Pentagon Federal Credit Union

So far so good.
Not sure about all of the negativity and bad reviews. I recently applied and was approved for a credit card through them.
Simple convenient process. When I applied I wasn’t instantly approved. The system said for review.
Within two days I was approved.
Again, not sure why all of the negative reviews but I’m happy with them.
Time will tell but I’m optimistic and positive.
THANK YOU PenFed.

PENFED CREDIT UNION This is the utter most worst Credit Union I have ever had the experience to open an account. I closed it in 4 days. Applied for a Credit Card with an 807 Score and they asked, my Notarized copies of my S. S, I. D and most recent bill, which I provided them, then after two days asked me copied of my pay stub. I called them gave them hell and just cancelled the account.

My husband wrote a 5-​star review for PFCU back in 2010, and I wanted to update his review and say that they are still an awesome credit union, and they still give great rates on loans. We have continued to use them for various loans (used car, new car, HELOC…), and their telephone customer service is fantastic (we live on the opposite coast as PenFed).

I applied for a mortgage online three weeks ago. I never received a single call back regarding the status. I finally found out my loan was rejected a few days ago in letter. While I don’t have a problem with the rejection, I do have a problem with the $ 81 application fee they charged me. Since when did credit reports cost that much to run, most places charge $ 10-​$ 20 at the most. PenFed also never fully disclosed the exact fee on their website. It is pathetic. Don’t get anything with these guys, the low rate is not worth it and chances are that they won’t approve you.

So I applied for a new mortgage from Pen Fed because I saw their newspaper advertisement offering really low rates. I did this before checking them out on Unilocal.If I had seen the negative reviews here, I probably would not have bothered to apply there, but that would have been a mistake. My escrow was only 40 days and that included Christmas and New Year’s. They got the loan done on time and at a rate that no one else could touch. Hats off to Tanner Drews (mortgage officer) and Judy Shidner (processor) who were responsive, helpful, and professional.

I have been with PenFed for more than a decade now. They were my first and have been the best thus far. I have had SunTrust and Wachovia (now Wells Fargo) and neither of these have lasted for me.
I have a savings, checking, and car loan through them right now (and am planning on getting a credit card to consolidate debt). They have amazing rates (used car loan is 2.74 APR) and I have always received great customer service from them.
I give them four stars due to the lack of brick and mortar or even ATM locations. I moved away from the area for about a year and half and had ZERO ATM locations I could go to let alone a B&M location (I was in Boston). That being said, they have worked hard, it seems, to become more accessible. You can scan in checks to submit them online and the funds are usually available immediately. Even if you have to mail in a check it usually only takes about two days from mailbox to available funds.
I haven’t really noticed excessive fees and I check my accounts regularly. Customer service has always been top notch and I don’t remember any time that I have had a negative experience — and considering that I’m talking about a bank in 2013 I think that’s an impressive feat.

I got denied a credit card from PenFed even though I had a 800 credit score and good history but they said because I had not yet lived or worked in my new location (10 months) that I was denied. Not that it mattered that I had relocated to another city and that my previous residential and work history had several years in the same location.

If you’re shopping for a new or used car and want phenomenal financing, then this is the place for you! I recently purchased a car and was shopping online for low rates. I saw that Pentagon Federal Credit Union was offering a rate of 1.59% for used cars up to 60 months… Wait, What?! This can’t be true?!
I dug a little deeper and called them up. Sure enough, they’re offering that… ok, what’s the catch? You have to be a member of the Credit Union and qualify for the loan… ok, qualifying is not a problem, but what does it take to be a member? I don’t work for the Pentagon and I’m not in the military or civil service… that’s ok, all you have to do is pay a 1-​time «enrollment fee» if you don’t qualify by working for the government, military, or Pentagon… the fee is $ 35. You also have to deposit a minimum of $ 50 into a checking or savings account… ok, done and done… I did that over the phone with the customer service agent… it took me 15 minutes.
She then instructed me to log into my account online and fill out an application for the car loan. I did that and it took 10 minutes to complete. Within 24 hours I was notified that I was approved for the loan! It was that easy. From the time you get the loan, you have 60 days to find a car.
I took the entire 60 day time period to find a car… once I did, I took the bill of sale from the dealership and faxed it to the Credit Union. Within 5 days, I received a check for the car and walked into the dealership to pick up my car. My interest rate is 1.59% and the best the dealership could offer was 5.9%…this Credit Union will save me thousands of dollars over the term of the loan.
I don’t understand the low ratings for this place. I haven’t had any of those experiences and I highly recommend looking into this place if you’re shopping for a new or used car. It worked for me.
Return Factor — 100%

