Pen Fed Credit Union

Pen Fed Credit Union
2.5 2.6 2.5 3.3 3.1 30


Excellent customer service

I have two credit cards, saving, and imma with PenFed. Also had a mortgage with PenFed in the past. Always responsive to calls, and polited service. I get a 1.5% discount on all purchases with one card, and a 5% gas discount (grandfathered in) on the other. I had a great interest rate on my mortgage before paying it off. PenFed needs to change company that provides FICO score, as the one they used had erroneous data that took some time to clear up. There are no branches near me, otherwise I would move all my accounts to PenFed.


Mission Impossible

Their rewards are good but their customer service is not. Just to call about anything related to their credit card takes half an hour.


Avoid Due to Incompetent Customer Service

I had a Pentagon Federal Credit Union (PFCU) credit card which had fraudulent charges posted to it. I immediately notified PFCU on a Saturday to cancel the card and send me out a new one on a Saturday. I advised the customer service rep that I was at my father’s address and to FedEx the new card there which he assured me would happen. I followed up on Monday, Tuesday, and Wednesday and still the card was not sent out. A customer service supervisor assured me I would receive the card on Thursday. The card did not arrive on Thursday as promised and another supervisor advised me on Friday the card was never sent due to errors made by the customer service reps. The earliest the card can be obtained now is next Monday. I urge everyone to consider either USAA Fed Savings Bank or Navy Federal. They care about their customers–Pen Fed apparently no longer cares about good customer service and support.


Very Pleased

I have been a member of PENFED since July 2017 and have been very pleased with their service and willingness to work with me on my journey to good credit again. I have been rebuilding my credit after suffering loss of job, and then foreclosure, etc. etc. in 2008 when the economy imploded.

I have now been approved for a personal LOC for overdraft protection and this week was approved for their Promise VISA card with an extremely generous credit line and one that will definitely work in helping me solidify my credit standing again.

I have communicated with them a few times thru the online message system and I have had excellent response and help.


Horrible Experience

I am self-employed, have a 750+ credit score and show $200K+ as my earning the last couple of years on my federal returns. I have some debt, but minimal and after being “approved” for a used car loan and going back and forth sending in requested documents, I was told I was declined. Decilined for a $12K used car loan. Two days before I am supposed to pick up. When I asked the customer service rep on the phone why specifically I was declined, he could not answer and told me the letter they send out will have all the details. I’m not an idiot and know my credit scores, my debt-to-income and watch it like a hawk.

To be honest, I don’t really need to finance this vehicle purchase, but since I am self-employed, cash is king, so I decided to see what the market rates were. In doing some research online, PenFed seem to have the most competitive rates, so I decided to give it a try. Problem is, I never read the reviews, which I obviouls should have.

Besides the old bait-n-switch tactics they use, I had to pay $25 to join PenFed. Then they tell me I am declined. I feel robbed and cheated.Complete waste of time. Decided to check out Light Stream, and they approved me in less than 24 hrs. Amazing.



Wish I could rate them a 0, I wish I had read these comments before I applied for a loan using Penfed, I WOULD HAVE NEVER done any business with these guy. I have had the same problem that looks like many people have with Penfed. I set my loan up with a automatic payment, and even month the say they try to charge my account and it gets returned EVERY MONTH and I also get charged a rejected payment and late fee EVERY MONTH. When I call (and I have to EVERY MONTH and talk with multiple people to get it fixed) the say its my bank and tell me maybe there is a hold on my account, or insufficient fund, and there is not!!! this went on 3 months before I eventually took my account info off my loan. and paid a one time payment. Sure enough that month they took a payment out of my account only 4 days after I had just made a payment!!! I called asked to speak to someone in charge, and some one who claimed to be a supervisor listen to me tell her about my experience with them over the last three months and all she said was I can remove you automatic payment off your account!!! THE WORST most UNPROFESSIONAL bank I have ever worked with. Every time you call who ever answers the phone tells you completely different thing, with the exception that it is always the other bank you are using fault!!! Stay away, I am either going to just pay this loan off early, or get another loan from another bank to avoid anymore of this tom foolery!!!


Pended Leaves Hanover Suddenly

Today I found out that the Pen Fed Branch in Hanover, MD suddenly closed. I received no notification that the branch was closing. The only way I found out was I became worried after not receiving a couple of bank statements so I decided to personally go to the bank. I called the branch office and spoke with a representative who told me there were no letters sent out to customers pertaining to the closing of the bank but a sign had been placed on the banks door stating that the bank was closing. When I rode by the building where the bank was located I didn’t see any sign saying the bank had closed or moved, just an empty office building. I am left very concerned now. I would expect any bank to notify their customers of their closure or move before it occurs in writing far before the closure or move. Penfeds actions are not acceptable to me.


Two thumbs way up

I’ve received a personal loan and two credit cards from Penfed. Process with painless, polite and professional service, and received more funds/credit with Penfed than any of the others.

The most highly regarded Corvette dealer in the US highly recommended them to me and he’s been dealing ONLY with them for over 20 years. That said, your next car loan should be with Penfed.

I don’t make anything on this and I’m not related or affiliated with Penfed. I just read the reviews and had an entirely positive experience. Two thumbs way up.


Basically the website and customer service should be zero stars

Between Barclays bank and PenFed its the worst customer service in banking without question. PenFed also has the worst website of any bank I’ve seen since 1998. Because their website screwed up my address information. What should have been a simple online credit card application turned into 8 emails, 5 phone calls and a PenFed manager saying I would need notarized copies of my birth certificate, social security card, and utility bill simply to open a credit card.

I literally started laughing at him over the phone and told him he was out of his mind I could call someone else and get a nearly identical credit card with a 2 min application. Suffice to say… I don’t think I will ever be doing business with them.


Really folks?

Ok, so I just read all the negative reviews on here and was scratching my head.

Here’s the deal: yes, they are wound tighter than a dolphin’s butt on their security. So, yes, that will cause many inconveniences, old fashion features and the need to call in a lot. In a world where identifies are stolen every minute, I can’t see that as a bad thing.

Next, they are a very conservative lender. They will not extend credit if your score is below 700 generally. There are exceptions. They analyze every single thing. So, if your score is 800, yet your DTI is high or your utilization is, they will deny you. They are smart and know what they’re doing. Don’t leave a credit union a bad review if they don’t think your creditworthiness is up to par. HOWEVER, do write them a recon letter stating why you’d like reconsideration and your reasons for wanting a particular loan through them. You aren’t dealing with a bank, you’re dealing with a credit union and the vast majority of people that recon will get a chance.

We got a hefty auto loan for through them and it was pretty smooth. Check was cut and to us in about 3 days. I applied for a signature card and was denied for DTI ratio. Then I realized I hadn’t included my bonus in my income. So, I sent a reconsideration via email. They emailed and asked for 2 recent check stubs (which they didn’t ask for the auto loan) so they can reconsider. If they choose not to extend a card, I’m ok with that. You can’t win them all. Once my DTI improves, I’ll reapply. However, there is a real person reviewing your recon and they are great to deal with.

So, yes, they’re a bit behind the times, slow and frustratingly crazy with security, but they are great to deal with.


DO NOT use PenFed

PenFed’s website customer service options are near worthless. They insist you call them in order to conduct most relevant business. Their hours of availability are awful. They have zero consideration if you live overseas. I hate the name PenFed and would rather stick tacks in my eyes than pay them another dollar.