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Credit Union
PenFed Credit UnionThis business is NOT BBB Accredited.
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Reviews
This profile includes reviews for PenFed Credit Union's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Review Ratings
1.18/5 stars
Average of 217 Customer Reviews
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Review fromMike R
Date: 03/06/2025
1 starMike R
Date: 03/06/2025
We filed a formal complain through consumer financial protection bureau below. *********************************************** you can have a ***************** check into and also have them post to the public what transpired. Bottom Line Up front- PENFED cashed a stop payment check and forced it to go through. They received the amount into my account and when asked to return it, they claimed I was a predator for money. Once they realized we won't be bullied, they sent a hold harmless addendum so we won't sue them. I've been a PENFED member since 2006 and this is how they treated me!They claimed I was doing something nefarious and currently trying to slander me. Provided the proof and they still won't return the money! DO NOT BANK HERE.******* in Fraud, **** and ***** in fraud and banking were also responsible. It took another bank and their VP to intervene and currently they still won't release the money.PenFed Credit Union
Date: 03/07/2025
Hi ****, thanks for bringing this situation to our attention. We received your concerns filed with the ************************************ (****) and will provide a full response through the **** channel when our investigation is complete.Review fromAshtin S
Date: 02/22/2025
1 starAshtin S
Date: 02/22/2025
As a former veteran, I believe Pen Fed is the worst credit union, and I will be advising all my family and friends to avoid it. I went to make my auto loan payment on the Pen Fed banking app, only to find that my loan had disappeared.
When I called Pen Fed to ask why my auto loan was missing, they informed me that it was because I had been late on payments. I thought this issue had been resolved when I contacted them during a difficult transition period after leaving the military, as I was told I was on a hardship program that allowed me to defer payments. However, they claimed there was no written agreement on file, so it didn't matter.
I was then told that my auto loan had been charged off and that a tow truck was dispatched to repossess my vehicle. I never received any written notice regarding this situation, nor did I receive an email indicating that my car was up for repossession and my loan had been charged off.
When I asked if there was anything I could do to rectify this issue, the representative rudely told me it was my fault for being late on payments. She stated that my only options were to surrender the vehicle for it to be sold at auction or refinance it, which is impossible with a charge-off on my credit report.
I requested a letter stating that my auto loan was charged off and detailing what I owed. The representative on the phone was unhelpful and insisted she could not send any documentation. Eventually, I received an email from her, but it lacked information about my payoff amount or any relevant details.
I had to call Pen Fed again, specifically asking not to speak with the same representative, to obtain a document outlining my full payoff amount. The lack of communication from Pen Fed is astonishing, and I just wanted to reach out to someone who could assist me with my situation.PenFed Credit Union
Date: 02/24/2025
We are sorry to hear of situation and appreciate you bringing this to our attention. We also received your BBB complaint with the same concerns, and will provide you with a thorough response to that complaint once our investigation is complete. We value every opportunity to serve you.Review fromTemeshia K
Date: 01/20/2025
1 starTemeshia K
Date: 01/20/2025
Penfed is by far one of the worst credit unions I’ve ever seen. I had a credit card go into collections followed by a charge off. The debt was sent to a third party and eventually I settled the debt. I was told that the bad debt would be removed from my credit report, and after 2 years, it’s still there! No one could help me because the debt was sold, but on my credit report it clearly states penfed.PenFed Credit Union
Date: 01/21/2025
We are sorry to hear you disagree with the information we provided to the credit reporting agencies for a PenFed credit card account. If you would like to discuss the account, you can contact our Collections team at ************.Review fromTerrence S
Date: 12/06/2024
1 starTerrence S
Date: 12/06/2024
This is the worst credit card company in the United States......they make excuses over and over......they have refused to cancel my autopay for 90 days .......they make all these different excuses ....just cause I changed my phone number and address ..........every month I get no emails or notifications about the money they are removing from my account..........they basically tell me to go **** MYSELF......I have no control over what goes on in my account.....I can't cancel or set up my own autopay account now............3 months straight they have removed money from my account without my permission or authorization.......NOW I'M TAKING LEGAL ACTION................they have gave me the worst experience credit wise I have experienced.......and the customer service get on calls FLAT OUT LYING..............what kind of GHETTO MESS is this................STAY AWAY FROM THIS COMPANY..........
