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PenFed? 🙄 I Should Have Known Better. 🙄

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2 hours ago, PotO said:


Don't worry.  I like your sense of humor.  🥰

 

Banking and credit in China is relatively simple and easy.  As hard as it is to believe, the Chinese have their shyte together with banking and credit.

 

The problem is banking from China.  I get the paranoia with traffic coming from a Chinese IP address.  I could use the US network at work, but then that's a federal / military criminal offense and I prefer to stay out of jail (though sometimes with a crazy wife, jail seems an attractive option).  So I use a VPN.  I have never had issues connecting with a VPN that the stupid OTP fase couldn't solve.  Except with PenFed.  Heck, even using a Chinese IP address has never caused me problems with any financial institution except Navy Federal and, of course, PenFed.  
 

And then there's the math.  Chinese banks never make math mistakes.  Imagine with your US bank you have a credit limit of $15k and you have $5k in outstanding posted charges and $1k in pending charges yet to be posted.  You then make a cash payment on your CC account of $5k.  Two days later (and WTF does it even take 2 days?), the payment posts and your available credit is $9k.  What kind of freaking math is this?  Now, I might be a Jarhead and not as highly educated as @hegemony, but my math isn't too bad.  And then there's the simple fact that God did invent calculators.  
 

I just like things to work like they are supposed to work.  If every other bank lets you move more than $2,000 between your accounts at the same bank, I don't like it when all of a sudden one pops up that has that crazy restriction.  When I have time and want to do my accounting, I don't want one bank to all of a sudden tell me I have to wait a day because they have system issues -- all the time.  
 

We need reliable, trustworthy and dependable financial partners.  We don't need crack hoes with their hand in your pocket.  

How long does it take for them to get the balance straight? Or, if you make any more charges in the interim, is it a continuous catch up game? That's a little unsettling, or at least it would be for me.

 

I remember after getting my Amex card I had to replace the shattered sliding glass door due to a weed whacker throwing a stone at it. The cost was $450. The workers that did the install said I had to call the owner to run the card. Ok. The owner accidentally keyed in $4500 and immediately reversed it but it took almost a week for Amex to reverse the charges. It all happened around when the monthly payment was due and I, well, was freaked out for a better verb. It all worked out and no harm done but man....

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1 hour ago, StarkRaven$ said:

How long does it take for them to get the balance straight? Or, if you make any more charges in the interim, is it a continuous catch up game? That's a little unsettling, or at least it would be for me.

 

I remember after getting my Amex card I had to replace the shattered sliding glass door due to a weed whacker throwing a stone at it. The cost was $450. The workers that did the install said I had to call the owner to run the card. Ok. The owner accidentally keyed in $4500 and immediately reversed it but it took almost a week for Amex to reverse the charges. It all happened around when the monthly payment was due and I, well, was freaked out for a better verb. It all worked out and no harm done but man....


Apparently they take at least two weeks (10 business days) for payments to post fully to your account so that your available credit is replenished.  They claim that after the account is 90 days old they remove that restriction and payments post quickly.  That remains to be seen.

 

With AmEx, did the $4,500 post or was it just a hold pending post?  If it actually posted, that would suck.  I suppose it could be disputed and then they wouldn't hold you to pay that pending rectification.  As a hold it would tie up your available credit, but then AmEx is cool and regularly lets you go over limit.  Will PenFed let you go over your limit?  I'd be afraid to even try!  😆

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3 hours ago, PotO said:

@hegemony

 

I just like things to work like they are supposed to work.  If every other bank lets you move more than $2,000 between your accounts at the same bank, I don't like it when all of a sudden one pops up that has that crazy restriction.  When I have time and want to do my accounting, I don't want one bank to all of a sudden tell me I have to wait a day because they have system issues -- all the time. 

 

Dig a little and I expect that, in his/her teens, the PenFed CEO was taken in by a carny "shell game" and has been wary of "transfers" ever since. 

 

(The "hegemony" above is a remnant I couldn't delete from the quoted text.  I'm ok letting it stand as a tribute ;) )

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1 hour ago, hdporter said:

 

Dig a little and I expect that, in his/her teens, the PenFed CEO was taken in by a carny "shell game" and has been wary of "transfers" ever since. 

 

(The "hegemony" above is a remnant I couldn't delete from the quoted text.  I'm ok letting it stand as a tribute ;) )

 

I agree.  Someone, somewhere down the line may have been screwed over and they have carried that scar and emotional trauma forever.  

