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PenFed Online Banking Review
Earn more with high interest checking and savings accounts
Reviews 1,360
PenFed
Visit Site
PenFed
PenFed
Excellent
Reviews 1,360
Michael Graw
Nov. 15, 2022
2 min read
Michael Graw
PenFed Summary
PenFed is a credit union established in 1935 that now has over 2 million members. The credit union offers online checking and savings accounts in addition to lending and mortgage services, credit cards, and more. You can earn up to 0.35% APY with a PenFed checking account and 0.45% APY with a savings account. There’s no fee for opening a savings account, and you can waive the checking account fee with a balance of just $500.
Pros
  • Full-service bank with lending and credit cards
  • 85,000 fee-free ATMs nationwide
  • Can qualify for higher-than-average interest rates
Cons
  • Monthly fee for checking accounts
  • Tiered interest rates based on your account balance

PenFed at a glance

8.4
Editorial score

Fees?

Most products are fee free; foreign transaction fees
8.0

Security

FDIC insured, SSL/AES encryption and supports 2 factor and biometric authentication
10.0

Customer service

Early morning, evening and weekend service with multiple communication options and a dedicated fraud team
8.0

Online experience

User friendly site with full online banking capabilities
8.0

Mobile experience

User friendly mobile app that offers most mobile banking features, may not be available on all devices
8.0

PenFed PenFed Visit PenFed

Advantages Over Traditional Banks

One of the main advantages PenFed offers over traditional banks is higher interest rates on both its checking and savings accounts. The maximum interest rate for the PenFed checking account, 0.35% APY, is 11 times the national average. The interest rate for the PenFed savings account, 0.45% APY, is 7 times the national average.

Another benefit of PenFed is that it offers simple account management. You can bank 24/7 online or using the PenFed mobile app. The credit union also offers fee-free access to 85,000 ATMs nationwide.

Cutting-Edge Banking Services 

PenFed offers a number of modern features to make banking seamless. You can manage your accounts from your smartphone and easily transfer money between your checking and savings accounts while on the go. You can also pay bills through the PenFed app or online and deposit checks through the mobile app.

PenFed also offers an overdraft line of credit for your checking account, which you must apply for in order to access it. This provides credit of $500 or more with a fixed interest rate of 17.99% APR in the event you overdraw your account. That means you don’t have to worry about one-time overdraft fees.

The PenFed checking account also includes a Visa debit card, which enables contactless payments and is compatible with Apple Pay, Samsung Pay, and Google Pay. 

Traditional Banking Services

PenFed has a network of more than 85,000 ATMs across the US as well as 50 physical branches in 13 states. In addition to checking and savings accounts, PenFed offers personal loans, student loans, mortgages, home equity loans, and auto loans. PenFed also has 4 Visa credit cards that provide rewards across spending categories like groceries, gas, and travel.

Interest Rates and Fees

The PenFed checking account offers interest of 0.15% APY on balances up to $19,999.99 and 0.35% APY on balances up to $50,000. To qualify, you must have a daily balance of $500 or make a monthly direct deposit of at least $500. Meeting these requirements also waives the account’s $10 monthly fee. There is no minimum deposit required to open a PenFed checking account.

The PenFed savings account does not have a monthly fee, and there are no requirements to qualify for the 0.45% APY interest rate. You must deposit at least $5 when you open an account.


Interest (APY)Monthly FeeRequirementsMinimum Deposit
PenFed Checking0.15% on balances up to $19,999.99
0.35% on balances up to $50,000
$10 (can be waived)$500 daily balance or $500 in monthly direct depositsNone
PenFed Savings0.45%NoneNone$5

Customer Service

PenFed’s customer support team is available by phone, live chat, and a secure online messaging system. You can get in touch from 7 am-11 pm (ET) Monday-Friday, 8 am-11 pm Saturday, and 9 am-5:30 pm Sunday. The PenFed website also has detailed help pages if you need support outside of these hours.

