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Serious guidance needed penfed checking monthly fees

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Regular Contributor

Serious guidance needed penfed checking monthly fees

About the monthly fee for being a penfed checking member if i do direct deposit once of say 700$ to my penfed checking account then maybe not do it anylonger will i still get charged a monthly fee ..
I currently use security service federal credit union as checking i also have rbfcu penfed and bleh credit human which is the best if i usually have a direct deposit of around 600 to 900$ and again how can i maintain penfed checking without making it my main checking account please help xd
Message 1 of 21
20 REPLIES 20
Super Contributor

Re: Serious guidance needed penfed checking monthly fees


@Shahrazmm wrote:
About the monthly fee for being a penfed checking member if i do direct deposit once of say 700$ to my penfed checking account then maybe not do it anylonger will i still get charged a monthly fee ..
I currently use security service federal credit union as checking i also have rbfcu penfed and bleh credit human which is the best if i usually have a direct deposit of around 600 to 900$ and again how can i maintain penfed checking without making it my main checking account please help xd

I do not know a way to maintain a PenFed checking account without the monthly maintenance fee without either (a) making direct deposits totalling $500 per month or (b) maintaining a $500 minimum balance.

 

Some folks here have reported being able to satisfy the direct deposit requirement with ACH transfers from their other banks; I have not found that to be the case.

 

 


Total revolving limits 732500 (606000 reporting) 12/4/20 FICO 8 scores: EQ 715 TU 760 EX 735
Message 2 of 21
Regular Contributor

Re: Serious guidance needed penfed checking monthly fees

Whats a ach transfer?
Also as long as i keep a total of 500 that has been direct deposited to my account one time i won't be charged is that correct or am i wrong
Message 3 of 21
Frequent Contributor

Re: Serious guidance needed penfed checking monthly fees

It is my understanding if you make sure to always keep a $500 balance you won’t get charged the fee. I put $500 into my son’s penfed checking and he’s avoided the fees. Gotta tie up the cash though.
Current Cards (in order they were approved with current limits):
Cap1 QS (plat.) $2750
Kohls $3K
Cap1 Savor $15K
PenFed Power Cash Rewards $2K
NFCU CashRewards $2K
Disco It #1 $5.8K
NFCU MoreRewards $4.5K
Cap1 Venture $30K
PenFed Gold $2K
Ollo Rewards $3.2K
Sync Amazon $10K
NASA FCU Platinum Cash Rewards $3K
Disco It #2 $7.5K
DCU Visa $10K
NFCU Flagship Rewards $15K
Sync Care Credit $15K
PenFed Power Cash Rewards #2 $39K
WF Propel $4K
Comenity AKC $10.5K
Apple (GS) $6.5K
TD Cash Credit Card $6K
Rakuten Siggy Visa $6.5K

BK 7 discharged July 2016



Message 4 of 21
Regular Contributor

Re: Serious guidance needed penfed checking monthly fees

Phew thats a relief thanks buddy yeah i dont mind putting 5 to the side for that might come in handy on a rainy day
Message 5 of 21
Community Leader
Senior Contributor

Re: Serious guidance needed penfed checking monthly fees

ACH is a automated bank to bank transfer.

 

I get a little of my paycheck DD to my checking (250l) twice a month to avoid fee. I pay a bill or 2 and transfer some to savings.

EXP 760 TU 781 EQ 733
Message 6 of 21
Regular Contributor

Re: Serious guidance needed penfed checking monthly fees

Thats a great idea my job lets me add as many dd accounts i like it just splits evenly between them
Message 7 of 21
Community Leader
Senior Contributor

Re: Serious guidance needed penfed checking monthly fees

Yes I like to do it that way, so technically I put in 500 a month, but I don't have to maintain that balance and can pay a bill and save a little.

EXP 760 TU 781 EQ 733
Message 8 of 21
Senior Contributor

Re: Serious guidance needed penfed checking monthly fees

I joined Penfed in May of last year, primarily for a Home Equity LOC. I also got a PCR Visa but with a low CL, so I opened a checking account. When I finally got the HELOC in August (man, are they sloooow) I re-evaluated things and decided that keeping $500 in checking wasn't worth it, I have free checking w/no minimum and 1.65% interest at Memory Bank (compared to Penfed krappy .2%), so I closed Penfed checking, and as that made PCR only 1.5% rewards I closed it since by them I had the PayPal 2% MC. I just keep the bare minimum in savings to keep my membership & HELOC active, I think there's much better credit unions.


Fico 08: 734/716/734 TU/EX/EQ
Message 9 of 21
Frequent Contributor

Re: Serious guidance needed penfed checking monthly fees


@SouthJamaica wrote:

@Shahrazmm wrote:
About the monthly fee for being a penfed checking member if i do direct deposit once of say 700$ to my penfed checking account then maybe not do it anylonger will i still get charged a monthly fee ..
I currently use security service federal credit union as checking i also have rbfcu penfed and bleh credit human which is the best if i usually have a direct deposit of around 600 to 900$ and again how can i maintain penfed checking without making it my main checking account please help xd

I do not know a way to maintain a PenFed checking account without the monthly maintenance fee without either (a) making direct deposits totalling $500 per month or (b) maintaining a $500 minimum balance.

 

Some folks here have reported being able to satisfy the direct deposit requirement with ACH transfers from their other banks; I have not found that to be the case.

 

 


I routinely "pull" the 500 from my connected external accounts, mainly Chase, Wells Fargo or USAA.  The funds are instantly available in my Penfed account.  So far, (past 2 years) this has worked for me and no monthly fee has been charged.  i use the funds for billpay and don't keep a balance in the Penfed account.  The funds have to be pulled before my monthly statement date and the transactions initated from the Penfed site.  YMMV.


Instead of waiting for the storm to pass, I've learned to dance in the rain.
Message 10 of 21
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