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PenFed Credit Union Reviews

Average Rating:
Based on 80 reviews

Awesome rates and great service

I had heard that Penfed had great rates for members. It's designed for government workers and the military so I met the requirements for being able to use the service. I wanted to open a CD for my emergency fund. They helped me figure out a good length for the CD and the rate was pretty good, especially compared to a bank close to my office. Their checking and savings accounts are pretty good as well. I don't like to use online banking but I do like getting the online statements. Overall, they are exactly what I expected: nice, helpful, and great rates.

PenFed Credit Union is great!

PenFed Credit Union is a great credit union. They offer good rates on CDs their other savings accounts. Their online banking is good enough for what I do. It's not overly complicated to navigate and I'm able to transfer money easily enough. I also have a checking account with them and switch money between my savings and checking whenever I need. The people at the branch I use are always nice and helpful. I would definitely recommend them.

Great Credit Union

I have used PenFed CU for several years now. I have had several issues that they have helped me solve. The first was I was a victim of identity theft and my account was hacked, they were very helpful and even helped me with some of my accounts that weren't even with their CU. I think their fraud dept was professional and they made me feel like it was going to be ok the entire time. There is nothing worse than realizing you have lost 10k overnight to a thief, you feel helpless and really worried. They eased those concerns and made me feel secure again.

PenFed Credit Union is better if you can go to a branch

I have accounts with three credit unions: USAA, PenFed and a small-town local CU. After having used them all for sflimoexpress.net among other things and for a number of years, I have concluded that PenFed is the best of the three. They offer good products,; however they do not offer the community-oriented service I've come to expect from both my local small CU. However, what they lack in service can sometimes be made up in product availability and marginally better rates of return on products such as savings, CDs and the like. I think that I will stick around going forward, as I see no reason not to maintain a relationship with PenFed.

Great Credit Union

PenFed Credit Union has been my bank for the past ten years. I opened savings and checking accounts with them at first. The people at my local branch are extremely nice and helpful. Their online banking is okay, nothing really special. The main thing I like are their interest rates and the friendly service. I eventually opened a couple CDs with them and continue to keep all of these open. Overall, I would recommend them and plan on staying with them for now.

Rates Lowball

Posted by: JimDavis | Aug 24, 2017

Been with Penfed for quite some time but they are disappointing as far as rates go lately, and for some reason think its fair to PUNISH Ira's with yet LOWER rates.

To be fair, rates are low everywhere, and Penfed is not the worst of them .

It's a pain to move IRA money around but may have to on a sizable sum, as giving up 100's of dollars a year in interest is a bad idea.

Fairly average for online banking

I signed up with PenFed credit union roughly 10 years ago as an alternative to USAA. I initially signed up due to the better rates for there saving account as compared to USAA at the time to get access to their other products. My one complaint with them is that there web interface seems to be a little dated. Sometimes it can be hard to transfer funds from one account to the other especially to another bank. I usually have to break down and call. When talking to a live person generally any issues are resolved pretty painlessly but it would be nice to have a better web interface. The rates on the general saving share and the money market certs are not as good as they were when I initially moved over but the customer service and experience working with military members has kept me with them.

Great way to save

We started this account because we figured it'd be an easy way to save money. Originally, it was not easy to transfer money from this account so we set up a small transfer to this account each pay period to help grow our savings. We recently found out it is very easy to transfer money into our general bank account as well so the ease of accessing this money has greatly increased which is a major plus. Granted it kind of killed our original idea of having a savings account we wouldn't touch.

We checked the account a few months ago and found there was not as much money in the account as we had assumed. We found that we were being charged a fee every time the transfer didn't go through - a large fee of $30. Our small account was hit hard by this. We knew we were obviously unclear on the policies regarding this transfer, but we contacted them to ask if they would refund a portion of this money as we did not OWE them anything. They were very easy to work with and refunded a portion of the fees to us. We were satisfied with the result and will now keep a closer eye on this account to ensure we don't run into an oversight issue on our end again.

I'd recommend this bank for this purpose mostly - there are very limited physical locations.

Great Interest Rates

I really like Penfed credit union because of the interest rates on a certificate deposit can go up to 2.15%. This will only go up to 2.15% on a 7 year CD, however if you are looking for your money to grow this is a good place to start. This is a steady guaranteed source of income and their is no risk of losing the money like it would be if you put this money into the stock market.

Also, if you only want to lock up your money for one year you will be available to get an interest rate of 1.30%. This is also a great rate and a good return on your money if you compare it to other banks. Penfed is a great overall bank in my opinion.

Why I love My Credit Union

I have been a credit union member just about all my life. When I was a child my dad opened an account for me and I kept it until I joined the Air Force and was able to open one at a military base. I love my credit union. They offer many accounts and services. Over the years I've had savings, checking, mortgages, credit cards, car loans, and retirement accounts with the credit union. The staff is always professional and courteous. They offer good rates and very low fees to include FREE CHECKING! I have not yet taken advantage of their Wealth Management service but with retirement coming sooner than I'll probably be ready for it may be a good idea. When anyone asks me about what bank I use I always point them towards my credit union, the credit union available to anyone who is active or retired military or works for the federal government. I've been 100& satisfied and believe they will too!

Convenient sflimoexpress.net, online access, and general credit-union trustworthiness

I always prefer credit unions to banks because of their nonprofit nature, and PenFed hasn't disappointed in this respect. They have no-fee checking and savings accounts that are easy to access and free of some of the ridiculous fees you see at other banks. I don't feel like a cash cow for the bank; instead, they help to serve my interests. Their mobile app and website make it easy to check balances, set up transfers to other banks and credit unions, and so on. In particular, setting up transfers with the website is more convenient than with other banks; the interface is simple -- it hasn't been updated in years -- but the process is streamlined and I've found it more convenient than the processes for other credit unions and banks. It's easy to use my PenFed savings account as a "hub" to organize my other bank accounts. I've also always been able to reach customer-service people on the phone without waiting a long time.