Mobile App  

The PenFed mobile app for iOS and Android enables you to manage your checking and savings accounts on the go. You can deposit checks by taking a photo of them, move money between your accounts, and set up online bill payments. The app also enables you to monitor your transactions and to find in-network ATMs in your area.

Security 

PenFed uses SSL encryption and Norton software to secure your online application and your account portal. You can also turn on two-factor authentication for your online account and require fingerprint authentication to log into your PenFed mobile account. In addition, PenFed offers SMS and email alerts to help you monitor for suspicious activity on your account.

Summary

PenFed offers online checking and savings accounts with interest rates that are much higher than the national average. You get access to a network of 85,000 nationwide ATMs and helpful features like an overdraft line of credit. PenFed also offers a mobile app to help you manage your accounts on the go and a Visa debit card that’s compatible with major digital wallets. A savings account is free, and you can waive the monthly fee for your checking account by maintaining a $500 balance or making $500 in direct deposits each month.

Methodology

This review was created using information from the PenFed website.

PenFed PenFed Visit PenFed

Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about PenFed
PenFed
Excellent
Reviews 1,360
on
Excellent
84%
Great
5%
Average
1%
Poor
1%
Bad
9%
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seneca walker
2 days ago
Got My Loan
Was surprise to be able to secure a loan! Happy I did.
Y
yonas gbout
17 hours ago
This company has no respect
This company has no respect. They hang up on the phone When they respond, they're Disrespectful, rude. They said I had to pay 2,500 They said it was my final payment. After 2 months, they said to pay $1,200. I do not recommend this company. This company is a scam. The interest pay $7,000.
C
clarence
4 days ago
The website is very user friendly and…
The website is very user friendly and everything that I needed was available.
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shane walrath
4 days ago
I'm disappointed they tricked me into…
I'm disappointed they tricked me into getting a credit card with what seemed excellent rewards, only to find out the points are not 1 for 1. To get my first $100 cash back card, it cost me 11,760 points. So they are deceiving by saying 5% or whatever cash back, because that is not actually what you get. They devalue your points by 15%!
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warda ira
5 days ago
Don't try this company. I repeat don't ever try this company
Don't try this people, i repeat don't try refinance your car with this people. They will completely destroy you, they will make you miserable. DON'T TRY THIS PENFED CREDIT UNION for your own good. They will not send you no documents, nothing! They will destroy you. Stay away! I had my car for 4 years now and because of the malcommunication, they put a delinquent for the first time in my life in my credit report after i have continually paying, yesterday i found out they changed my payment because they putted an insurance on me and changed my monthly payment. I hate this company. Not talking about the customer service lady who will not even let you speak.i trully regret that i refinanced my car with them. I am full of regrets since i started dealing with this people.
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earl hirata
6 days ago
My application was processed expedient.
My application was processed expedient.
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damon hendrix
6 days ago
I am a Penfed customer but when i did a…
I am a Penfed customer but when i did a pre qualify on a credit card the system froze then i received a hard inquiry im mad and angry called and no help on the phone agent told me to do another inquiry
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jaime
6 days ago
Best rates and great customer service!
I have been a PENFED member for over 20 years. They offer the best rates and have the best customer service. My most recent loan application experience was quick and seamless. Thank you for the great service!
A
anthony martin
6 days ago
Very easy online app and when I called…
Very easy online app and when I called in, the CSR was very helpful and knowledgeable!
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razor's edge
6 days ago
Very poor customer service
I applied for a credit card they said it was under review and contact me 24 to 48 hours. They never contacted me. I have excellent credit, very bad customer service
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maria medina
8 days ago
It was easy to apply and I recibe my…
It was easy to apply and I recibe my answere in minutes.
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g reyes coriano
9 days ago
Excellent online resources.
I received a pre-qualified promotion for a credit gold card. I sign in, search my offers and complete the information. So fast and easy. In few minutes I have the decision.
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dan guidry
10 days ago
Honest and trustworthy
Honest and trustworthy. They do what they say and help when they can. I made a mistake online and got the date wrong and to make it short, when we fixed it they checked back with me to make sure I was ok and they was there if I needed help.
