Established in 1935, PenFed today is one of the country's strongest and most stable financial institutions serving 1.9 million members worldwide with $25 billion in assets. It serves members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, and Okinawa. PenFed is federally insured by NCUA and it is an Equal Housing Lender. It is available to members worldwide, via the web, seven days a week, twenty-four hours a day.
Eligibility
Find out if you are eligible to join PenFed Credit Union.
PenFed Credit Union Reviews
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 01/15/2021.
3.9
5,777 reviews
from WalletHub and across the web
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PenFed Credit Union
crys_roberson @crys_roberson
Save yourself the headache and look elsewhere. I’ve been a member since I was 18 years old (17 YEARS). I recently refinanced with PenFed and realized there is a mistake with my escrow that’s forcing me to come out of pocket monthly when I shouldn’t have to. I’ve been calling for over 2 months! Many supervisors were supposed to call me but not one has yet. Horrible customer service. Never had an issue with my mortgage until I refinanced with them. I’m about to move my money to another institution that cares more about their members that make them money.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi, we're sorry to hear that you're experiencing these issues. We'd like to ask our Mortgage Servicing team to look into this. Can you please email us at [email protected] with your name and a description of the issue? Please mention your WalletHub review in your email.
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PenFed Credit Union
Shonda Hinton @Raesh
So it’s not just me. I’m on an extension now. 4th month of the month of the mortgage process. I understand they are swamped. I don’t understand no responses at all from loan officer, processor AND supervisor. Supposed to close this month. Again. PenFed used to be awesome. Those days are gone.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi Shonda, we're sorry for the communication issues you're having and will pass this information to the team. Due to heavy mortgage volume, we're experiencing significant delays. We understand this is frustrating, and we are working hard to move as quickly as possible.
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Shonda Hinton @Raesh
@PenFed Forgot to mention that I am being charged for the extension, as if it was my fault. No excuse whatsoever for that.
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PenFed Credit Union
wstran @wstran
It's counting down to 15 days to our closing on 02/01/2021 and so far we still haven't heard anything about the progress of our loan. Even though we called/emailed many times to our loan officer and loan processor but nobody updates us about our loan status and advises us if there's anything else that we need to take care of prior to our closing day. Hope that someone will help us, thanks!
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi, we received your email today as well. We will send it to the mortgage team for review.
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tzhong @tzhong
Any updates? We are in the same situation.
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PenFed Credit Union
seanhassan1 @seanhassan1
I want you all to know that our experience with PenFed was terrible. We chose PenFed because of the lower rate offered, but the .14 percent savings was not worth it. The other lender was calling and or emailing each week to check-in, give us status updates, etc. I have over 50 emails trying to see where our loan stood, what was needed, etc. It wasn't until the last minute that everything was requested. PenFed compounded the stress of the situation exponentially. I was going to refer my brother and employee to refi with PenFed. That will not happen. I have 2 trucks full of stuff with nowhere to be unloaded because I don't have keys.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi, we're sorry for the communication issues you've been experiencing. We're going to have our mortgage team promptly look into this.
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PenFed Credit Union @PenFed
Hi, we're sorry for the communication issues you've been experiencing. We're going to have our mortgage team promptly look into this.
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PenFed Credit Union
Zubin Clemente @zubin_clemente
4 months and still no end in sight. They ask for a piece of info with no details and I ask for details then 3 weeks later, I get a response. I have uploaded requested docs within 2 biz days AFTER their weeks in delay of getting me answers to what they want so don’t say I delayed the process. I am out the cost of an appraisal and paying interest I shouldn’t be paying if this closed on time. I am ending this nightmare at the end of this week if I don’t get to closing. Member#6552702
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi Zubin, we will have our mortgage team look into this. It looks like you may have included account information in your review. Please update and remove that from your post.
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PenFed Credit Union
Lauren C @LC123Dakota
Anyone considering PenFed should look elsewhere. We were initially lured by low VA rates, but my spouse and I have been in the process of refinancing our mortgage since August and it still hasn’t closed 142 days later. This has gone on so long they had to pull our credit reports a second time dinging our score. I went through 3 preprocessors because everyone was in “training” and the only way they respond to emails is if I cc everyone’s boss. Instead of answering questions I get canned responses. This is a complete failure on their part and it has literally cost me thousands of dollars in extra interest I have paid the last few months. I am appalled that a financial institution could be this terrible.
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PenFed Credit Union @PenFed
Hi Lauren, due to heavy mortgage volume, we're experiencing significant delays. We understand this is frustrating, and we are working hard to move as quickly as possible. We would like to have our mortgage team look into the communication issues you described. Could you please email us at [email protected] with your full name so we can locate your application? Please mention your WalletHub review in your email.
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Lauren C @LC123Dakota
@PenFed It is now 144 days later, unsurprisingly nothing is done, and I'm still out thousands of dollars I wouldn't be if not for PenFed's failure to hire sufficient staff.