I've considered adding CDs to my banking relationship at PenFed (they call them "share certificates" there, like most credit unions do), but their rates haven't been especially good recently. Occasionally they have an extremely good offer on a CD (or "share certificate"), however, and in that case I recommend them without any reservations. It's worth checking, as I do, every few weeks to see if they've updated their rates. Their checking account in particular has good rates for a checking account, although this changes now and then.

Great credit union!

I've been banking with PenFed for over 40 years now. I've been very happy with their products and service. They serve members around the world, so even though there usually hasn't been a branch near me, they were one of the first institutions to make it easy to bank by phone, and later by computer after the internet was invented. Their website is easy to use, although not the best, it does everything I need. You can make transfers online, and send money by ACH to other banks. Their bill pay service is one of the best. You can make deposits by mail and you can also use selected ATMs in the credit union network. Their rates are competitive, and as a credit union, they tend to provide much better customer service than most big banks. I would highly recommend it to anyone, now that membership is open to the general public.

Love Penfed

Posted by: Nick11 | Jul 10, 2017

I've been a member of Pen Fed since 2004. I've had some little things happen from time to time that I didn't like (one time I deposited a check from them into my bank and through some computer glitche they took it back or rolled over a few cd's that I had asked to be deposited to my share.). With a phone call their csr's handled my complaints instantly and satisfactorily. I at present have a car loan, money market and 3 percent Ira with them that I am extremely happy with. However I transferred a large number of cd's that matured last winter because of their lower rate and onerous early redemption fee (although I've never cashed a cd in early yet.). My Ira will mature this winter and since I love being a member there am hoping for a decent rate. We'll see.

Military option for credit union

Posted by: marcohowe | Jul 10, 2017

I signed up with PenFed credit union roughly 10 years ago as an alternative to USAA. I initially signed up due to the better rates for there saving account as compared to USAA at the time to get access to their other products. My one complaint with them is that there web interface seems to be a little dated. Sometimes it can be hard to transfer funds from one account to the other especially to another bank. I usually have to break down and call. When talking to a live person generally any issues are resolved pretty painlessly but it would be nice to have a better web interface. The rates on the general saving share and the money market certs are not as good as they were when I initially moved over but the customer service and experience working with military members has kept me with them.

Excellent Experience with Penfed Deposit Products; Need Higher Rates

I have been a longtime customer of PenFed Credit Union (10+ years). My initial experience was with the share account and checking account and I later opened a Money Market account and Traditional IRA. Having always used direct deposit, I have always been pleased with the ease of the deposit, the timeliness of availability, and the ease of transferring funds from one account (checking) to another (share savings or money market). I have rarely needed customer service support but when I have, I have been served by friendly, upbeat, and helpful representatives. Most recently, I had an experience where my PIN didn't seem to be working on my debit card. I rarely EVER use the debit card so I called to inquire regarding the accurate PIN. The CSR was helpful, explained all the verification processes, and allowed me to select a more reasonable PIN that I would more easily remember.

My only cons with the credit union are the subpar rates. Many of the rates probably pay average on a nationwide scale but they seriously lack and I have opened an additional savings at another institution at a much higher rate. I also can say the same regarding the IRA products. For someone just starting out in building a savings goal, this would be highly frustrating as the rates are practically nothing. The online / mobile banking is attractive enough but could probably use an upgrade in terms of modernizing the look. However, it is VERY easy to find information and do transfers.

PenFed Credit Union is Good

I joined PENFED about 5 months ago and have enjoyed banking with them. They offer great interest rates on savings and other options. Although I do not work for the government, it was an easy process to sign up with them. Just do a google search and you'll be able to find out how. The customer service is great when you're actually able to connect with someone. Many times, if you call after 3pm, you will get a busy signal when dialing their main customer service number and then have to go through a different number that takes you to their robot system and only then will you be able to connect to a service agent. A frustrating process if you need help fast. The service agents are very knowledgeable and friendly so you don't have to worry about having to call multiple times to get a trustworthy answer. Besides the calling in issue, banking with PENFED has been great.

PenFed ease

I joined PenFed (Pentagon Federal) when I was stationed in Washington D.C. The bank had an ATM in the building I worked in. They charged high fees if you did not use a PenFed debit card, so I switched my accounts. The bank offers really good rates and ease in resolving transactions. I wish they had more brick and mortar locations and offered more products. The customer service reps are easy to understand and really know all parts of banking as well as all services PenFed offers. I highly recommend this bank to all of my coworkers, friends and family. In fact, I recently opened accounts for my kids st the bank and have started a savings account that earns a nice interest for all three kids.

Customer Service

I have been a loyal member of PenFed Credit Union for over 10 years and I am completely satisfied! Their customer service is second to none. I have multiple accounts with PenFed to include my home mortgage, checking, savings and insurance. They work with me and understand exactly what I need. When I call or visit one of their branches I am always treated with respect and tremendous customer care. I have recommended PenFed to all of my immediate family members and most of my friends. I will continue to be a proud member of this institution for as long as I live. They know how to treat their customers right.

An afterthought account

I worked at a non-profit and PenFed was an institution that offered certain discounts/benefits to our members. I am a longtime NFCU member but decided to open up a savings account through them and have money sent direct deposit each paycheck to that account. I thought their rates were low to average but it was convenient and I could put the money in and not think about it. I did not have an ATM or checks through them so I really didn't access it. Basically it was a good way to save up some money. Like a set it and forget it kind of thing. I would log on to their website every once in a while. I found the site itself very informative and easy to use but I didn't use any of their other offered services. When my balance reached a certain amount, I would have them cut and send a check. This went fine the first time, but the second time, I received no check. I called their customer service, verified my information and they canceled the first check (which I never received) and re-issued me another check. This was my only direct contact with them but I was very happy with the outcome and their service. Overall, it wasn't a bad institution at all, but wouldn't tempt me away from my current bank.