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david didonato
11 days ago
Misleading rates
Pre approved rate, wanted a set amount for a renovation and was offered 50% more which I did not need. I began completing the application the next day and the credit Union jacks up my rates!
C
carine
12 days ago
Great service and very convenient
Great service and very convenient. Easy to apply for it. Great website as well. Sum up outstanding credit union!
M
mary d crockett
13 days ago
I needed help with replacing a missing card
I needed help with replacing a miss placed card and was quickly taken care of. I was also offered a card that offered me more options and better rates. I appreciate that the associates are so helpful and made my experience less stressful.
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stacey witter
14 days ago
Great company
Great company. Refinanced my car and it was an easy process.
A
albert e burgard jr
15 days ago
Was very well received when I applied for a credit card
Was very well received when I applied for credit card on line.
R
rd
15 days ago
Great customer care team
The customer service reps were helpful and courteous. The application process was simple and easy. It was quick too.
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salvajes de la montaña
15 days ago
Getting my pendfed loan.
My penfed experience was nice and had a fast process.
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sohail afaq
15 days ago
1) Soft inquiries before loan approval…
1) Soft inquiries before loan approval that does not affect credit score 2) Approval within minutes 2) Funds in the account in 2 days Awesome experience with Penfed. Go Penfed
M
mike
13 days ago
Access Blocked
I have been blocked from accessing my account within 1 week of opening. I haven't made any transactions yet. They demand to have a copy of your Social Security card, which no other financial institution has ever asked of me. This is very suspicious. They won't accept a drivers license nor a W2 to prove I am who I am. Do not give out your SSN. It is too easy to have your identity stolen. I DO NOT trust PenFed. DO NOT BANK HERE!!!
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rick wilkins
16 days ago
Transactions within CC accounts has…
Transactions within CC accounts has been horrible. Updates are slow to the point of inaccurate. My linked account has not functioned since last year. Multiple calls, emails have given nothing but lip service. I've been with them for 21 years, IT has been slow, unresponsive and under staffed
M
mike
17 days ago
I do NOT recommend PenFed!
On April 19th, 2023, I applied for a credit card with PenFed and I was approved. I completed the additional paper work needed along with making a deposit to meet all the requirements. Today is May 22nd, 2023 and I have NOT received my credit card. After numerous calls on: April 28th May 3rd May 10th May 19th May 22nd PenFed can't seem to get me a credit card. This has been the WORST 1st time experience with a credit union. At this point, I can NOT recommend doing business with this credit union. This is not a good way to start a banking relationship. I think I will need to take my business elsewhere at this point. Again, I can NOT recommend doing business with PenFed.
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brent hass
18 days ago
My application was handled quickly and…
My application was handled quickly and professionally.
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tomás perez
19 days ago
Great service and comunication from his…
Great service and comunication from his employers.
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floyd coleman
20 days ago
Easy card application and fast decision.
Easy card application and fast decision.
D
dexter miller
20 days ago
Great service and ease of use.
Great service and ease of use.
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vin fortuna
21 days ago
Always a pleasure doing business with…
Always a pleasure doing business with this institution. Unlimited benefits!
P
prince abraham
21 days ago
1.Competitive CD rates
1.Competitive CD rates 2. Rewards Credit cards
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janso
22 days ago
Fast approval and answer right away
Fast approval and answer right away. Great company to work with!
R
ralph
23 days ago
Applied for a loan and was approved…
Applied for a loan and was approved within seconds! Approved me for more then requested!!
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kenyatta williams
24 days ago
Disappointment in 1st bad PFCU experience
