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Penfed throttled me...


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Penfed lowered my outgoing ACH daily limit. Perhaps they did this to everyone to stop outflows since it lowered the APY on its "premium" savings account.

 

I am pretty much ready to close my accounts and card but now it will take me  >10 transfers...

 

//ranting_about_first_world_problems//

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2 hours ago, hegemony said:

Penfed lowered my outgoing ACH daily limit. Perhaps they did this to everyone to stop outflows since it lowered the APY on its "premium" savings account.

 

I am pretty much ready to close my accounts and card but now it will take me  >10 transfers...

 

//ranting_about_first_world_problems//

I'm unsure what your limits were/are, but I checked mine.  It's $5,000 per day.  It's never been an issue, since I only have a savings account with half that amount in it, along with a sock-drawered credit card that I just use once in a while to keep it active.

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2 hours ago, Burgerwars said:

I'm unsure what your limits were/are, but I checked mine.  It's $5,000 per day.  It's never been an issue, since I only have a savings account with half that amount in it, along with a sock-drawered credit card that I just use once in a while to keep it active.

mine was lowered to 25k. it was 5k for years, then 100k.

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1 hour ago, Killbadcredit said:

Hegemony you have penfed? I got recommended to join them to refinance my car loan, are they good credit Union?

 

Overall, would you recommend them?

Anything  I should watch out for if I join them?

I joined when I was rebuilding and it served a purpose and frankly the amex card they had at the time was a decent travel card. I can't say the same anymore.

 

the general consensus seems to be you should not join if your report is "dirty."

 

I only have savings and a credit card with penfed and have not financed a car or travel trailer with it.

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I joined when they called themselves Pentagon Federal and they demanded fairly clean CRs then. Since they've grown to challenge Navy Federal, I don't know what risks they are willing to take now. I have noticed that they have cut back on their growth since the pandemic hit.

They've always been decent with me. I use their credit card more than I do those of NFCU and USAA. No first hand knowledge of their auto loans, personal loans, or mortgages. 

My ACH limit is 5K daily as well.

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9 hours ago, hegemony said:

I joined when I was rebuilding and it served a purpose and frankly the amex card they had at the time was a decent travel card. I can't say the same anymore.

 

the general consensus seems to be you should not join if your report is "dirty."

 

I only have savings and a credit card with penfed and have not financed a car or travel trailer with it.

 

They have a 2% card with no FTF.  I like that.

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There seems to be a wave of CU's making changes...I had some emails within the past week about updates and changes to the JFCU 'digital' platforms.  I have not logged in to look at them.  The funds there are mainly a placeholder while I decide if I want to go for one of their cards just to get the looks when the card is used (those that know who the affiliate cards are with know what I mean)...

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6 hours ago, PotO said:

 

They have a 2% card with no FTF.  I like that.

yah but the original amex was pretty sweet comparatively; 4.x% on travel and no FETF. I used it a lot overseas before I had better options -- then the card was nuked.

 

Penfed also finally caught up with the fact I have >50k on my two cards. But they were nice and asked me to pick which one or combo I wanted to keep at the max. I kept one at 50K card and haven't used it since.

 

membership is fun though as I like seeing how much penfed pre-approves me for used travel trailers and new hot water heaters.

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At least in my case I joined with a VERY dirty report yet managed to to get 2 cards at 6 months after joining now combined at 50K.  Just received an offer for an auto loan with a check good for up to 50K at less than 3% at up to 72 months. No application or inquiry needed, just bring check to any dealer. Not the best FI but far from the worst.

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12 hours ago, StantheMan said:

At least in my case I joined with a VERY dirty report yet managed to to get 2 cards at 6 months after joining now combined at 50K.  Just received an offer for an auto loan with a check good for up to 50K at less than 3% at up to 72 months. No application or inquiry needed, just bring check to any dealer. Not the best FI but far from the worst.

 

I joined years ago for the first time with a sneaky clan credit report, but as an Egyptian they gave me the cold shoulder.  Never any pre-approvals even for a hot water heater.  They even refused to give me the standard freebie of the Thrifty CLOC for $500.  Everybody gets that!  But since I had an FPO in my address, they said that folks outside of the US were not eligible.  I ended going Berkshire chimp on them because HTF can they be Pentagon Federal and exclude over 150,000 American service members from their Thrifty Line of Credit?   They ultimately saw the light.

 

But in the end I jumped ship.

 

Now with the pre-approval, I'm back for round two.  Let's see how it goes.  

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I have one PenFed credit card. I took two pre-approved card offers and combined them into one, large, 50K credit line. I hit some sort of limit with them, and they've never sent me any offers since.

It's my largest credit line, by far. I don't use the card much, but they haven't decreased the limit. In this day and age, card issuers have been decreasing credit lines. If they do decrease mine, that's life.

 

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11 hours ago, Burgerwars said:

I have one PenFed credit card. I took two pre-approved card offers and combined them into one, large, 50K credit line. I hit some sort of limit with them, and they've never sent me any offers since.

It's my largest credit line, by far. I don't use the card much, but they haven't decreased the limit. In this day and age, card issuers have been decreasing credit lines. If they do decrease mine, that's life.

 


Hege just told me their maximum exposure is $50k.  
 

We will see if I can somehow get up to the same $50k that you have.  I like the idea of combining limits.  That worked out very well for me with CapOne, thanks to @mrjuggalo9er.  I suppose I could combine limits with Navy for $80k, but it would have to be on their AF card.  Not crazy about AFs. 
 

But on the plus side, PenFed, as well as USAA and Navy, don't do any of that weak-minded shyte that Stinkrony does.  

 

 

 

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