 

At least they should warn people of their extreme measures.  Fortunately this month I am in no hurry to replenish my limit.  Next month, however, it's time to pay my son's tuition again and, because my limit sucks, I will need to charge $15k, pay it off immediately and the next day charge another $5k. You can't imagine how pissed I'd be to see I had to wait 2 weeks for my limit to repopulate.  

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3 hours ago, PotO said:


Apparently they take at least two weeks (10 business days) for payments to post fully to your account so that your available credit is replenished.  They claim that after the account is 90 days old they remove that restriction and payments post quickly.  That remains to be seen.

 

With AmEx, did the $4,500 post or was it just a hold pending post?  If it actually posted, that would suck.  I suppose it could be disputed and then they wouldn't hold you to pay that pending rectification.  As a hold it would tie up your available credit, but then AmEx is cool and regularly lets you go over limit.  Will PenFed let you go over your limit?  I'd be afraid to even try!  😆

It was and remained a pending post after I alerted Amex. Thankfully I signed up for alerts so I was aware immediately of the $4500 mistake. There was also a $450 correct charge right after the $4500 mistake charge so Amex could tell it was a error along with a reversal by the merchant. I was relatively new to Amex and at the time only had a $10K cl.

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2 hours ago, PotO said:

 

I agree.  Someone, somewhere down the line may have been screwed over and they have carried that scar and emotional trauma forever.  

 

At least they should warn people of their extreme measures.  Fortunately this month I am in no hurry to replenish my limit.  Next month, however, it's time to pay my son's tuition again and, because my limit sucks, I will need to charge $15k, pay it off immediately and the next day charge another $5k. You can't imagine how pissed I'd be to see I had to wait 2 weeks for my limit to repopulate.  

Hope it works out. Damn!

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Penfed is one institution that is full of incompetence. I sued them for inaccurate credit reporting that was blatant and repeated, paid them a good amount to settle the debt I owed them as part of the FCRA lawsuit, and they still acted crazy. They sold the debt after I paid to settle it, then they had to buy it back, and then after being caught doing that, they finally deleted it from my credit report. But it gets better: I tried calling the other day to get into my online banking (mainly to check on some old checking/savings accounts) and their records showed that I still owed them the money (months after settling). At this point, I decided to just let whatever happens with those old bank accounts to just happen, and that I would never deal with them again. I initially thought that some of their mistakes were more malevolent than negligent, but some of the stuff is just so stupid that someone simply wouldn't do it on purpose.

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1 hour ago, RehabbingANDBlabbing said:

Penfed is one institution that is full of incompetence. I sued them for inaccurate credit reporting that was blatant and repeated, paid them a good amount to settle the debt I owed them as part of the FCRA lawsuit, and they still acted crazy. They sold the debt after I paid to settle it, then they had to buy it back, and then after being caught doing that, they finally deleted it from my credit report. But it gets better: I tried calling the other day to get into my online banking (mainly to check on some old checking/savings accounts) and their records showed that I still owed them the money (months after settling). At this point, I decided to just let whatever happens with those old bank accounts to just happen, and that I would never deal with them again. I initially thought that some of their mistakes were more malevolent than negligent, but some of the stuff is just so stupid that someone simply wouldn't do it on purpose.

 

I have to agree with you.  I get the impression that for such a large financial institution, they have a generally amateur workforce.  This is unlike, for example, Navy, which on purpose goes out of their way to screw you.  PenFed does it not on purpose, but by neglect.  

 

To be fair, I think that's the case with most credit unions.  They probably pay less than banks and can't offer the career progression that big banks can plus, being non-profit, they don't have the big $$ that banks have for training, recruitment and fraud reserves.  Still, it's no excuse.  If they want to grow and be considered formidable banking institutions, they must do better.  

 

 

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On 11/17/2020 at 4:35 AM, PotO said:

 

I have to agree with you.  I get the impression that for such a large financial institution, they have a generally amateur workforce.  This is unlike, for example, Navy, which on purpose goes out of their way to screw you.  PenFed does it not on purpose, but by neglect.  

 

To be fair, I think that's the case with most credit unions.  They probably pay less than banks and can't offer the career progression that big banks can plus, being non-profit, they don't have the big $$ that banks have for training, recruitment and fraud reserves.  Still, it's no excuse.  If they want to grow and be considered formidable banking institutions, they must do better.  