Never had an issue until recently...Applied for PFCU auto loan using TrueCar Auto Buying on 4/24/23 & approved. Went to dealership to start paperwork & while waiting there, completed auto loan process & started to sign paperwork online from my phone, but at the very end once realized check was going to be mailed hurried out of it hoping it canceled/didn’t complete process. Went into local PFCU branch on 4/25/23 thinking I could sign paperwork there instead & pick up check only to find out I already signed paperwork & had to wait for check to come via mail instead of canceling that check & picking up check, so couldn’t get car that day as planned & had to wait for check (3-5 days). 5days later went back to PFCU branch on 5/2/23 even though hadn’t gotten check to request original to be canceled & to pick up a reissued one. Branch still stated couldn’t cancel check & reissue a new one & couldn’t even trace the check & now needed to wait 7-10 bus days. While still at branch, completed NFCU auto loan application via phone. Was approved for a cheaper rate & for a little more money (no money down needed), picked up the NFCU check & finally picked up my car before dealership closed on 5/2/23. Disliked that I was not immediately notified that by signing approved auto loan paperwork online automatically mails a check and you can't go to the local branch to pick up the check instead. I would definitely let others know not to sign paperwork online if trying to get check & car immediately. And NEVER received the check via mail within the later stated 10 bus days. Who mails huge funds via check in the mail without any type of tracking...makes no sense at all to me. If PFCU wants to continue to mail large checks such as this in the future, I suggest to send it traceable using whatever service & only should take 2-3 days to receive at the most! Although I do have big ticket products at PFCU that I will be keeping, I will definitely reconsider getting any new products in the future.
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clint
a month ago
quick and simple
quick and simple
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manuel vazquez
a month ago
En espera de la tarjeta
Me enviaron una solicitud de su tarjeta de crédito que por referencia me dicen que es muy buena y no todo el mundo califica
G
gonzo
a month ago
PenFed credit union is awesome!
PenFed credit union is awesome!! They are Very convenient and easy to use. Completely different and better experience than a common bank!!
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alexander carlsen
a month ago
VERY PROMPT
VERY FAST AND PROMT
J
jerry s.
a month ago
Very fast and easy process
Very fast and easy process. Highly recommended. Will use PenFed first always.
D
deb ivey
a month ago
Wonderful service
Wonderful service! Great web page! Easy to look up my accounts.
D
deanna jakubiak
a month ago
I like the lower interest rate PenFed…
I like the lower interest rate PenFed has to offer and being able to transfer my balance for no interest for 18 months. Makes sense to get this card
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dana sweeney
a month ago
The whole experience was simple and…
The whole experience was simple and fast.
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kim pelfrey
a month ago
The loan application process is simple…
The loan application process is simple and easy to fill out. The website is easy to navigate. The whole process took less than 24hrs to get approved.
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laura polk
a month ago
PenFed's Excellence
I like that PenFed is very security conscience. When I needed a loan, they quickly went about helping me. I had been looking for a Credit Card with a low interest rate... PenFed supplied that need quickly and efficiently.
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nadim radwan
a month ago
About your Rates and Services
I have a car Loan very happy with the Way of the payment and interest rate, plus I applied for the Credit Card and paying cash back about 5 %
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yomar ortiz
a month ago
Fast and easy to use.
Fast and easy to use.
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frances chaparro
a month ago
Great overall experience
Great overall experience. Fast applications and response, good options and great rates. Overall great accesibility through the app and very thorough security measures to ensure safety navigation. Will continue to recommend PenFed services.
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michelle butler
a month ago
Outstanding Company
The staff is professional and friendly. The application process is easy.
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priscilla pinkney
a month ago
The credit card application was very quick and easy. The rates were ok as well.
The credit card application was very easy and quick. The rewards look great and I am excited to see how PENFED can help me in the future.
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tena
a month ago
Great Experience!
Applying for a credit card was very easy and fast with PenFed Credit Union. I will definitely do more business with them. What a great experience!
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lottie goodman
a month ago
Best company ever
I have a personal loan plus waiting the arrival of a low interest credit card. The company is excellent and will work to help with all your needs and have the best rates. Their representatives are very friendly and helpful.
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robert dulany
a month ago
Good for some things, not for speed
Most people read reviews after their bad experiences, and I'm writing one after my bad experience. Just to commiserate. But, I also leave them 4 stars because I've been a customer for over 20 years. If you just use them for what they are good at, then they seem fine. They always had good rates with generous credit limits for credit cards. But today I have no debt at all. I have saved a lot of money to buy a home. And I tried PenFed. Because all the other home vendors act so fast, it took me a while to figure out they just plain weren't responding. It took 7 times longer to get a pre-approval and that was actually meaningless. And then I took a week trying to get a power buyer certificate, but they took no action on that either. Finally I just realized they were never going to be responsive and cancelled the application. What a bad experience and general waste of time.