Fantastic Mobile Banking

I have been with PenFed for over 5 years, and despite no longer living in the VA area, I am able to continue banking with them via their mobile app. Most income I make is deposited directly into my checking account, which I can move as I wish between savings as well as reserve. For checks I receive that are below the allowable threshold for mobile deposit, I have no issue depositing them remotely using PenFed's Android app. My on-site experience has been equally as enjoyable. When applying for a rewards credit card, the bankers did a great job of laying out my options and explaining the card's benefits so I could choose one that fit my spending habits. I plan to use PenFed for a 30-year mortgage on a home I plan to purchase within the next 18-24 months.

Penfed a bit overrated

I have always heard good things about PenFed and decided to open a checking account with them. I wanted to take advantage of their fast ACH times (about 1 day from penfed to others) but it turns out it was only $50 until you are a member for 6 months and you have to requested it to raise to 5,000/day. The fast ACH times is because they credit you for pulling into your account instantly. Essentially, I enjoyed their customer service via e-mail despite being a bit slow, they do answer questions such as closing accounts and changing addresses pretty easily. If you need to transfer more than $5,000/day this is not the credit union for you. Their saving and checking interest rates are subpar compared to Alliant and other credit unions that are as renown with PenFed. They weren't to bad as a service but for my own reasons I don't think they were sufficient. They also ding your credit for requesting for a raise in my ACH limit which was really annoying.

My experiance with Pen Fed

Upon moving to Maryland in 2015 I signed up with PenFed as a secondary bank. I have used PenFed primarily as a savings account to be used for vacation and Christmas funds. I have found their interest rates for their savings account to be competitive, and their location right outside of Fort Meade is ideal for my banking needs. I am able go into the branch with very little hassle both before and after work. I have found their employees have always been very friendly and helpful, whether I depositing a large check into my savings account or a few dollars.

A pretty good credit union

I have had pretty good experiences with Pentagon Federal Credit Union (known better as Penfed) over the last 7 years that I have been a member. The savings account rate is kind of low, but most banks are these days, so dont expect to get much in terms of interest. That said their rates for other products such as CDs are a little higher, but you can still get better deals at other places. Transfers from your savings or checking account out to other banks can be done, but they can take a few business days to be processed. The checking and debit card experience at Penfed is good, I dont think I have had any issues to speak of in the last seven years. The ATM network is small, but they work with other credit unions to share reciprocal access, which does expand the network by quite a bit. What really sets Penfed apart in my mind is the customer service which is quite good, almost every issue I have had has been resolved on the first call. On the downside, the technology such as mobile apps and the web interface can be a bit on the simple side, but they have almost all of the features one would expect for online banking - check deposits, transfers, etc. It does seem like there are fewer branches in my area than a few years ago, but I am glad to be a customer and know that if I pick up the phone and call, although it isnt 24/7, I can get real help from a person who is empowered to help, and not just a call center rep, like other banks I have used in the past.

Penfed Checking and Savings

Posted by: ericdyer2 | Mar 28, 2017

PenFed has been a great banking and loan company for me. I was recommended to them from a coworker a few years back when I was interested in refinancing my auto loan. I found that their rates were the best of any other bank or credit union I had previously investigated. I signed up, which was a small fee, and got a loan with them. Then I realized that they offer online banking services, so I started a checking and savings account that houses the income I make from online. It has been a great experience overall.

Pen Fed is fantastic!

Recently, after dealing with a certain national bank for a few years, I decided to check into credit unions. I was impressed with Pen Fed's checking and savings accounts and their features. After a lot of consideration and discussion with their employees, I decided to switch and I do not regret it. I have found them friendly, helpful, and always willing to go the extra mile to answer my questions;. They've helped me choose the right checking account and even set up a CD for long-term savings, which I never thought about doing. Their website is ordinary and I don't use their online banking for much more than keeping an eye on my balance. Over all, I would recommend them and would choose them again.

Penfed Checking and Savings

I have been banking with PenFed for several years now. I never knew it existed until a coworker mentioned refinancing an auto loan with them. When I investigated their services, I realized they have great rates not only on loans, but for checking and savings. Their service is exceptionally great for money that I make online, so I can keep that money separate from my main source of income. My checking interest rate is relatively high for a checking account at 0.50% APY (as long as I maintain certain requirements). That money then can transfer to my savings account. The rate isn't spectacular at .05% apy, but I enjoy it being housed with them and in a brick and mortar shop. So far, for the customer service I have needed, they have been very attentive to my needs and quick to help.

Penfed, Useful for Some

I started an account at PenFed several years ago. I wanted to establish an account to think of getting a loan in the future. I used the account for several months. However, I found out later than another institution had better rates. However, I thought he usability of the mobile app and website were great. Everything was easy to use. The few times I called customer service the people were helpful and friendly. I enjoyed the experience for the time I used this bank.

PenFed Credit Union

In early 2015, I started a checking account with PenFed Credit Union. I opened my account for checking and, the same day, I went home to set up my online account. I noticed that the money had not yet gone into the checking account. I was a little upset, because I was excited to use my new card. To this day, there is a 24 hour wait before your deposits are accepted into your account, which is inconvenient. There was also a time when my debit card was stolen. I noticed on my account that 300 dollars had been over drafted. I called them immediately and to my surprise, they decided to clear my entire account and forgive the theft.

PenFed feedback

I have an account with PenFed because I work for a military supplier. I have really had minimal experiences with them, because their products have worked and been good. The one or two times that I have talked to someone for customer service issues, they have been nice and got answers for me and I was only on the phone for 5 minutes or so. From there, their website is fairly similar to any other financial institution I've worked with (I also have a citi credit card) - it's fairly simple to navigate and was simply to set up automatic payments on my credit card. They are a fairly normal financial institution in my opinion.

