PenFed Credit Union Checking Accounts

Dealing with Pen Fed has been a nightmare! The froze my account at the end of April. After two weeks of trying get the issue resolved unsuccessfully, I filed a complaint with the Consumer Financial Protection Bureau, CFPB. I was notified by letter dated JUNE 21 that the "restraint" on my account had been lifted after a thorough investigation on May 16th. Why did it it take more than a month to notify me? After recieving the letter at the end of June, I was finally able to check my account and there was about $2000 missing. After many sending secured documents to Pen Fed showing the transfer of funds to my Pen Fed account, and many phone calls to Escalation Analyst Ryan Perez, all he would tell me was that the funds that were originally tranferred on April 29, were rejected on June 16. Why?? And Why 6 weeks later? The funds have literally disappeard and I am out $2000. I will be filing another complaint with CFPB. Sigh.

THE WORST CREDIT UNION EVER!!!!
This bank closed my account TWICE for less than $65.00 afrer 3 weeks... Cough cough, disability is paid once a month so they would've received the money paid back!!! I started my new job and setup direct deposit to the account to have my check bounce back to payroll and delay me receiving my pay check. Did I Say for 63 DAMN DOLLARS!!!! These jerks have made banking as inconvenient as possible!! I only used them to pay my credit card. Dont waste your money and energy. GO TO NAVY FED!! ,Chime is better than them.

Twice these people have closed my account for a negative amount under $65 after 3 weeks!!. When they talk to you, you are treated like you owe Thousands of dollars. Disability is issued once a month so they know it will be repaid. This is the worse bank EVER!! They constantly show you how much they DON'T want your business.

I applied for a lone and was a approved on a Wednesday. I set up my online account that same day. Thursday night I went to login to set up my payments I was locked out of the account. Called member services and was told I needed to upload documents for identification verification. Uploaded the documents and was told they would be reviewed and the account would be unlocked within 24-48 hours. 48 hours later no update, I received the loan check in the mail. So I emailed member services for them to tell me 24-48 hours and once I told them it had been that she said 3-5 days. A week later no help still locked out and nobody was able to tell me anything. I called once again and was put in touch with Matthew who said he would put in a request for my my documents to be reviewed and verified . Still no word on my account I now have this check with no way to cash it. do anything regarding repaying this loan. This is the most outrageous problem I have ever experienced dealing with a bank.

Worst bank allowed to exist. It's 2022 and it takes 3 days for a cashapp transfer or paypal or zelle to reflect on your balance - pending transactions aren't shown to reflect your balance they just show. No matter what you spend or do, this bank takes 48-72 hours to UPDATE the balance so you NEVER really know your true balance, be prepared to wait 72 hours or call every morning for your real balance. Go to an actual bank. This seems like a startup company wanting to be a bank?

PenFed rolls out IT changes routinely that are buggy. Their customer service staff don't even have PenFed accounts and can't understand the IT issues that are being described. The PenFed on-line experience is definitely substandard.

Telephoned the 800 number to inquire about opening up a checking account and the call was answered by Chanel - one of their member service representatives. She was EXCELLENT!!! Chanel answered all of my many questions, presented the clear value of the checking account and actually walked me through completing the application. She was patient, personable, knowledgeable and efficient - a real “service superstar”!
Thank you PenFed and….
Thank you Chanel!!!

Horrible bank. My Union bank Aspire recently merged with this bank, and my bank experience has been terrible with them. First, they take forever to apply a refund from a merchant, even after the merchant has refunded your money days pass, then they take forever to withdraw pending transactions, not to mention the $15 they apply to your Throfty account. I never experienced this with my Aspire FCU!!! Will be looking into other Credit Union banks

Over 25 years, I've been a member at 6 different Credit Unions, either due to auto loans or being stationed abroad. This is by far the worst leadership and backend execution in the business. (The 2 stars is for the nice people who answer the phone) I'm not sure if they are just totally unorganized or they simply don't care. Story is - I made a user error when making an online payment, and I chose the wrong account to pay out of. Well, that left my PenFed balance a bit shy of what I need to cover a payoff I had sent to a credit card. SO - 6 days ago I deposited a check through their mobile app, drawn from one of my other credit unions. (Service Credit Union - Highly recommended). The check cleared THAT account within 48 hours. Still, the funds were not available in my PenFed Account. I called to ask that they please make my funds available because the check had cleared and my payment was going to post (and be returned). I was told to log on to the site, provide proof of the check having cleared my other credit union account (through their document upload system) and request that the funds be released. I did. I waited. They weren't. The payment presented and the payment was returned. I called again. I spoke to a rep. Was assured the funds would be made available, and the payment would be sent out. I was then contacted by a supervisor to CONFIRM that the funds were available and the payment would sent out. I kid you not - here we are - the next day, the funds are STILL not available in my account and the money has NOT been sent to my CREDITOR! Again - I am on the phone with this credit union, who has been in receipt of my funds since the 20th, and they have YET to release them to me so that they can be used to pay this creditor.