PenFed PCR - Direct Deposit Req for 2%

[newmomnewme]

I deposited $500 into the Checking when I opened it, but needed to pay $50 on PCR quickly. I transferred from Checking and then transferred $50 from an external account. 

My question is: Does PenFed require real direct deposit or will any ACH do? Or does it not matter that I will have a $450 balance until the transfer posts? 

I was trying to read the fine print but got a little confused with all the options. I just don't want to lose my 2% and I would really not want to set up a regular direct deposit if I don't have to. 

[dragontears]

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@newmomnewme wrote:

I deposited $500 into the Checking when I opened it, but needed to pay $50 on PCR quickly. I transferred from Checking and then transferred $50 from an external account. 

My question is: Does PenFed require real direct deposit or will any ACH do? Or does it not matter that I will have a $450 balance until the transfer posts? 

I was trying to read the fine print but got a little confused with all the options. I just don't want to lose my 2% and I would really not want to set up a regular direct deposit if I don't have to. 

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The direct deposit or $500 minimum balance is to keep the checking account fee free. The only requirement to get 2% vs 1.5% is to have the checking account open.

[newmomnewme]

Ohhhhhh!!! What good news on a Friday am. Thank you @dragontears . I'm juggling four too many bank promos atm. 😂

Have a great weekend!!

[SouthJamaica]

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@newmomnewme wrote:

I deposited $500 into the Checking when I opened it, but needed to pay $50 on PCR quickly. I transferred from Checking and then transferred $50 from an external account. 

My question is: Does PenFed require real direct deposit or will any ACH do? Or does it not matter that I will have a $450 balance until the transfer posts? 

I was trying to read the fine print but got a little confused with all the options. I just don't want to lose my 2% and I would really not want to set up a regular direct deposit if I don't have to. 

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You can meet the "direct deposit" requirement in the checking account by making any kind of ACH transfers totalling $500 into the account in the course of the month. If you meet that requirement, there's no minimum balance requirement.  You need to meet that requirement in order to avoid the checking account's $10 monthly maintenance fee, which would wipe out the benefit of having an additional 1/2% cash back.

Why PenFed can't offer a simple, no fee checking account, like every other credit union I've ever dealt with, is beyond me.

[DaveInAZ]

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@SouthJamaica wrote:

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You can meet the "direct deposit" requirement in the checking account by making any kind of ACH transfers totalling $500 into the account in the course of the month. If you meet that requirement, there's no minimum balance requirement.  You need to meet that requirement in order to avoid the checking account's $10 monthly maintenance fee, which would wipe out the benefit of having an additional 1/2% cash back.

Why PenFed can't offer a simple, no fee checking account, like every other credit union I've ever dealt with, is beyond me.

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True, so many options for free checking. I joined Penfed in early 2017 with checking and got a PCR card, but they only gave me a measly $1k CL. When I got the PayPal 2% Cashback card in July 2017w/$7k SL I closed PCR & checking. I would have closed Penfed completely but I have a HELOC with them.

I opened checking again this year for the $200 bonus and found that since they got their national charter their checking is a great Hub account - same or 1 day ACH push/pulls and I have 8 external accounts linked and haven't hit a limit yet.

With saving interest rates so low I just keep a minimum $500 in it to avoid fees. I usually use Penfed to pull money in as it's faster, pulling in $13k tommorrow from one of my bank bonus accounts that's met requirements & paid bonus.

[newmomnewme]

@DaveInAZ Why is mine so slow? It's takes forever for me to move money in and out...the payment application is slow too. Did I need to set something up differently?

[DaveInAZ]

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@newmomnewme wrote:

@DaveInAZ Why is mine so slow? It's takes forever for me to move money in and out...the payment application is slow too. Did I need to set something up differently?

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How long have you been a member? Penfed is pretty restrictive the first couple of months for new members. For good reasons, when I pull/transfer in funds from an external account into my checking it immediately credits my available balance, up to my daily limit of $10k. I don't touch the funds until I see it pulled from the external account to make sure there's no glitches. I have a daily limit for external transfers of $50k for my Premium Savings, but any deposit into Premium Savings isn't in available balance until the 5th business day. 

[newmomnewme]

Ok. That makes sense @DaveInAZ I just joined in August. 

[Chache]

Is the 2% unlimited i have 75k sitting in my navy fcu savings getting barely nothing 

thanks

[EAJuggalo]

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@Chache wrote:

Is the 2% unlimited i have 75k sitting in my navy fcu savings getting barely nothing 

thanks

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What PP were referring to is the PenFed PowerCashRewards credit card gives 2% cash back instead of 1.5% if you have a checking account with PenFed.  The apr for the checking account is .2 APY for the first $10,000 and .4 after that up to $25k IIRC.