 

 

A little update to my misadventure with PenFed:

 

I went into a branch to update my personal info since they couldn't fix it after 5 phone calls. The branch updated everything in 2 minutes flat. I was then able to login, which showed me I still had one active account (a savings with a balance of $5). I then decided that I wanted to close said account. I called and they told me I couldn't close this $5 account because it was "being reviewed by the financial security department." Are you kidding me? For $5? After I sued them and beat them. I should have just closed it when I was at their branch. What a mess.

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1 hour ago, RehabbingANDBlabbing said:

A little update to my misadventure with PenFed:

 

I went into a branch to update my personal info since they couldn't fix it after 5 phone calls. The branch updated everything in 2 minutes flat. I was then able to login, which showed me I still had one active account (a savings with a balance of $5). I then decided that I wanted to close said account. I called and they told me I couldn't close this $5 account because it was "being reviewed by the financial security department." Are you kidding me? For $5? After I sued them and beat them. I should have just closed it when I was at their branch. What a mess.


They are known for their paranoia.  
 

Payments on your credit card are effectively held for two weeks even if it's considered a cash payment made from your own PenFed checking account.  I mean, the payment will post, but they won't replenish your credit limit for two weeks.  
 

I have never seen that with any other financial institution before.  

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2 hours ago, PotO said:


They are known for their paranoia.  
 

Payments on your credit card are effectively held for two weeks even if it's considered a cash payment made from your own PenFed checking account.  I mean, the payment will post, but they won't replenish your credit limit for two weeks.  
 

I have never seen that with any other financial institution before.  

I haven't ever had that experience on any of my cards, even the super subprime ones I have had. I think I had one hold for 7 days once on a brand new account for a payment that was most of the credit line. But not 2 weeks!

 

7eb.jpg 

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4 hours ago, PotO said:


They are known for their paranoia.  
 

Payments on your credit card are effectively held for two weeks even if it's considered a cash payment made from your own PenFed checking account.  I mean, the payment will post, but they won't replenish your credit limit for two weeks.  
 

I have never seen that with any other financial institution before.  

I remember there was an old thread here on creditboards about Alliant CU taking forever to process payments from an outside bank to pay an Alliant cc. Advice from that thread was to pay the cc bill from your Alliant checking. But THIS, taking two weeks to update CL when the payment came directly from a checking account from their bank is beyond the pale. Paranoid of what!? THEMSELVES?!!!

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10 hours ago, StarkRaven$ said:

I remember there was an old thread here on creditboards about Alliant CU taking forever to process payments from an outside bank to pay an Alliant cc. Advice from that thread was to pay the cc bill from your Alliant checking. But THIS, taking two weeks to update CL when the payment came directly from a checking account from their bank is beyond the pale. Paranoid of what!? THEMSELVES?!!!


And it gets worse ...

 

I could almost understand if the money in the checking account were from a check deposit, but this money was cold, hard cash.  It had been wired in over a month ago.  A bank wire is cash.  
 

 

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17 hours ago, PotO said:


And it gets worse ...

 

I could almost understand if the money in the checking account were from a check deposit, but this money was cold, hard cash.  It had been wired in over a month ago.  A bank wire is cash.  
 

 

Amazing.

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It wasn't that long ago that if your credit score was less than 680ish when you joined, you were punished even further. Long hold times, cannot open checking accounts, money markets, etc. They completely locked you down and put you down in 9th class membership. You then had to ask for a review which was a hard pull just to get the restrictions lifted! 

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14 hours ago, EvilMan said:

It wasn't that long ago that if your credit score was less than 680ish when you joined, you were punished even further. Long hold times, cannot open checking accounts, money markets, etc. They completely locked you down and put you down in 9th class membership. You then had to ask for a review which was a hard pull just to get the restrictions lifted! 


Not surprising.

 

When I was a member the first time, I had joined because I had received constant bombardment by MOAA (Military Officers Association of America) about how great PenFed was.  So I figured I would try.  Joining was easy and either I never experienced or never noticed anything abnormal.  
 

My credit score at the time was a tad bit over 800 and I didn't have many inquiries at the time, but I soon found out they didn't like Egyptians.  If you had more than a handful of tradelines already with healthy credit limits, you were persona non grata.  For the couple of years I was a member, no pre-approvals or nothing.

 

They did have this automatic check overdraft facility called Thrifty Credit.  It was available to every member in good standing after six months of membership.  Although I have never overdrawn an account, I always set up overdraft facilities just in case.  I noticed that Thrifty Credit wasn't attached to my account so I called and asked.  At first nobody knew why, but after escalating the issue I got an e-mail stating Thrifty Credit is unavailable to members overseas.  Seriously, you cannot even begin to imagine how pissed I was.