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molly mcnally
a month ago
Penfed have very reasonable and…
Penfed have very reasonable and competitive rates. Online process was fast, reliable and very easy to complete with fast results.
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darren wyche
a month ago
The customer service was excellent and…
The customer service was excellent and helpful
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letitia harvey
a month ago
Awesome rate quick response
I needed help quick and was worried about rates being high with penfed they ensured low rates after 5 months and responded quickly
A
angelf
a month ago
Applying online is very easy and was…
Applying online is very easy and was able to do it while at work. The website's new look is very easy to follow and read. Almost all I need is in the first screen. Thanks!
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bill w wilson
2 months ago
No brainer
Rates and introductory zero interest for the first 15 mos.
W
wayne g
2 months ago
Great Experience
I received an offer to join PenFed in the mail. After checking its ratings I decided to go ahead. The process was quick and mostly easy, and help was available readily if I had a question. Their rates and policies are outstanding, and their help on those few questions was easy to get and understand. As a finishing touch, the people I spoke with were uniformly friendly and knowledgeable. What a great experience, I recommend Pen Fed without reservation.
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dennis pilot
2 months ago
Mortgage review
Mortgage review. They will not honor their promises. Was told I could do a float down. Waited for rates to drop and contacted them. After discussion we decided on a lender credit instead of reducing the rate. This was over 2 weeks before closing. Right before close I received the final disclosure and the credit was not reflected. Then I am told I shouldn’t have been offered the credit and only a rate change but now it’s too late to make any changes. Escalations was denied. So now I am out money or reduced rate due to incompetence.
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gina heid
2 months ago
Fast and easy to fill out
Fast and easy to fill out
J
jane
2 months ago
Online digital options.
Online digital options.
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gilly b
2 months ago
Good experience This card offered a competitive…
This card offered a competitive interest rate, zero introductory APR fees for the first 15 months, easy online application. Becoming a credit union member will have other banking benefits as well.
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cassandra griffin
2 months ago
I am a new customer the application…
I am a new customer the application process was extremely simple and I am looking forward to seeing what other benefits Penfed has to offer
J
john wolstenholme
2 months ago
loan
your speed. your rates. easy to use.
H
honey
2 months ago
Quick and easy to apply
The application was easy to understand and quick i got my response really fastexcited to be a new member of Penfed
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chris barksdale
2 months ago
The service I received was outstanding
The service I received was outstanding. They completed my request in a timely manner and I appreciated the attention to details.
J
james brady
2 months ago
Excellent rates
Excellent rates. Fast and excellent service.
S
syed chishti
2 months ago
Excellent service.
Professional team.
s
stephen
2 months ago
PenFed Application
Good Organization
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deborah
2 months ago
Excellently Outstanding Customer Service
Excellently Outstanding!
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tracy miller
2 months ago
Easy app
Easy app , quick pleasing response
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dzu luong
2 months ago
PenFed presentatives are very friendly…
PenFed presentatives are very friendly and helpful.
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richard cretinon
2 months ago
A1 service
A1 service, fast, easy application, would recommend to anyone. Great rates, and resooonce is fast.
A
ahmad salim
2 months ago
A great credit union to have your…
A great credit union to have your financial partnershio
j
jose garc
2 months ago
I Love Penfedddd
I Love Penfedddd
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steven wolfe
2 months ago
Professional
Professional, efficient n east to talk with n competitive
C
charlie
2 months ago
Credit card
It is great credit card experience
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charles patterson
2 months ago
Ease of application
Ease of application
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wayne floyd
2 months ago
Easy transactions and application
Easy transactions and application
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ernest pouncy
2 months ago
Starting with my first Experience with PenFed