Great Rates

The best thing about this credit union is the rates they give you on checking accounts and also on CD. They are much higher than the national average. In face they are a full one percent more than the national average. It makes me happy to know that I am getting paid to have my money in the bank and not just having it sit there. It makes me feel more like it should be and not that I am being taken advantage of like with the national banks. They also do not have tons of fees tied to their checking accounts so you actually may make money off of the interest rates instead of it being sucked up by junk fees. I also like the way they do overdraft. You can make a mistake and not have money to cover a check without getting slapped with a large fee like you do at many other banks. They also have a great customer service on their checking accounts at the branch and when you deal with them online. The online service rivals any other bank and really makes it such a great product.

Pretty good Credit Union

Posted by: suebell2 | Jan 27, 2017

PenFed is one of the best banks that I have worked with in a long time and I'm sad to say we had to give them up because of a recent move. However, I have nothing but good things to say about PenFed. A few months ago we had our business debit cards stolen out of the mail and the person who stole them wiped us out of a LOT of money. Due to the bank's "automated suspicious activity" we were alerted very quickly that transactions did not match our previous spending habits and Pen Fed was quick to turn off our debit cards for both the company checking, savings as well as our personal checking and savings accounts. The cards were quickly flagged as stolen and everyone we spoke to was compassionate and responsive to our questions and concerns. They even worked with me and the police to catch the criminal. Ms. J was our "go to" person during this entire investigation and it was comforting to know that we had a person that we could relay information to and receive updates from. Most banks will not refund stolen money for at least 30 to 90 days after their investigation is complete. However, PenFed had most of our money back into the account within five days. The investigators, customer service and our account manager were nothing but helpful during this very stressful time.

My experience banking with PenFed.

Posted by: evecox96 | Jan 27, 2017

I joined PenFed, also known as Pentagon Federal Credit Union, about 6 months ago. My initial attraction to them was their offerings of very low interest rates on various products, i.e. Auto loans, mortgage loans, personal loans as well as credit cards. Although I didn't have a need at the time in those products, I did want to open a checking and savings account with them and start building a financial relationship. Sign up was easy, did everything online. Set up direct deposit with a minimum monthly deposit of $500 to avoid the monthly checking fee. They also offer a monthly, free FICO score, which I like because I'm very OCD when it comes to my credit. I've had no problems with them, and the little contact I've had with them was in the form of secured messaging, reply was quick and answered my questions. Overall I find them a very competitive bank with courteous and helpful representatives.

Overall very satisfied

I have had a really good experience with this bank so far. Opening a savings account was really easy and their policies were actually pretty straight forward as well as fair. I haven't had much experience with their customer service, but I haven't needed it. Their website is a bit clunky if you're not use to it, but eventually I figured out how to use it effectively. I would say the navigation is just kind of outdated. Overall, I would recommend this bank for anyone as their rates are competitive and they're very flexible and easy to use. I have already recommended this bank to several of my friends and they all have had good experiences with it.

Great Rewards Cards

I'm a member because I travel for work, and spend enough on airfare that the Premium Travel Rewards card was a great deal. It works out to 4.25% back in the form of Amazon gift cards (which to me are as good as cash with the amount of money I spend with Amazon).

I also have the 5% gas card, which requires keeping $25 in a money market account, but the monthly gas rebate more than makes up for keeping the money on deposit for nearly free.

The web site is clunky, but functional. Never had trouble with it.

Not a bad bank, but not the best

PenFed is not that bad of an option if you are looking for a simple checking account with online features. Opening the account was simple enough and, once opened, you have access to the online features right away. I did have an issue with a check that I needed to stop payment on and while trying to get it stopped, it seemed I needed an act of Congress to accomplish this. The customer service people were nice, but they did not seem to know what I needed them to do. It took me several phone calls and finally I was able to get the check stopped. Other than that minor fiasco of a situation, I have been lucky to not need customer service for much of anything. As long as I don't run into any more issues, I don't see anything to worry about there. But, the online features are great, yet standard, and what you would expect to find. Overall, it is an OK bank with expected services and features for online banking.


I have been banking with PenFed for about 10 years and have had a love-hater relationship most of that time. As a credit union they do what most banks do, they are also fairly good at resolving issues, but you have to be very patient for results. When I had an over draft issue it took me serveral days of phone calls to figure out what went wrong and why. Also they were of little use finding a solution since their idea was not they same as what actually worked. All this was using their online banking. However their in person banking is not a lot better. I do not think they train new employees enough since I get different answers for the same question, depending on who I am asking something of. Overall though they are a good enough institution and better than most credit unions.

Fraud attempt with good solution

About a month ago, fraudulent charges were showing up on my account. I went to Penfed, and they disputed the charges and were very helpful in getting a claim started for me. They shut down my old debit card and ordered a new one for me. I received the charges back into my account and the whole process was simple. The customer service was great. Before this incident, I had never had any issues with fraudulent charges. I really have no idea how this person got my card information in the first place. The rep at PenFed said that people who commit these financial crimes are getting smarter and smarter. They told me about skimmer machines too and that they look just like regular credit card machines. I will have to be more careful from now on, but I'm so thankful my credit union had my back!

PenFed Review From Out of State Customer

I've had both checking and savings accounts with Penfed Credit Union for about 10 years, although currently I only have a savings account. I do not live in the area where Penfed has branches, so all my interactions with them have been through the mail or online. I can therefore speak best to the online experience. Penfed's website is easy to use and intuitive, and you can handle everything you need in one place. Tabs are easy to find and the services work well. The reason why I don't have a checking account with them anymore is because it required a minimum $500 daily balance or direct deposit to avoid fees. Other credit unions, like USAA, do not have this requirement so I ended up closing the checking account to avoid these fees.