 

I hunted down the PenFed CEO and got him on the phone.  My side of the conservation was rated quadruple X.  I then followed up with an e-mail.  "How the fook can even the most raterded Neanderthal at PenFed even begin to imagine that the 250,000 American military members stationed overseas could ever be not qualified for any Pentagon Federal CU product or benefit whatsoever?"  They fixed the problem, but the damage was done.  I jumped ship soon thereafter.

 

This time around seems better.  There are still weird policies like the credit limit holds, but that problem should disappear in another month and a half.  I can live with that.  Credit card limits seem skimpy, but at least their surprise pre-approval was solid and they didn't hold being an Egyptian against me.  Yet.

 

Sometimes hold times for customer service are a bit long, but I'll give them that due to the COVID-19 circus.  They do have some new CSRs who are very nice, but clueless to the point of being dangerous.  The seasoned CSRs, though, are solid gold.  There have been some that are just so extremely competent and also nice that you want to invite them over and their family for Thanksgiving dinner.  
 

I'll give it about 5 more months and hope for a pre-approval or at least a positive response to a CLI request.  I do like the flat 2% and no FTF.   

 

Color me cautiously optimistic, but ever mindful of our resident CB porch pirate's SeeYou outlook in general.  

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penfed just pulled REG D on me and won't let me push any more ACHs. First it limits my daily withdrawal to 25k which means I need a lot of ACHs and now they ignore the fact the fed suspended RegD due to covid... I feel like a very valuable member.

 

good thing that closing my accounts overrides RegD

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9 hours ago, hegemony said:

penfed just pulled REG D on me and won't let me push any more ACHs. First it limits my daily withdrawal to 25k which means I need a lot of ACHs and now they ignore the fact the fed suspended RegD due to covid... I feel like a very valuable member.

 

good thing that closing my accounts overrides RegD


I'm not sure I understand, Hege.  I mean, I know RegD as it applies to savings accounts.  With PenFed, though, are you talking about their Premium Online Savings account?  That account does have some weird rules.

 

If you are talking about a regular share savings account, can you first move the money to your PenFed checking account?  Checking account, IIRC, have no RegD limitations.  Also, when the Fed suspended RegD I think it wasn't obligatory for banks to follow.  From checking it should be easier.  You could even write a check.  Is there a limit on check amounts?
 

Actually, if they even allow a $25k ACH push that's a minor miracle.  USAA only allows $5k per day.  Bank of America only allows me $5k unless I use their OTP and even then charges a fee.  

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I joined PenFed with a super dirty file, Chap. 7 and a ton a IIB accounts with very large amounts yet within 6 months I had 50K in limits and my payments would increase my available credit  by the payment amount literally around 10 seconds after I clicked the pay tab. Hang in there with PenFed, as you can do worse and every now and then it offers generous propositions.  Far from perfect however as mentioned will correct mistakes.

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2 hours ago, StantheMan said:

I joined PenFed with a super dirty file, Chap. 7 and a ton a IIB accounts with very large amounts yet within 6 months I had 50K in limits and my payments would increase my available credit  by the payment amount literally around 10 seconds after I clicked the pay tab. Hang in there with PenFed, as you can do worse and every now and then it offers generous propositions.  Far from perfect however as mentioned will correct mistakes.

 

Yes, Stan, you are correct.  There's always worse and, in the end, I'm sure PenFed will be great.  What kills me, though, is the unpredictable occurrences and then the newbie CSRs who invent wild implausible stories to explain them.

 

Still, I will follow your advice.  I may well be mean, sarcastic, abusive, condescending, vulgar, threatening and insulting, but I am not a quitter.  

 

Thank you, Stan, for reminding me that there is light at the end of the tunnel.

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13 hours ago, PotO said:


I'm not sure I understand, Hege.  I mean, I know RegD as it applies to savings accounts.  With PenFed, though, are you talking about their Premium Online Savings account?  That account does have some weird rules.

 

If you are talking about a regular share savings account, can you first move the money to your PenFed checking account?  Checking account, IIRC, have no RegD limitations.  Also, when the Fed suspended RegD I think it wasn't obligatory for banks to follow.  From checking it should be easier.  You could even write a check.  Is there a limit on check amounts?
 

Actually, if they even allow a $25k ACH push that's a minor miracle.  USAA only allows $5k per day.  Bank of America only allows me $5k unless I use their OTP and even then charges a fee.  

I don't have penfed checking. SAD!

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