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in my short time with them and navy
Navy is far superior in every way.....i wish they could have matched rate but they pull from different platforms
pen fed reporting loans to CRA is ridiculous, Navy was on the ball......customer service i have experience the same as SJ....navy seems like a CU where pen fed feels more like a bank.....idk what they used to be like
Navy was so good i almost thought they were trying to screw me if that makes sense.......very professional and seamless
if not for 7k ill save on interest rate i would be with navy and heck i almost didnt switch cuz i didnt want to leave navy....
@FinStar wrote:Not sure what issue you experienced, but IMO, just about every FI will not get it right 100%. Hopefully it wasn't anything horrendous.
I've only had a few hiccups in the entire 5+ years since I joined, but in those instances, they fixed the issues which were minor.
I'm still recommending them (depending on what someone asks) since they still offer a variety of competitive products for a CU of their scale 🤷♂️.
I concur FinStar.
I had a few hiccups with PFCU (and another less than loved CU on these boards). In both situations, I wrote a note to the leadership team describing my situation and dissatisfaction. In both cases, I received calls from the executive office (or customer relations team) and the issues were resolved in a few days.
I would selectively recommend PFCU. If personable banking matters, I think local credit unions will be the best choice.
@SouthJamaica wrote:I've recommended PenFed in the past, but I'm no longer recommending them.
The customer service from their member service department has deteriorated terribly.
Sadly, any of us could enter nearly any financial institutions' name in your sentance, "I've recommended XXXXX in the past, but I am no longer recommending them for xxxxx reason."
Having said that, I was hung up on by a CSR at PenFed a few years ago. I had never been overly fond of PenFed, but I do like their pre-approvals, high credit lines and auto loan rates. As others have said, I will keep them around to shop them for the best rates, but I certainly do not sing their praises.
I have to say that NFCU and USAA have destroyed all other banks for me. The service, the rates etc, hard to beat. But if you search around here, you will see plenty of USAA bashing and even a few cases of people not happy with NFCU.
Also, as a side note, your name here always reminds me of a Nicki Minaj song, "Moment for Life." One of the lyrics is "Grew up out in Baisley south side Jamaica, Queens and its crazy" in reference to where she has lived. Whenever I see you post, I hear that song
I joined PenFed about 2 years ago with my $5 share. When I tried some of the APP functions, I was locked out as a "new user". I got ahold of them and they wanted more documentation. I sent it to them, and I was unlocked for a while, and than went back to being locked down. I have even tried pushing from USAA, just a couple of bucks for activity, but it bounces back.
I really only joined for future credit cards that might interest me. So far, they have been a C+ for me. I actually thought they would have terminated my account by now for inactivity.
no one size fits all
enough said
I was going to post a topic about them yesterday but decided against it.
In short,
I'm just going to stay away from them. I didn't like a recent interaction that I had with them during the account opening process.
@SouthJamaica wrote:I've recommended PenFed in the past, but I'm no longer recommending them.
The customer service from their member service department has deteriorated terribly.
Well, interesting. It is so rare that I need to contact customer service that is far down in my criteria on whether to continue banking with an institution. I've been a Penfed member since May 2017 and yeah, getting through to their customer service and getting accurate information has never been their strong suit. If I hadn't gotten a great Home Equity LoC in Aug. 2017 I would have quit them, but certainly not over customer service. Right after joining them they approved me for a PCR 2% card, with a whopping $750 CL. When I was approved for the PayPal 2% Cashback just 3 months later with a $7,000 CL I called to cancel my PCR. When I told the rep the reason why was my new PayPal card she responded "Oh well, I can submit a CLI for you!". When she confirmed that would be a HP I told her "No thanks just close the account, I don't allow a HP just for a CLI, and the PayPal card already has a CL almost 10 times your card".
And their banking accounts were nothing special. Standard minimum 3 biz day for ACH pushes/pulls, .20% interest laughable, and $500 min. in DD or balance in checking to avoid a $5/mo. fee also laughable, I had 2 completely free checking accounts with other CUs. But, I think they've gotten much better since they got their national charter. 1 to 2 days for ACH, and instant credit to available credit for pulls with a $10k limit for checking and $50k for Premium Savings, and the .55% interest for Premium Savings is better than Amex HYS or Marcus.
So, I'm happy enough with Penfed these days, pretty much my primary banking accounts, and I do recommend them. But for new members just park the minimum amount there until your new member restrictions pass, I forget if it's 3 or 6 months, but the severe restrictions are annoying as heck. And call customer service as a last resort. But then, almost every bank I deal with warns me of 'long wait times' during Covid.
@DaveInAZ wrote:
@SouthJamaica wrote:I've recommended PenFed in the past, but I'm no longer recommending them.
