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Penfed - Savings account

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Penfed - Savings account

i recently applied for penfed's basic savings account. I received my pin number which im assuming its for a debit card, but i never received anything for a couple weeks now. Was i suppose to fill out another app or keep waiting for it in the mail? I also got approved for their power cash rewards, but i dont see any cash limit on it that i can pull out from. Am i missing something that im not aware of or they just sent me a random pin number ?

Fico8 Scores: EX: 753 (3 Inq) TU: 745 (7 Inq) EQ: 745(3 Inq) (As of: 9/13/2018)
Message 1 of 8
7 REPLIES 7
Valued Contributor

Re: Penfed - Savings account


@awakening16 wrote:

i recently applied for penfed's basic savings account. I received my pin number which im assuming its for a debit card, but i never received anything for a couple weeks now. Was i suppose to fill out another app or keep waiting for it in the mail? I also got approved for their power cash rewards, but i dont see any cash limit on it that i can pull out from. Am i missing something that im not aware of or they just sent me a random pin number ?


You're supposed to receive an ATM card most likely since you have only a share savings account. 

 

PenFed is a little weird with their non-credit products. You have to fill out a form and request a card be sent to you. You can do so on their website. 

 

Regarding the Power Cash Rewards card, is the loan status still in "preparing to disburse" status? If so, you won't see your credit limit until the funds have been disbursed. 

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Message 2 of 8
Senior Contributor

Re: Penfed - Savings account

With Penfed, their processes regarding the savings accounts are a bit antiquated. You will need to complete and mail in an application for at ATM card (via snail mail). They don't automatically send one - you actually have to apply for one in writing.

 

So many of their processes seems to require paper being filled out and mailed in just to complete a basic step, whereas other lenders either send it automatically or upon verbal request. Good luck !Smiley Happy



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Message 3 of 8
Contributor

Re: Penfed - Savings account


@mountaindewvoltage wrote:

@awakening16 wrote:

i recently applied for penfed's basic savings account. I received my pin number which im assuming its for a debit card, but i never received anything for a couple weeks now. Was i suppose to fill out another app or keep waiting for it in the mail? I also got approved for their power cash rewards, but i dont see any cash limit on it that i can pull out from. Am i missing something that im not aware of or they just sent me a random pin number ?


You're supposed to receive an ATM card most likely since you have only a share savings account. 

 

PenFed is a little weird with their non-credit products. You have to fill out a form and request a card be sent to you. You can do so on their website. 

 

Regarding the Power Cash Rewards card, is the loan status still in "preparing to disburse" status? If so, you won't see your credit limit until the funds have been disbursed. 


im so sorry. i got both checkings AND regular share savings (it was late at night and i wasnt thinking properly about the topic headline). I thought when i signed up for their checking membership. I thought the pin that i recieved in the mail a debit card would come right after but didnt. Was i suppose to fill out the pdf application for their debit card. Ill give them a call and see whats up with this 

Fico8 Scores: EX: 753 (3 Inq) TU: 745 (7 Inq) EQ: 745(3 Inq) (As of: 9/13/2018)
Message 4 of 8
Valued Contributor

Re: Penfed - Savings account


@awakening16 wrote:

@mountaindewvoltage wrote:

@awakening16 wrote:

i recently applied for penfed's basic savings account. I received my pin number which im assuming its for a debit card, but i never received anything for a couple weeks now. Was i suppose to fill out another app or keep waiting for it in the mail? I also got approved for their power cash rewards, but i dont see any cash limit on it that i can pull out from. Am i missing something that im not aware of or they just sent me a random pin number ?


You're supposed to receive an ATM card most likely since you have only a share savings account. 

 

PenFed is a little weird with their non-credit products. You have to fill out a form and request a card be sent to you. You can do so on their website. 

 

Regarding the Power Cash Rewards card, is the loan status still in "preparing to disburse" status? If so, you won't see your credit limit until the funds have been disbursed. 


im so sorry. i got both checkings AND regular share savings (it was late at night and i wasnt thinking properly about the topic headline). I thought when i signed up for their checking membership. I thought the pin that i recieved in the mail a debit card would come right after but didnt. Was i suppose to fill out the pdf application for their debit card. Ill give them a call and see whats up with this 


Yes you need to fill out a form to receive a debit card.

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NavyFed AMEX
AMEX Blue Business Preferred

DiscoverIT 5%
Empower FCU Platinum
Message 5 of 8
Frequent Contributor

Re: Penfed - Savings account

FWIW, I didn't have to fill out a form to request my debit card for the checking account.  I believe they put in the request over the phone.  

Message 6 of 8
Senior Contributor

Re: Penfed - Savings account


@MIDWESTCOAST wrote:

FWIW, I didn't have to fill out a form to request my debit card for the checking account.  I believe they put in the request over the phone.  


Same with me, I didn't have to fill anything out. But that was over a year ago.

Message 7 of 8
Senior Contributor

Re: Penfed - Savings account


@awakening16 wrote:

i recently applied for penfed's basic savings account. I received my pin number which im assuming its for a debit card, but i never received anything for a couple weeks now. Was i suppose to fill out another app or keep waiting for it in the mail? I also got approved for their power cash rewards, but i dont see any cash limit on it that i can pull out from. Am i missing something that im not aware of or they just sent me a random pin number ?


The cash advance limit is usually the same as your total credit line. Do you want to take out a cash advance? I don't think you can for a certain period of time if you are a new member.

Message 8 of 8
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