Best Credit Union I've ever banked with

Posted by: jdog624 | Jun 22, 2016

I really can't say enough positive things about PenFed. I've banked with several credit unions and savings and loan type institutions in the past and have had mixed experiences. PenFed is consistently excellent in my interactions with them. The most important aspect of a banking relationship is customer service, and PenFed excels at that. Anytime I have questions about my account, whether it be just general questions about product offerings or my specific account activity, their reps are available and knowledgeable and I experience very short wait times. I currently maintain a savings account with PenFed but have considered transitioning my checking account as well since I am so happy with their service. I would say the one drawback at this time is mobile banking, as their app isn't as full service as some of the other banking apps I've seen. But bells and whistles sometime are outweighed by great customer service and rates, and I think Penfed deserves attention based on that alone.

PenFed Credit Union Review - 5 Stars

Posted by: RockyCX | Jun 14, 2016

Penfed Credit Union has really shined for me in so many ways. From the day I opened my account, and in every encounter, the customer service has been exceptional. I first opened a savings account and made some regular deposits, then I decided to also open a checking account. They helped me manage my money easier, with a great web site interface that I use daily. The best aspect is having no fees for anything, no monthly service charge, no fee for bill paying, and deposits update quickly. The mobile app allows me to easily make deposits on the go, which I require, they always go through without issues. One thing that makes them far superior to other institutions is the applications travel notifications. I love this feature, which saves me the hassle when I travel of getting my accounts frozen, like other banks often do. On my last trip, Penfed saved me from being short on cash, because my other bank locked my account because I was out of the country. Penfed had no issues because of the travel notification feature. I highly recommend Penfed Credit Union- virtually no fees, an intuitive application, and competitive rates on all their products.

Penfed Fcu

Posted by: jjcpa | May 26, 2016

I opened a checking account within the last 12 months and closed it on the same day because I found out i was not allowed to ACH transfer more than $5000 a day out of the credit union. on the other hand they allowed me to ACH whatever into the credit union, if I don't have the right to ACH transfer my money in and out of the credit union I do not want to use that account. I like their credit cards and will purchase their cds if the rates are high enough but I will not use their checking account.

A competitive one stop shop

Posted by: Benzguy | May 25, 2016

I would like to start off that I can't stand traditional banks and have had no fewer then 5 different credit union relationships over the past 20 years. Even though I do not live anywhere near a physical Pen Fed branch, I have been a loyal customer and user of their services for years. To date I have a savings account with them as well as a credit card and mortgage. The yield on the savings account, like nearly every other institution out there in this current interest rate environment, is virtually non-existent. However, their website has been ultra-reliable, linking you savings (or checking) account to any other products you have with them (credit card, mortgage, auto loan, etc) is seamless and easy. And their website is very intuitive and easy to navigate. Through my employer, I can have all or part of my paycheck direct deposited into the account and instantly link where I want the money to be disbursed. I have had to call their toll free customer service on a few occasions and have always gotten through to a real human being within seconds. They also appear to have a high degree of security both online on their website and when conducting conversations on the phone. Pen Fed is not my only financial institution. I do have an account with a credit union that has a branch onsite with my employer. However I will continue to be a loyal Pen Fed customer even if I move or change jobs for the foreseeable future.

Best CD Rates Ever

Posted by: Frank32 | May 3, 2016

Before I joined the Pentagon Federal Credit Union (PenFed), I was pleased to hear that PenFed had the highest CD rates in the country. We're always looking for the best rates. We frequently review the best CD rates online. At the time, PenFed was offering a 3% annual rate on a 60 month CD. There was nothing else like it at the time, so we opened an account there and never looked back. Their service is the best, and we've had no hassles at all. I have been very impressed with PenFed and would definitely recommend them. Some credit unions restrict membership, but with PenFed anyone can join. So, it is easy to get good service and higher rates. It was very easy to set up our account and transfer funds from another bank. We were able to do most of the setup online and were very happy with the very high interest rate which is still one of the highest rates around.

Great Credit Union. Go For Something Different.

Posted by: mcpeak022 | Apr 21, 2016

Penfed Credit Union is great for those looking for a change from your big banks. They offer a personal experience where you really feel that you are a part of the bank. I opened up new accounts at a branch and even transferred my savings account over from one of these other big banks. I am extremely happy with the rates they provide and the services offer. I no longer have to worry about phantom fees with their no hassle checking accounts. Do yourself a favor and check out Penfed. You will see the difference as it is night and day from typical big banks. I especially recommend their no hassle checking accounts which will save you time and money as you no longer have to constantly worry about whats coming in or going out.

Wire Transfer Very EASY

I had a CD mature this morning, and the wire transfer procedure was the best I've used, all done by telephone with an efficient (Jessica) CSR. The only thing is that they carefully verify my identity with 3 questions that only I would know. Other banks have tedious (faxing, telephone back, photo ID) procedures that are so onerous and time-consuming. This morning's procedure took about 6 minutes. I usually like to write a check when a CD matures, but had forgotten that I had canceled the account due to minimum monthly requirements.

Re-Ordering Personal Checks

When re-ordering personal checks always call the credit union and place the order through a customer service representative. That way there will be no cost. If one re-orders online through the PenFed web site the cost is $5.75. If one re-orders through the web site on the re-order form supplied with the checks the cost would be in excess of $20.00.

Too Many Hard Inquiries On Your Credit.

Posted by: Transen12 | Sep 17, 2014

I became a member and they check my credit. Shortly after, I opened a checking account and they add two inquiry. I apply for a debit, another inquiry hid. 4 inquiries just for opening a checking account. My credit score dropped around 40 points.