The customer service from their member service department has deteriorated terribly.
Well, interesting. It is so rare that I need to contact customer service that is far down in my criteria on whether to continue banking with an institution. I've been a Penfed member since May 2017 and yeah, getting through to their customer service and getting accurate information has never been their strong suit. If I hadn't gotten a great Home Equity LoC in Aug. 2017 I would have quit them, but certainly not over customer service. Right after joining them they approved me for a PCR 2% card, with a whopping $750 CL. When I was approved for the PayPal 2% Cashback just 3 months later with a $7,000 CL I called to cancel my PCR. When I told the rep the reason why was my new PayPal card she responded "Oh well, I can submit a CLI for you!". When she confirmed that would be a HP I told her "No thanks just close the account, I don't allow a HP just for a CLI, and the PayPal card already has a CL almost 10 times your card".
And their banking accounts were nothing special. Standard minimum 3 biz day for ACH pushes/pulls, .20% interest laughable, and $500 min. in DD or balance in checking to avoid a $5/mo. fee also laughable, I had 2 completely free checking accounts with other CUs. But, I think they've gotten much better since they got their national charter. 1 to 2 days for ACH, and instant credit to available credit for pulls with a $10k limit for checking and $50k for Premium Savings, and the .55% interest for Premium Savings is better than Amex HYS or Marcus.
So, I'm happy enough with Penfed these days, pretty much my primary banking accounts, and I do recommend them. But for new members just park the minimum amount there until your new member restrictions pass, I forget if it's 3 or 6 months, but the severe restrictions are annoying as heck. And call customer service as a last resort. But then, almost every bank I deal with warns me of 'long wait times' during Covid.
I'm not saying they're the worst financial institution in the world.
I'm just saying that I have recommended them many times in this forum, and that now -- due to the deterioration in their customer service -- I'm no longer recommending them.
The other problem with PenFed, which has been true throughout my relationship with them, is their failure to offer a free checking account, and the unreasonable $10 maintenance fee they impose on the only checking account they do offer if one fails to meet the minimum balance or direct deposit requirement.
I agree that over the past year I've seen some decline with their customer service, but I've also seen worse. PenFed has been very generous extending me credit despite my BK13 on file. They're no NAVY, but they were definitely better for me in my rebuild.
@SouthJamaica wrote:
@DaveInAZ wrote:
@SouthJamaica wrote:I've recommended PenFed in the past, but I'm no longer recommending them.
The customer service from their member service department has deteriorated terribly.
Well, interesting. It is so rare that I need to contact customer service that is far down in my criteria on whether to continue banking with an institution. I've been a Penfed member since May 2017 and yeah, getting through to their customer service and getting accurate information has never been their strong suit. If I hadn't gotten a great Home Equity LoC in Aug. 2017 I would have quit them, but certainly not over customer service. Right after joining them they approved me for a PCR 2% card, with a whopping $750 CL. When I was approved for the PayPal 2% Cashback just 3 months later with a $7,000 CL I called to cancel my PCR. When I told the rep the reason why was my new PayPal card she responded "Oh well, I can submit a CLI for you!". When she confirmed that would be a HP I told her "No thanks just close the account, I don't allow a HP just for a CLI, and the PayPal card already has a CL almost 10 times your card".
And their banking accounts were nothing special. Standard minimum 3 biz day for ACH pushes/pulls, .20% interest laughable, and $500 min. in DD or balance in checking to avoid a $5/mo. fee also laughable, I had 2 completely free checking accounts with other CUs. But, I think they've gotten much better since they got their national charter. 1 to 2 days for ACH, and instant credit to available credit for pulls with a $10k limit for checking and $50k for Premium Savings, and the .55% interest for Premium Savings is better than Amex HYS or Marcus.
So, I'm happy enough with Penfed these days, pretty much my primary banking accounts, and I do recommend them. But for new members just park the minimum amount there until your new member restrictions pass, I forget if it's 3 or 6 months, but the severe restrictions are annoying as heck. And call customer service as a last resort. But then, almost every bank I deal with warns me of 'long wait times' during Covid.
I'm not saying they're the worst financial institution in the world.
I'm just saying that I have recommended them many times in this forum, and that now -- due to the deterioration in their customer service -- I'm no longer recommending them.
The other problem with PenFed, which has been true throughout my relationship with them, is their failure to offer a free checking account, and the unreasonable $10 maintenance fee they impose on the only checking account they do offer if one fails to meet the minimum balance or direct deposit requirement.
That $10 fee is why I don't see myself ever having the PCR as a 2% card. Their 6 month probation period for new members is obnoxious too.