valued Member

Re: Cant get a straight answer from PenFed

You can push as much as you want into Penfed from another bank. They won't reject it. You can also pull it from Penfed from another bank, they won't reject it. You just can't initiate the transfers from Penfed for their rediculous 6 month period over $50.00. I have done this several times, no issue transfering large amounts either in or out of Penfed when initiated from the other bank.

Message 3 of 5
Moderator Emeritus

Re: Cant get a straight answer from PenFed


@tussking wrote:

I can tell you for a fact - They loosened the reins back 6 months ago and got absolutely crushed with new accounts...

You can bet your life a % of those account were bad people looking to commit fraud. I am sure they had to immediately install safeguards.

Call them and ask for a supervisor they would be happy to give you the true answers you're looking for !


About 18 months ago actually; it takes a while for the data to propogate.  Also I'm not sure that increased interest from here corresponds to increased interest in the general population... niche consumer space.

 

I saw a number of changes in Penfed approvals (the old "HTF did you get approved for that product and limit???" thoughts) when I was going through my mortgage June of last year, and post mortgage opened up a PLOC when historically Penfed didn't like me in the slightest.

 

To be fair my credit has improved from when I had a membership, but I actually couldn't ACH out or even IN from Penfed's interface, at all.  Zero zip nada, they had to pull my report to get that removed... but that restriction was likely from when I had originally created the account (which was very very early in my build, I got membership at a couple CU's for future use, which may not have been smart re: Penfed).  What I'm getting at is Penfed has had similar restrictions based on account for years: Penfed may top JCB for my "most awkward lender" award, though in JCB's case that's just from being stuck pre-1999 from a technology perspective... Penfed's business practices are at issue here.




        
Message 4 of 5
Frequent Contributor

Re: Cant get a straight answer from PenFed

What's JCB?

Thanks C316. That's what I was looking for.
Scores as of 10/2019





Gardening until further notice
Message 5 of 5
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