Opening An IRA Rollover Certificate

Posted by: dave9354 | Feb 8, 2014

After 3 phone calls and being put on hold for each one, I still have not had my account opened. All I have gotten from three different CSR's and one supervisor is promises and excuses. The account was opened over the phone on 1/30/14 and has not been posted online!! What a slow and sloppy operation!!

Update To My 11/14/2012 Review

Posted by: bluek91 | Jan 21, 2014

PendFed now demands that one keeps at least $25 in a money market account to keep their no annual fee 5% gas credit card. Originally they said they would charge a fee (I would have pulled a Donald Trump and 'fired' the card if they did that). But then their marketing department got semi-smart by, at least, coming up with a way to let the consumer keep their 'fee', if you will, by requiring a money market acct with just $25. Fine, I'm ok with 'lending' them that small amount to continue the same 5% gas rebate. It's a partnership in a way. If they start messing around again I'll fire them and get another card. But as of today all good with them.

Best Gas Card

I only have the minimum deposit and the Platinum Cash Rewards Card, which I pay off in full twice a month. Their CD rates look very attractive and some of their mortgage rates are also interesting, but I have not yet participated.

As far as the credit card - my family is used to having a gas-only card. The cards often just stay in the car and they are only used at the pump. It makes it easy to see how much you (or your family) is spending on gas and it separates this somewhat-sporadic expense from the checking account budget.

After years of seeing Discover and Chase cut their cash-back rates for gasoline, we finally came across this gem - 5% cash back for pump purchases! The rebate is automatically applied to the balance monthly - I just had my balance reduced by $11.51 yesterday for example.

Good Rates

Posted by: plowking | Nov 14, 2013

This is a smallish credit union and thus some things happen slow but they always pay dividend on time and I guess that's what counts! Rates are usually higher then piers too. Love this credit union but I can only speak of cd deposits...

Penfed Outage Started 1230 PT Expected To Be Back Up 1730 PT

Attempt to login is met with: Our site is experiencing technical difficulties. We are actively working to resolve the issue.

A helpful CSR explained it is due to a power outage in Alexandria VA where all servers are located, not a DDOS (distributed denial of service) attack, such as University Federal CU and Patelco CU have experienced recently.

Website is expected to be back up by 1730 PT.

Let's Talk About Pentagon Federal (Penfed) CU

Posted by: klink | Jan 4, 2013

Today I decided to visit the local PenFed branch and inquire about joining. I had previously read thru their online information and knew that I qualified for membership being a military retiree. I sent them an email about the $5.00 reqirement for membership asking where did it go, how maintained etc. Having not heard back by the time I visited I asked the rep about the requirements and again about the $5.00 etc. I was informed that the membership fee money goes to open a reg share account establishing membership. Then I could in this case place the am't. I wanted to spend in the CD that I wanted. Okay great. I then asked for the disclosure pamphlet outlining the way the CU does business in regards to the individual accounts. In this case a reg. share acct. In the literature I was given (effective Mar 2012) under Reg Share Acct disclosure it says that my account may be subject to fees and charges. Asking about that I'm given a insert I can only assume to the disclosure pamphlet. Okay, yes I see that if I get paper statements i will be charged $.50 or free if online. I read further that if I conduct no activity in the account (as I only opened it to acquire a CD) there would be a $15.00 charge per quarter. At this point I walked out with info in hand. Called the main office and talked with a rep discussing membership, fees, requirements etc. I indicated that the material given me showed a $15 per quarter in-activity fee for a share acct. opened to meet membership rquirements to ultimately buy a CD. She said that was wrong and that if the acct. remains dormant after 5 years then a per quarter fee would be charged. I told her that the material being given to potential customers or members is deceiving thus making me question if I really wanted to do business with Pen Fed. She assured me my concerns would be turned over to R&D and gave me her name and ext. in the event the local rep needed educating ( they do) I thanked her for her time and hung up. Now, what's the deal? I want to do business with Pen Fed but would like one of the folks in the know on this site to set matters straight. Thanks (sorry about the length, but it's an issue)

Okay, well I just found and read Ken Tumins article dtd 6 Dec 12 reference this issue. Seems as though PenFeds acct. disclosures still remain a puzzle. However I will follow the advice of keeping the acct. active and join for a CD.

Penfed Credit Card - No B.S. - Awesome For Gas And Immediate Rebate

Posted by: bluek91 | Nov 14, 2012

The PenFed credit card is currently the best card for gas rebate one can get. At the 5% discount I'll keep using the card. If they ever reduce that rate I go back to a competitor's gas card that I have. No B.S. here...I'M LOYAL TO THE CARD THAT PAYS ME. Their credit card marketing folks are very smart in that they don't B.S. me since they kick the rebate right back to my account at billing time. That is, unlike other cards, no waiting until the rebate amount reaches a certain level. They simply get 'it'.

Keep up the good work (& the 5% gas rebate) PendFed credit card department and I'll keep using it to get you your transaction fees from the vendors who I buy from.

The Best Banking Products Around.

Posted by: adnil1949 | Nov 6, 2012

I have been a member of Pentagon for over 6 years and I think they are above average. Their banking products are great with some of the best deposit rates in the nation. I love the Platinum Credit card I have with them because the rebate rewards are outstanding. They are always offering excellent loan promotions and I have found their customer service to be excellent.

Totally Dysfunctional Organization

Posted by: etownster | Oct 25, 2012

This credit union and its VISA paltinum rewards credit card is a nightmare. The customer reps do NOT know what they are doing giving conflicting info from one call to the next. Bank policies are thoroughly lame.

Example: Now, I am a physician established 30 years at the same address, with excellent credit, own my home, have NO debts and a credit score of over 800. I was "graciously" extended a $5000 credit limit! This card was obtained only because it charges no foreign transaction fees. This was to be useful for multiple trips abroad. But not with a $5000 limit.

