Did Penfed change their ACH transfer policy?

[core]

Yup same here.  Yesterday when I logged in I noticed they had restored my checking limit and increased it from $5k to 10k.   Today I tried a test incoming transfer and got instant availability just like the gool ol' days.  What's interesting is that transfers I initiated earlier in the week are still on hold so I'll have to wait out the insanely long wait time I guess.

I wonder what made them change their mind so darn quickly?  I was starting to wonder if they had cash problems or something from so many loans not making payments.

[DaveInAZ]

I'm wondering of they had/have computer problems? I just opened a checking account Monday for the $200 bonus promo. Funded $500 with rewards CC, instantly available. Then did a $500 ACH transfer from my local CU that I've pulled to Penfed for years, $500 placed on hold and lowered my ACH limit from $2500 to $2000. Today the ACH limit on the new checking is up to $10k, haven't tried a transfer yet. But the other thing is I went into Bill Pay to start setting up payees and get a message "Our records indicate you don't have a checking account" with a icon to open an account. I called in, the rep wasn't very helpful - they usually aren't - who just told me to take a screenshot of that and email it.

And they seemed to have sped up their ACH process, that $500 I pulled from my local CU was debited yesterday, next day service while it used to take 2-3 days to debit. Of course it's still on hold on Penfed's side.

[M_Smart007]

PenFed can be a

[M_Smart007]

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@joltdude wrote:

Actually Reg D is waived right now... you should be able to transfer in or out of savings or MM with no 6 transaction limit right or penalty right now

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@joltdude, You are 100% correct!

[DaveInAZ]

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@M_Smart007 wrote:

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@joltdude wrote:

Actually Reg D is waived right now... you should be able to transfer in or out of savings or MM with no 6 transaction limit right or penalty right now

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@joltdude, You are 100% correct!

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Well. the Federal Reserve waived Reg D, but it's up to the individual banks if they wish to waive their own rules on savings account. My local credit union, Vantage West, sent an email this morning that they were removing their limits on withdrawals from savings, but that's the first notification I've received.