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@Anonymous 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.
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.
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.
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 $500 in checking wasn't worth it, I have free checking w/no minimum and 1.65% interest at Memory Bank (compared to Penfed krappy .2%), so I closed Penfed checking, and as that made PCR only 1.5% rewards I closed it since by them I had the PayPal 2% MC. I just keep the bare minimum in savings to keep my membership & HELOC active, I think there's much better credit unions.
@SouthJamaica wrote:
@Anonymous wrote:
About the monthly fee for being a penfed checking member if i do direct deposit once of say 700$ 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 xdI 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.