Another example ACH transfers from the savings account to another non Penfed account are limited to $50!!! So don't expect to move any money around.

Another example. My credit card was severely LIMITED to less than $500 after I OVERPAID my monthly balance. Yes, that is overpaid!! In effect I duplicated the monthly payment having forgotten that autopay had been previously set up on this new account. So despite a $4500 NEGATIVE balance and very few small charges against my monthly credit limit of $5000, Penfed decided to limit my balance to less than $500. No amount of reasoning with the customer rep would unblock the account. Further they would NOT reverse the payment back to my local bank and even blocked the credit for 10 days even within Penfed so I could not move the money to the Penfed savings account.

So I can't use the card to bring down the overpayment credit and I can't get them to reverse the payment to my local bank. Basically they are holding my money hostage.

I'm moving on and will close the account once the above is resolved. I've found an excellent no FT fee card with Bank of America which actually has in addition the new European chip (smartcard).

The lack of professionalism I experienced with Penfed in this small matter makes me shutter to think what someone else might experience with a mortgage or car loan.

I recommed everyone stay away from Penfed.

PFCU Is The Worst!

Posted by: Anonymous | Sep 18, 2012

Avoid doing business with this bank. They prey on military members and their families.

Denied Used Car Loan

My 20 plus yrs in the Air Force mean nothing to Pentagon Federal Credit Union. I am a retired MSgt and PFCU refuses to help me with a small, easily repayable loan for a used Ford Ranger that I desperately need. And they didn't provide an explanation as to why. My credit score is fine. There is no reason for them to deny my loan but they did it and I say "Shame on PFCU!" I will find a new place to do all my banking. And I guess I have to find a loan shark who will charge too much interest so I can have a vehicle. Here's the thing PFCU, if I cannot get a vehicle to drive than I cannot go to work. So thanks to you I will stay unemployed. Thanks for nothing. Being a Veteran if Foreign War is irrelevant to PFCU. They do not care.

Used Auto Loan

Posted by: Anonymous | Sep 11, 2012

I am broken up over PFCU turning down a small loan that I can easily pay back. I am a retired Air Force master sergeant. I have been with PFCU since 1992. They never help a veteran in need. I need a vehicle so badly. Cannot work because I have no transportation. So I guess I have to find a shady loan shark who will charge outrageous interest. Why does PFCU exist? Not to serve veterans. I am finding a better place to bank.

New Cds And Quick ACH With Penfed

Posted by: Anonymous | Jul 20, 2012

I just realized today that Penfed does not have Shared Branches in other cities like a lot of credit unions do. I have an account with them and so far no problems. I was concerned about how to open a new CD with them and didn't want to do a mail-in. I was told today that their way is very quick if I allow them to withdraw the funds out of my bank account giving them the routing number etc. and the CD can be opened the same day over the phone. Is this the same as what is called an ACH withdrawal? Has anyone done this with them and can share if all went smoothly?. Thanks!

Used To Be Good, Now Bad

Posted by: scutter14 | Jun 15, 2012

Nearly from the time I came in the military, back in the 1980s, I had PFCU as a bank. They were great and on up through the 1990s. Once I retired, I had two checks coming in: Retirement and regular pay. I did just have the retirement check going into PENFED, and I had checking, savings and a credit card with them. I decided to change my regular pay check to go into PENFED as well, so I had triple the money going through PENFED that I previously had.

The problem came when I remarried and requested my wife be on the checking account with me. They refused, citing credit issues. Still I kept my money flowing through PENFED. Not a year later, after being a dedicated client and paying my card on time, as well as running thousands of dollars through the bank a month, PENFED suddenly shut down my credit card, saying I was a bad risk.

Doesn't matter. I have USAA which is a bank which values the Service Member, and, in fact, is one of the biggest benefits to ever serving in the military anyway. It just rankles that I ran 20+ years of paychecks through PENFED only to be shut down, even though I could still qualify for two car loans and a motorcycle loan with 6% interest each and make all payments and even make more than minimum payments on my credit cards.

Bottom line is that PENFED cannot be trusted, because if you use only them, you may find yourself in a lurch one day. They used to be good. Now, they're not. I just hope USAA doesn't turn rogue.

Two stars is because, as far as I know, nobody has ever committed suicide due to their banking shinanegans like has happened recently because of either Wells Fargo or BoA. Those two....oh boy.

I Love Penfed

Posted by: jdb | May 9, 2012

PenFed was one of the first credit unions I joined. I joined because they had excellent auto loan rates. In fact, three other family members joined after I did and got auto loans through them.

The on-line banking system is great. I do all my banking over the Internet.

I also have a Visa rewards credit card through them and I use it extensively.

Any time I have had to call the phone support has been excellent.

I highly recommend PenFed.

Members Bilked By Automatic Insurance Charges

Posted by: johnjay98 | Apr 30, 2012

Penfed years ago sold me insurance for accidental death with charges being taken automatically out of my account. I told them to stop. They say its out of their hands. They are not supporting their members just bilking them.

Most Expensive Checking Account On The Market---Terrible Option For Military

Terrible! STAY AWAY from the most expensive credit union in the market place today! In addition to charging for checks, PFCU now charges $10 a month for your checking account. Don't be fooled by their advertisements. You only get "free" if you have direct deposit with them. I was with them for 7 years until yesterday when I found out they had recently started charging me this $10 monthly fee. Imagine paying $120 annually for a no frills checking account! For those of us in the military that move around frequently and keep multiple checking accounts for convenience...don't use PFCU. Go to USAA or Navy Fed, for other military banking options. I used to be a big fan after my first mortgage with them, but they have changed their culture and attitude towards their customers. Spend a few minutes on the phone with them, and you will quickly notice the poor attitude. Take it from someone that shops around a lot for the best rates and plans...AVOID Pentagon Federal Credit Union!