PenFed has problems with keep their customer’s accounts secure. $ 6,000 was withdrawn from a friend’s account, and was told it would be resolved in 10 days! This isn’t the first story I’ve heard of fraudulent activity from a penfed account. They have no association with the Pentagon whatsoever… Or maybe they do?!

I decided to take advantage of the incredible car loan rates that Pen Fed advertises on the Internet. First– I checked Unilocal and was a little worried about the customer service, per the comments. I decided to go forward and see for myself. News flash– this place is terrific! Applying for a loan is done via Internet, and is super fast and efficient. When I had questions, I called — three times– and after a brief hold, I got a pleasant, knowledgeable customer service rep. Bottom line – this place IS for real. The rate advertised is the rate I got, great customer service AND my loan was a done deal in less than 24 hours after the dealer faxed the paperwork to them. I paid for business day express mail of the check– it was sent on Friday afternoon, but I got it Saturday afternoon– not Monday. I just can’t say enough good things about Pen Fed.

I don’t know what has happened to Pen Fed. Over 17 years with them, my dad over 40! We are closing all of our accounts after several issues.
I warn anyone with credit cards from Pen Fed. They do no protect you from fraud. We disputed a $ 500 charge after a merchant, who is a known crook with over 128 complaints, broke both a federal and state law during a transaction. An item was ordered and not produced. At first Pen Fed sides with us and reverses the transaction after we provided proof. But the merchant who already knows the system, responds with a letter with no proof, and Pen Fed reverses it and gives them back the money? So in other words, someone can use your card fraudulently, and just write a letter with lies and they can keep the money.
We spoke to the FTC and Fair credit acts is a federal law that Pen Fed has to comply with so if anyone has an issue, be sure to get your lawyer to notify Pen Fed. It is unfortunate that is what we have to do to get them to protect us. We shouldn’t have to do this considering the proof is on our side. Eventually it will get reversed but not without a lot of effort and time wasted and losing faith in a company we were loyal with for many years.

Just don’t do it. Do NOT Refi with PenFed no matter how good the rate is.
We used to love them and all of our many cars were financed through them over the years. In the last few years, it seems they have gone really downhill on customer service. This time, we applied for a refi mortgage in JUNE. It’s now September and it still hasn’t closed. Our rate lock expires in 20 days.
They put in a clause that if the mortgage doesn’t go through, we still have to pay inspections, title, application fee, etc. Whenever, I contact them, I am assured they have all they need — when they deign to call me back. Literally takes them up to 10 days to return calls and emails.
Today? Today, they tell me they need even more docs that they forgot to get. Ridiculous! 10 weeks and we are not even close to closing.
So unprofessional. I suspect they are outsourcing because our loan processor’s accent is so thick, I simply could not understand her the ONE time she deigned to call me back.
** I just cannot believe this is how they treat veterans. **
I was assure din AUGUST we had plenty of time. Now it’s SEPTEMBER. When I suggested that since the time delay was on their side, they needed to extend the rate lock, she ignored me and just said I needed to be «understanding» of their high volume and that they would «try their best» to close. TRY THEIR BEST? This is not a math test in high school. You repute to be a banking institution!
Seriously, this is not about trying; this is about good faith, time is of the essence, and professionalism –of which I have seen none from Pentagon Federal Credit Union.
I have read many complaints about them online including some suggesting they are advertising deliberately to just collect thousands of loan application fees and kickback from title companies and inspections – knowing they can never actually close them all. All I can say is even though I keep getting told they are experiencing a «VERY HIGH volume,» I still keep getting ads and offers from them via email.
If they cannot process the applications they currently have, why are they soliciting more unless… Draw your own conclusions.
So moral of the story: I should have researched them again before trying to refi in JUNE. Learn from my mistakes.