ZERO..OOOOOOOOOOOO STARSSSSSSSS........NEGATIVE FIVE STARS SSSSSSSSPenFed Credit Union
Date: 12/12/2024
Hi ********, thank you for your feedback. We are sorry to hear you had a poor experience. Our team would like to assist you in updating your contact and payment information. Please call our ************** team at ************ or us a secure message by visiting *********************************************************.Review fromGlison S
Date: 10/27/2024
2 starsGlison S
Date: 10/27/2024
On the positive, PenFed offered a decent fixed interest rate so I refinanced my student loans through them. However, my husband and I have both been very unimpressed with PenFed's lack of transparency. I always pay extra on my student loans (doctoral degree in an allied health profession, and I pray to be debt-free by the time I'm 40), and I was led to believe that the extra went on the principle. This has been my experience with our mortgage lender, our local credit union for our vehicle loan, and the previous 4-5 student loan holders I've had. PenFed's online user interface is very secretive about where your extra payment goes. I should have finished paying by now, but apparently they were always putting my extra toward future payments and interest, NEVER the principle. I learned to call them and would stubbornly work through the automated menus and spend ***** minutes of my time every month to make sure the extra went to principle. There is a transaction fee to do this, yet further discouragement to make principle-only payments.PenFed recently allowed customers to make principle-only payments on their website. However, unless you pay the exact amortization-schedule amount (even if you are way ahead in payments), the system doesn't recognize that you've made your full payment, and extra does NOT go to principle even if you specify that intention.Overall, PenFed is probably operating in a legal, yet unethical, manner. They are very secretive and lack transparency. Of course they want all the interest, and I should not have assumed this lender to be upfront or helpful.PenFed Credit Union
Date: 10/29/2024
Hi there. We appreciate your feedback. After any charges due are paid, excess payments received are applied toward principal and will also pay your loan ahead. We would be happy to explain this in more detail. Please call our ************** team at ************.Review fromStephanie N
Date: 10/19/2024
1 starStephanie N
Date: 10/19/2024
Just spoke with ******* from PenFed Car loan department. I paid off my car loan 18 Sept 24 called 2x about the title and lien release. Apparently PenFed said they regular mailed the title on the 25th of Sept. I never got never it, never heard did any thing about the lien release letter. Now ******* answer is you probably through it out, because it should have been here. I had just talked to a customer service *** yesterday about emailing the lien release letter, ******* says No, its automatic mailed out. Again, regular mail. Only after pointing out the error of sending my title through the postal system now to do the same with the lien release. Normally, I dont have any problems with Penfed but this is too much. Their desire to use the postal system at all cost when they it is unstable. I had to wait 3 weeks to get the check over two years ago to buy the car because Penfed said they could not send it any other way except regular mail, even if I paid . Now my title is lost in the mail from PenFed sending it regular mail. This is unacceptable on many levels. Blame the member for not receiving it in the mail, but ******* attitude insist it could happen so they take no responsibility and will continue to do the same thing, they wont even give you the option of knowing you could have it sent differently, because they have parted with the postal system at your expense. Not right!PenFed Credit Union
Date: 10/21/2024
Hi Stephanie, we are sorry to hear about your experience. Thank you for taking the time to share your feedback with us. If you do not receive the lien release or need additional assistance, please call us at 800-247-5626.Review fromGladys B
Date: 10/17/2024
1 starGladys B
Date: 10/17/2024
They have horrible communication. Had to call them for status multiple times. I plan to close all of my accounts with them.PenFed Credit Union
Date: 10/18/2024
Hi Erin, thank you for your feedback. We are sorry to
hear you had a poor experience. If you are still in need of assistance or would like to provide additional information, please call our Member Service team at 800-247-5626. You can also send us a
secure message by visiting PenFed.org/help.Review fromSteve B
Date: 10/16/2024
1 starSteve B
Date: 10/16/2024
This place is a predatory banking institution that takes advantage of at risk communities. The terms are egregious and I have been paying for a loan for nearly five years. When I outreached to see what could be done in terms of the interest rate and or refinance options was told that they do not refinance their own ******** the past few months I continue to receive offers via mail. When I called in reference to the last two was told that they were sent in error and disregard. I completed an application online with them and was denied. The notification of denial continued to show up on the main screen as almost a badge of denial every time I logged into the system for two weeks. The experience I have had with this bank from the onset have been disturbing and recently had another adverse experience with them regarding inaccurate information on their portal. I feel that I have been dismissed and not even regarded into consideration that a suitable credit union would offer.I would not recommend this place to anybody that is African American, black, indigenous or person of color.PenFed Credit Union
Date: 10/17/2024
Hi there. Thank you for taking the time to share your feedback with us. We are very sorry to hear that you have had a number of poor experiences with us. If you would like any assistance, or would like to provide us with more information, you can contact our Member Service team at 800-247-5626 or message us from PenFed.org/contact-us.Review fromToni L
Date: 10/16/2024
1 starToni L
Date: 10/16/2024
Worst finance company ever!!! They repossessed my Daughter's car for ONE missed payment and they're charging her all these fees to get it back, but there's been times she had made double payments in the same month! DO NOT FINANCE with this company. They're a scam and even their app is horrible. I will make sure to let everyone know about how horrible they are as well.PenFed Credit Union
Date: 10/17/2024
We are very sorry to hear you daughter has been having issues with her auto loan. If she would like any assistance, she can contact our Member Service team at 800-247-5626.Review fromDaniel H
Date: 10/15/2024
1 starDaniel H
Date: 10/15/2024
The online Transaction Statements do not show what check number has cleared, it use to be there, not any more. Becoming less user friendly,PenFed Credit Union
Date: 10/16/2024
Hi there, we're sorry to hear of any inconvenience this may have caused. Thank you for taking the time to provide your feedback. If you cannot access your check number or image through PenFed Online, feel free to call us at 800-247-5626 and we would be happy to provide that for you.
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