Customer ReviewsforPenFed Credit Union

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.

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 ************. 

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!

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.

They have horrible communication. Had to call them for status multiple times. I plan to close all of my accounts with them.

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. 

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.

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. 

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.

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. 

The online Transaction Statements do not show what check number has cleared, it use to be there, not any more. Becoming less user friendly,

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.

PenFed, is a very deceptive credit union. They increased my interest rate from 2% from 2021 to 5.99%. . . The supervisor was rude and over talked me literally in so many words calling me a liar. They no longer offer a personal line of credit mines was a fixed rate. I am assuming since the ones that have that 2% they decided to increase rates without any notification. I have always been a A1 customer never late on any payments.early I have another $25k line of credit with another credit union that the rate has remain led the same. BEWARE!!!!!!!

Thank you for your feedback. We are sorry to hear you had a poor experience.

PenFed calls themselves a Credit Union, however they operate as a bank. Not just a regular bank but a bank where you can't open a simple Checking Account without having perfect credit. Please stop masquerading as a Credit Union, it's false advertisement.

Hello *******, thank you for sharing your feedback. We are sorry to hear you had a poor experience.

Penfed Credit Union have the worst customer service. The agent had an attitude and did not resolve my problem at all

Hi *******, we regret we fell short of meeting your expectations. If you are in need of assistance or would like to provide more details, please message us at ********************************************************* or call us at ************.

Penfed is a terrible credit union. Do not bank there.

Hi *******, we regret we fell short of meeting your expectations. If you are in need of assistance or would like to provide more details, please message us at ********************************************************* or call us at ************.