PenFed Credit Union Reviews 1,986

I had an outstanding experience with Bobby at PenFed Credit Union Member Services. She is truly amazing compassionate, knowledgeable, and incredibly professional.

Bobby took the time to listen carefully to my concerns, explained everything clearly, and made sure all my questions were answered. Her patience and genuine willingness to help made the entire process smooth and stress-free.

Her customer service skills are exceptional, and she represents PenFed with excellence. Thank you, Bobby, for going above and beyond!
Carolina C.

While shopping for a car loan, I had two criteria: a low rate and the ability to register the vehicle myself to avoid additional dealer fees.

I was promised, once the loan was disbursed, I would be emailed the letter. Knowing my acquisition date was approaching, I called, on several occasions asking for an update and was repeatedly told I would receive it in time.

Unfortunately, PenFed failed to fulfill their promise, costing me over $300 in additional fees to the dealer.

In early February during a snowstorm and major cold snap, our furnace broke down. The day before, I had transferred money from an external account to PenFed savings but then transferred it back to my external account to help pay for the new furnace. A day or so later, my PenFed online account was frozen. Savings and credit card. I called. They wanted certain documents, which I sent. It’s been two weeks and I sent them an email asking what was going on.

I called and found out that the first six numbers of my external account were not visible and I would have to contact that bank so they could email those missing numbers to PenFed even though I said I could provide them. No. They had to come from the other bank.

Also, during the phone call I had to answer questions that would be hard for an imposter to answer on the spur of the moment. I am who I say I am. My husband got involved and now they’ve locked his account too.

This will be straightened out eventually, and when it is, I will be withdrawing all my money from my savings account.

I paid an additional $500 each month with my payment, to be applied to the principle on a $50K car loan. I noticed they weren't applying that money to the principle but rather future payments, thusly enjoying (stealing) more interest than agreed. I called and thought that was handled years ago. Then recently I noticed the mistake. I called to get it handled and they adjusted to payment for the last month only. So basically stealing the rest.

So I'm done with this company. So sad, another great company turns to crap. Maybe they got too big to care. I noticed this when they stopped answering their phones, added endless computers to talk to me instead of humans. Middle finger in the air to you pencrap.

Terrible HELOC Experience – Wasted a Month of My Life

I had an absolutely horrible experience applying for a HELOC with PenFed.

For over a month, I was repeatedly asked for the same documents over and over — bank statements, mortgage statements, proof of expenses, income verification — despite submitting everything promptly each time.

I have over an 800 credit score and approximately $675k in equity on my home, yet underwriting kept resetting and requesting duplicate information with no consistency or accountability.

After wasting weeks sending a massive amount of personal financial documentation, I was suddenly denied with no clear explanation.

This was one of the most inefficient and frustrating financial processes I’ve ever experienced. Poor communication, disorganized underwriting, and zero respect for the customer’s time.

I would never recommend PenFed for a HELOC and will be steering others away.

I had a very good experience with the way everything one, my transaction went very smoothly. They show great
professionalism. I would recommend them to everyone.

We applied for a car loan using their car buying service. With credit scores of 799 and 822 we should qualify for their lowest rate advertised at 3.39%. Today we were approved for the loan at 4.54%. When I asked why we did not receive the lowest rate they said they had no way of knowing. When I asked to speak to someone who could, they said that was not possible and they don't negotiate the rates. I feel like it was bait and switch. Now we have a hard credit check and I don't feel like we should go to another financial institution. I would not recommend this credit union.

Worst experience working with on car loan. Don’t waste your time!

Terrible terrible experience as scam fake account

Cheryl Williams Thomas helped me open another account with PenFed, and the experience was excellent. She was professional, knowledgeable, and very patient throughout the entire process. Cheryl explained everything clearly and made sure the account was set up smoothly. I really appreciated her helpful attitude and attention to detail. Great customer service! Five stars for Cheryl.

Very difficult to get answers. Very slow to respond

I’ve been banking at penfed for years. Recently opened a credit card and boy was that a mistake! 6 calls and 30+ days later I cannot use the card because I don’t have one! They refused to overnight priority mail or anything. They will shut down the card 10-15 more days for a new card….. well never mind I’ll just go to another credit union.

Constant IT incompentance. Can't login in regularly because their 2fa is down regularly and over the course of years.

they keep changing the rates!!

They are very rude on phone calls

And they just steeling, whatever you will be promised it will not hod

I've been a member for about at least 25 years. Had to do a wire transfer to another institution and they blocked it by their fraud department and forced me to go to my other bank begging for a written acknowledgement of a finalization of a transfer of my own money of only 20, 000 dollars 9 days earlier or they refused to complete the wire transaction. I still have over 100,000 in their credit union unrelated to the transfer at the time.

PenFed credit union should be part of shared Branching so that I can do things with them that I am able to do with several other credit unions, like making checking and savings deposits.

Penfed is hands down the worst company I've ever had the most unpleasant experience with having as my lender. Literally had to jump through hoops even to make a payment. Due to them not taking the payments until 10+ DAYS later; we had for the first time fallen short on time frame for payment even though we called when it was due by the date of our obligations. Instead of working with us the company gaslighted us because we didn't do auto pay. We have the right to refuse it without having issues with said company. Glad to be out from under this company and will avoid it in the future and will share my experience with my fellow peers.

Had a credit card that I rarely use from pen fed they cancelled my line after pulling my credit. My score dropped 19 points never another account with these crooks again.

Worst experience I have ever had with any lender, complete waste of time. I was going to refi an auto loan that I had to have for three months for rebates on the vehicle. There rates are good, if you can ever get the loan done but I could not. They are great at running your credit then holding you hostage with there terrible app to provide documents that always went through only to be notified electronically that they didn’t get them or there was an issue. This was not a loan issue either, two 15 year employees over 800 credit low debt ratio. Total ways of time I will gladly pay more to never waste my time with PenFed again. Should be zero stars but hit one star and can’t undo it in this review.

Unfortunately, I was lied to and taken advantage of. When I signed up for my car loan, PenFed used predatory techniques and got me to believe that I would get GAP insurance money back. After refinancing my vehicle, I was told it had to be within the first 60 days of my loan, which the customer service representative didn't disclose to me. I was called and informed by Theresa, who had an attitude and basically told me I am screwed, and I won’t get that money back. STAY AWAY and find another honest bank. PenFed is terrible.