Penfed checking account + checking account recommendation help

[brother7]

In the Credit forum, the Penfed rewards card is often touted as one of the best cashback cards around. So I started looking at their other financial products, hoping to find an attractive checking account offering but was disappointed. Their checking account is 1) non-interest bearing and 2) requires a $500 monthly minimum or direct deposit to avoid a $10 monthly service charge

Anyone have an opinion on the Penfed checking account, something positive that I'm missing? Any tips on a good checking account offering?

[Anonymous]

You might try USAA (Credit Union). Their products are excellent, geared towards the consumer

instead of the other way around. Honorable military service is required to be eligible

for all of their products and services; however, civilians are eligible for everything

excluding their insurance products.

https://www.usaa.com/inet/ent_utils/McStaticPages?key=bank_checking_main

Message Edited by griffss on 02-09-2010 12:28 PM

[Anonymous]

I have opened with them nearly a year now and I am so fed up with them right now. They are playing such dirty games with their rewards lately that I am seriously considering dumping them and moving on. Just sucks that it will hurt my history or I would have ditched them sooner. They throw pre-screen offers at you and then when you click on the link to stop getting them, it tells you to contact the optoutprescreen people to be removed but here is the kick, I have been permanently opted out and have confirmed this with them for many years now, so what gives? Save yourself some headaches, they show no love for their customers, AT ALL. They are mediocre at best, not even sure how they became so popular. I have not tried USAA but I am thinking about it, seriously.

[haulingthescoreup]

IMO, it's really hard to beat USAA for checking/ savings. I haven't been tempted by either PenFed or Navy to switch.

The website is very clean and straightforward, especially for checking and savings. And if you have multiple products, you can move things around online very easily.

The deposit at home feature is wonderful. As long as you have a scanner, you can deposit in your jammies, and it's credited immediately. There is some sort of protection on their end; can't remember what it is --you might have to have a CC to cover them if your deposit bounces.

And they carefully warn me each time that I can only deposit $10,000 a day. Think I'm OK there.

I will note that their savings rate is microscopically tiny.

[newstart2010]

i have had NFCU, and I would like to get them back, but I have to say this....

One thing I have had a problem with other banks is that when I use my card and a pending charge holds funds off my debit card, I am never privvy to that info.  With USAA their site is clean, clear, concise, and shows every pending and complete charge against my account.  I LOVE their checking and savings product.  And now with their secured card, I am even more in love.  

I have not taken the time to do PenFed, but I am sure I will.  Short list communities like that always treat their people right, and i love the benies that military and family get.  But def check out USAA if you have not already.