Poorly maintained ATM machine at stellar Ft Myers location, aging staff of older employees curt and dispasionate, terrible phone service. I’m a 28 year member and hate to say that management is poor and service is consisrently poor.
Unlike great institutions like Costco, USAA, and Enterprise Car rental or Nordstroms, their service reflects managements inattention to the customer.

I’ve no idea why people hate’em so much. I’ve always had the best rates and have experienced top quality customer support. I’d like to mention that my experience with PFCU has been only specific to loans and not the banking part of it. I applied for a personal loan with PFCU in Feb 2009 and I got one of the best interest rates at the time. The loan processing was super quick and I got the loan money in less than 3 days in the mail. After such a wonderful experience with my first loan, we decided to go for a used auto loan at an incredible 2.99% with 60 months. I just filled out an application online and they approved the loan in less than 12 hours and just wanted a couple of forms and the pay stubs which I sent the next day and my check is already in the mail. We should be receiving it in a day or two. From the experience we’ve had with the PFCU loans with the interest rates and their service I wouldn’t rate them anytihng but a five stars

Not a fan.

I used to work in the Pentagon, but I’ve been long gone. While I was there, I had an account with PFCU, which has long been closed. So I thought I’d open another savings account, and transfer a little money into it.
The first thing that they did was refuse to change my name, because when I worked in the Pentagon, I had a different last name. I had to email them proof of my current last name.
Then I couldn’t register for online banking, and had to call them about it.
Last, but not least, they refused to let me transfer deposits from my two checking accounts into the PFCU account. They said due to the fact that I had a charged off loan with them 20+ years ago, I wasn’t eligible for ACH transfers, I had to mail in my payments.
I emailed and called them, and told them, «CLOSE THIS ACCOUNT!»

How to Buy an Abandoned Bank Owned Foreclosure the Easy Way.
People have always told me buying a house is stressful, especially with an REO. I thought it was relatively easy. Here’s what you need:
Pentagon Federal Credit Union
Apple’s iPhone
Eric Brooks from Long and Foster.
1) Pentagon Federal Credit Union
I had checked out BofA, Wells Fargo, USAA, and a local bank near home. Although they are all well known names and I have my Checking/​Savings/​Investments with some of them, I read that when it comes to having your Mortgage with them, well pretty much you are setting yourself up for a bad experience either now or in the near future. I joined PenFed after making a deposit of five dollars. After that, I think I talked to one person on the phone to talk about rates. Then it was just e-​mail and attachments for the next 28 days. Tommy, Ria, and Jamie were quick and prompt working out the issues that arose, most of the time without my knowledge. Pretty awesome that it was so turnkey.
2) Apple’s iPhone. Zillow and Redfin apps to check nearby home prices.
to calculate the offer price ratio. E-​mail for updates. Indispensable.
3) USAA tried to push an agent on to me. I called him Olé Tony, ’cause he looked like Tony from the Soprano’s. I never answered his phone calls, since I didn’t want to wake up 10 feet under. Then BofA had a listing agent that had the typical, «Hey look at me, I drive a Mercedes SUV so I must be good.» When I pulled up next to her in our beater, she gave us the pursed lips smile. One word popped into my head — beeeeeotch. There were others, Frosh, Bi-​CuriousDude, Gramps — they all sucked. Eric Brooks of Long and Foster turned out to be awesome. He has a very cool, go get ‘em attitude. Seemingly works ²⁴⁄₇ answering e-​mails and calls. The best part is that I never faxed him anything. He has this electronic signature system that is setup so I just check my e-​mail for the pdf-​ish document. Click like 5 times, and the document is signed and done. Faster than paying your bills online. That was key to getting my signed REO addendum in on time with seconds left before the deadline. I don’t know how people with crazy work schedules did it before. Who has time to find a fax machine when you are on the Metro?