Just Another Credit Union

Posted by: Anonymous | Mar 26, 2012

Okay I opened an account with PenFed several weeks ago, everything with them take so long to process from forms to deposits. Unfortunately I do not have a PenFed branch near me so all my transactions have to be over the phone or by email. I have a share account with them and opened checking account with them and because I have less than perfect credit I was only offered Limited Checking. Which the representative told me the only difference was there was a 9 day hold on checks, and later found out also would not be offered a Debit card. I am closing both accounts and opening a new account with the local credit union in my area.

So, if you're a fed employee and think just because this is a fed/military credit union this has to be the best option, you're sadly mistaken.

My Pentagon Federal Credit Union Review

Posted by: Anonymous | Jan 31, 2012

I had trouble with PenFed's ACH transfer service.

Penfed Takes Too Long To Process IRA Transfer Paperwork

Posted by: mikeebo | Nov 1, 2011

I called them to find out about the transfer of my IRA account to another bank. They received the paperwork from my bank, but, told me that they were "running a little behind" and that it would take 4-7 BUSINESS days to get the check IN THE MAIL to my new bank. I asked if I could have the funds wired. They said no. I am very unhappy with their procedures on this matter. I am collecting almost no interest in their IRA money market account as I wait because they are "running a little behind".

Pentagon Federal Credit Union

Posted by: Anonymous | Sep 13, 2011

I opened up a three year CD ladder several years ago and found them very cooperative and competitive in thier rates. In addition, they assisted me in changing the title of the CDs to my family trust which increased my NCUA insurance to over a million dollars.

I am also using their low cost VISA Card which is easily paid by using my online brokerage checking account where I am credited with a monthly refund each month!

Having recently extended my CD ladder to 7 yrs, the ladder is providing me with a return of 3.45%. During the last several years I have found nothing that would prevent me recommending this institution to my family and friends.

Mail-In Deposit Issues

Posted by: diamondx | Aug 18, 2011

I am AGAIN having issues with PenFed concerning deposits that I mailed to them. They have been really very slow to post my deposits in the past and this time it is 13 days from when I mailed to a branch 200 miles away and still not posted to my account. I could have driven there in 3 hours. Does not seem to concern them too much --I emailed to report a possible security issue and no responxe to that. Mail sent 1500 miles away the same day has been received several days ago.

Pen Fed will not confirm after 3 requests that the address I mailed to listed on their website is valid for mail deposits.

Very bad customer service on this matter.

anyone else have this problem ?

Chances that it is a postal issue is highly unlikely --- I have NEVER not had any mail not get to where I sent it.

Beware Of Making Automatic Credit Union Payments

Posted by: Anonymous | Aug 12, 2011

I really like PenFed, and their customer service is really great. But if you have a PenFed credit card that is set up for automatic pay from, say, an external bank's checking account, beware of a certain computer glitch that can really bite you. Lets say your end-of-month PenFed Visa bill is $500.00, and you have selected Statement Balance as your choice of payment. For some reason, prior to the end of the month, you elected to pay your $500.00 bill early. When the end of the month arrives, your checking account will be debited another $500.00 even though you have already paid that bill. This will also happen if you change your date to make the automatic payment. Lets say the present pay date is the 15th of the month. On the 15th the $500.00 payment was taken from your checking account. On the 16th you change your pay date to the 18th. Two days later on the 18th, your checking account will be hit with the $500.00 debit again. In either case, if there is not enough in your checking account to cover the second payment, PenFed will hit you with an Insufficient Funds fee, and so will your external bank. PenFed's customer service will erase the PenFed fee, but will your bank?

An Excellent Credit Union

Posted by: LbCub | Mar 5, 2011

I have been with Pentagon Federal Credit Union for several years. They've satisfied my banking needs and the customer service is truly great.

10 Year CD @ 5% Offered In Oct 2010

Posted by: grnbsh | Feb 20, 2011

My three year old CD matured in October 2010, so I rolled it over to a ten year CD at 5%, with the special offer they had. Can't beat that rate. The bank is very friendly and helpful, and it was easy to join it even though I'm not in the military, nor in Washington D.C.

I do believe that I found their great rates back in 2007, right here at Deposits Accounts, because Bank Rates doesn't offer the great rates available from Credit Unions.

RE:Change In IRA CD Wording

Posted by: Anonymous | Jan 11, 2011

I would question this back to Pentagon as their Jan 2011 Individual Retirement Account package, page 18 still shows that there is no penalty to take a partial withdrawal from an IRA CD after 591/2 years old.





Penfed = No-Hassle Cashback Reward CC

Posted by: wahs | Jun 18, 2010

PenFed's Platinum CashBack Reward credit card is the primary credit card I've been using after Citibank changed their term on their cashback reward credit card. The cashback is credited to you each month with no hassle, unlike Citibank's $50 minimum requirement.

I turned to PenFed after a careful search and based on positive reviews. The application process was short and simple. The only drawback to me was I only eligible to the membership through National Military Family Association, which meant extra fee. If you are eligible through one of the other 6 methods, you should be able to give PenFed a 5 star.

Additionally, if you have reasonable credit score and need a load, PenFed offers many low interest options. It is a one-stop shopping place, I would say.

Penfed And Its Credit Card

I opened a CD with PenFed a while ago which gave me good returns. I am happy with their customer service too. Unfortunately the rate has come down a lot, and it's not that attractive except the 7 year CD which is 3.51%APY. However, you do need to consider whether or not the CD rate will shoot up later.

I like their visa credit card very much. Frist of all, VISA is accept almost everywhere except the places that doesn't accept any credit card. It rolled back to 1% on all purchases (planned roll back), but it still has 2% on grocery and 5% on gas. The cash return is credited to your credit card every month, instead of waiting for it to accumulate to $50 or $25.