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PenFed Credit Union
Steven S @Crew_cheif0206
DO NOT use this bank to get a mortgage or to refi your house. They are terrible. If I could give them zero stars, I would. Heck, if I could give them negative stars, I would give them NEGATIVE FIVE STARS. The ENTIRE mortgage department has no clue what they are doing. They don't answer emails, or phone calls or return messages until you start threatening to get a supervisor involved. Then they'll answer you right away every single time you call or email for about 5 to 10 days, then they'll ignore you again. Don't bother filing anything with the complaint department either, I filed a complaint in October2020 and I'm still waiting for a response from them. Their board of directors has a website with their emails and says to email them if you have a problem. I'm still waiting for them to contact me as well, from a October2020 complaint I submitted through their website. This bank is a freaking joke. As soon as six months rolls around, if the rates are lower at literally any other bank, even by .1%, I'm swapping my mortgage. I can't get away from this bank fast enough. They are horrible. Oh yeah, I was in the refi process for my house for 167 days. Let that sink in.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Steven, we're sorry that you had a poor experience. We've been experiencing heavy application volume and are working hard to process them all. We're glad to see that our team was able to help you complete your loan. We hope that you enjoy the online tools for servicing your mortgage, along with the other benefits of PenFed membership, and that you reconsider moving your accounts.
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PenFed Credit Union
investor1g @investor1g
There is no possible way this organization has 3.9 stars! This is the worst financial organization I have conducted business. Tomorrow I will be closing my account and moving my funds elsewhere. I have been a member for over 20 years with no issues, the first time I get a mortgage with them it all goes to he**. After receiving my escrow analysis I sent a letter stating I'm exempt from one of their fees which they already have record of. Penfed proceeded to charge me anyway and even went to my account without authorization and took funds. I was told an inquiry would be opened which led to me receiving a late charge. Let me add that my payments are automatically paid and they are never late. As mentioned, I will be refinancing with a different organization tomorrow and closing my account. I ask that before you decide to do business with this bank DO YOUR HOMEWORK!
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi, we'd like to look into this, but need some more information to locate your account. Can you please email us at [email protected] with your name and issue? Please mention your WalletHub review in your email.
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PenFed Credit Union
James @davis46jam
Verified Customer
Penfed is easy to work with. They are efficient in all transactions. They are fair. Although they have a branch office nearby I hardly ever need to go there. The website is great.
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Product: PenFed Credit Union Car Loans
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PenFed Credit Union @PenFed
Thanks, James! We appreciate your membership!
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PenFed Credit Union
Brad Traynham @btray77
Absolutely horrible customer service. They change fee structures without notice. I had a free checking account for several years, a few months ago they started charging $10 fee for checking accounts. That's higher than Chase, and they do that during Covid when people have no extra cash. PenFed sucks, I do not recommend them. The customer service rep I spoke with on the phone was snooty. I'd give ZERO stars if I could.
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Product: PenFed Credit Union Checking
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PenFed Credit Union @PenFed
Hi Brad, the monthly fee on the Access America checking account is not new, but you may have incurred the fee for the first time recently. There are two ways to avoid a monthly fee: set up a monthly direct deposit of $500 or more, or maintain a daily balance of $500 or more.
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+6372 users submitted a rating without writing a full review
Yes. Anyone can join PenFed. PenFed membership is free for everyone now, but PenFed was originally created to serve U.S. military members and veterans of all branches, as well as federal employees and retirees. PenFed formerly required non-government and non-military applicants to donate to a military charity to be eligible for membership, but they no longer require this. As long as you're a U.S. citizen or permanent resident of the United States, you can join Pentagon Federal Credit Union by simply funding a savings account with at least $5.
All you have to do to apply for PenFed membership is enter your personal information – including your name, address, Social Security number or ITIN, and other info – on the membership form. Before you submit your application for membership, you'll be asked to make a deposit of at least $5 to a new PenFed savings account using a debit card or a bank transfer.
PenFed Membership Eligibility Requirements:
Must be able to fund a savings account with at least $5
Must be a U.S. citizen or permanent U.S. resident
Must have a government-issued photo I.D.
Must be at least 18 years old
All in all, it's very easy to become a PenFed Credit Union member. To fill out a membership form, visit the PenFed Credit Union website. Alternately, you can apply for membership over the phone by calling 800-247-5626.
Most PenFed credit cards require an excellent credit score (750+) for approval. A few are also designed for people with good credit (700-749). Please find a full list of cards on our PenFed credit card page.
People typically start receiving PenFed credit card pre approval offers 6 months after joining Pentagon Federal Credit Union. Watch for an email with the subject line, “Congrats, on your pre-approval!” Based on your creditworthiness, income and other undisclosed factors, they will include various credit cards from their portfolio in that offer.
You have to receive an offer, though. You can't just take it upon yourself to check which PenFed cards will give you good approval odds. That's called pre-qualification, and PenFed doesn't let you check for that.