Starting with my first Experience with PenFed, I have been very happy with the overall service for which PenFed has provided for me and my family. PenFed made things possible where other financial services had failed or fallen short. I also found PenFed to have favorable payment plans and very good rates.
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gene s
2 months ago
Gene S
The simplicity of your processing was very rewarding. I hope we can be doing business for a long time. Thank you Gene S
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timothy “timbobbeanie” strickl
2 months ago
Great CS
The people and the process were absolutely lute fantastic.
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ernesto roman
2 months ago
Very quick and painless process loved…
Very quick and painless process loved the simplicity
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rocky deyton
2 months ago
Great rates
Great rates, good communication. Will be my go to card.
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martin vukovich
2 months ago
Excellent company to work with
They made the whole application experience quick and simple. With almost instant results.
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mario pv
2 months ago
Great products
1 year with penned they have great products.
J
john webster
2 months ago
ease of application/review
ease of application/review, great rates and ease of use
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manny mayta
2 months ago
Painless….and Good Balance transfer…
Painless….and Good Balance transfer Offer.
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carlos jimenez
2 months ago
PenFed offers great rates on loans
PenFed offers great rates on credit cards and personal loans
A
andrew
2 months ago
Excellent place to do business very…
Excellent place to do business very efficient very friendly excellent products and rates
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adrian campbell
2 months ago
They’re awesome
They’re awesome. Great products and great rates
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robb hadley
2 months ago
Love this company my credit and…
Love this company my credit and checking and auto loan all with PenFed always protects you always
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felicia cleggett
2 months ago
My application process was so easy
My application process was so easy, uploaded a couple of docs and that was it. Sold ch a smooth process.
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joseph la bianco
2 months ago
PenFed app very easy to navigate
The app is very easy to navigate and understand
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d nelson
2 months ago
My experience was great because the…
My experience was great because the application process was extremely easy and the entire process was very quick. The site is secure as the have many security features in place. The web page is designed well and is very user friendly. Compared to other companies, I feel that their financial rates and interest rates are among the best available.
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jade
2 months ago
Very good helpful for members
Very good helpful for members, app easy to use and clearly. Good customer services. Low rate loan and high rate reward and saving. Respond fastly when you apply for somwthing and if cant approved something you want then penfed will offer you something similar matching your need. Im feel lucky become a Penfed member. Thank you very much. Ngoc
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raul del rio
2 months ago
Great rates and great service
Great rates and great service
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delia
2 months ago
The representative very helpful and…
The representative very helpful and professionalism.
J
jimimac
2 months ago
Closed account without notice - balance tossed away!
Garbage. The hoop-jumping is constant, and to no end. They actually closed my account without any communications or notifications of any kind (I actually still get an email with 'account activity' - even though no account exists!), and threw the balance in the checking account to the state. When they told me this is the reason I can't access my account, I was very perplexed - they assured me that I can feel free to apply online to open a new account with them any time! Outrageous.
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erick segura
2 months ago
Easy wire transfer.
Simple enough to run a wire transfer.
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rory thomas
2 months ago
Every PenFed horror story is true…
Every horror story in these comments is true and seems to happen randomly and without PenFed taking any accountability or offering even basic assistance. They really seem to be treading on fraud with what they do. Also, one of the more concerning and annoying issues with PenFed is that your "available balance" is never actually your "available balance". I have constantly tried to figure out how they come up with the math for what they show as available balance and current balance, and it is inexplainable, and defies logic. There always seems to be money missing or unaccounted for. With PenFed, you always have to be ready for funds to be inaccessible or go missing, and definitely prepare to be constantly locked out of your account for regular, routine activity. This is only a fraction of the issues customers seem to regularly encounter. Extremely extremely concerning.