PenFed Credit Union - San Diego, California

Kao Nou Xiong

This is a review regarding the bank and not this specific branch. I called them to increase my HELOC amount that I opened up years ago. They said they needed to open a new one and close the other one, and I didn't see a problem with that if it was that easy. During the process, the rep with whom was working with me did not communicate well. For some reason, he only emailed and did not call except one time. However, I thought maybe it was just me who missed his emails that for some reason doesn't pop to the top of my emails like most other ones. Then when it came time to close the old HELOC, there was a $200-something amount charged and I asked what it was because at no time during this entire month has anyone shared anything about a fee? I was told all of this was free. All the reps pretty much acted like it was no one's responsibility to tell me. I shared that if I knew then I just wouldn't have opened up a new HELOC but now I've already opened up another one so to close it, I would have two fees. No one did anything and customer service was strangely very incompetent or very untrained compared to most places I call. So I closed both HELOCs with them. I asked to close my savings account too since I was told I had to open one in order to open a HELOC with them and now there's no use for one. They told me I had to wait once the HELOC was closed to close that one. Once the HELOC closure confirmation letter arrived, I called in to close the savings account and was assured it would be closed. That was at the beginning of this year. Now I check and my savings account is still open so I called them again today at 12/12/24 8:15am and spoke to a rep who informed me that they actually cannot close my account because it is a joint account so my husband has to call in- which I don't know how the rep I spoke to earlier this year never mentioned this which seems to be a common theme over at PenFed. I wonder are the reps just not trained or are they trained to tell half truths and lies? I got my husband on the phone and they transferred him to Customer Engagement. The rep on there stated that her system is having issues closing our savings account but she will send in a request. We let her know that we were assured this months ago and it did not happen so we spoke with another rep, Beverly, who also could not close our account and will have someone work on it.

Make sure you take the time to write down the names, date and time of each phone call. I realized I did not do this and each time I talked to a rep, they either don't take notes, don't place the last call in their system or just lie. This bank is working their way to a class action lawsuit at this time. I'm reporting them to the BBB.

Anthony Trafficante

Nice people, but it should not take multiple phone calls and an hour on hold to get an error fixed in your system. And yes, an electronically filed tax return is a valid document. If the government accepted it, you should. The worst banking experience I have ever had, made slightly better by truly kind staff. (I've been on hold for 21 minutes and counting because they are saying my utility bill, as provided by the electric company directly which shows my name and address, is not valid)

Robert Kochis

Update after years of banking with them and having a car loan.

Car loan process back in 2021 was absolute hell and only stuck with it cause the rate was good. Having to resubmit docs, the delays and almost lost being able to buy the car I want.

The banking… well it was bad enough to where I went back to chase.

The credit card app… I’ve been invited and pre approved twice and denied twice on 2 credit cards. Have 2 bs inquiries now for no reason.

This is a very unorganized and poorly run credit union. Once my truck is paid off I’m closing all accounts with them.

Very difficult to work with, has caused me nothing but headaches.

Edward Haley

So I saw all the bad reviews after I had applied for my auto loan but decided to give them a chance anyways. I don’t bank with them and only have a credit card so thought let’s see. Well a week into it and yes all the bad press is true. Customer service is clueless, website is janky and they just don’t have it together over there. Listen here PenFed..if you’re gonna offer auto loans. Time is of the essence! Sellers aren’t going to wait around while your system keeps asking for the same stuff over and over again. I have great credit and income and was baffled at their process. I have up and called Lightstream and I was able to apply and fund my loan within same day. No documentation needed because they just gave me a personal loan with the same rate. If you need an auto loan. Don’t use PenFed.

Amir Saeed

Not sure who is manning the ship. Have not been able to add a simple external account for years. It used to work at one point but then they switched to a 'new system'. One time after multiple failed attempts I was told you can only add one external account - funny. Heck even that does not work. The process completely fails in the middle. And they are paying for some fancy service to mediate adding the account and it fails. What's the point if you are only allowed only one external account.
CC Auto payment and transfer system is a train wreck for many years I have been a CC holder. The sub-system works on some otherworldly logic.

S. G.

This the worst credit union I had to deal with. Very poor customer service, multiple errors made in setting up accounts, arrogant customer service counter staff acting as financial advisors, who does not know the difference between a CD certificate and a money market certificate, and above all making up multiple rules not to close and move my account. The only good thing about them is that there was no wait - oh I forgot, I was the only customer during the lunch time!

Jon Licht

I recently worked with PenFed Credit Union for a primary residence HELOC, and they exceeded my expectations. They offered the best Loan-to-Value (LTV) and rate terms available.

Despite my unique situation—renting my house part-time as a vacation rental—the team at PenFed was incredibly responsive and accommodating. Rebecca Adams, the mortgage equity processor, was fantastic, as was Amy Hermes, who managed the approval of exceptions related to my unique situation, and Michael Glavaz, the loan officer.

The easy-to-use portal for document uploads and loan status made the process smooth and efficient. I highly recommend PenFed for their excellent service and competitive terms.

Shannon

Worst bank ever. I just need to find out if someone there can endorse a check sent to us by insurance co that requires the lender's signature. Called in to the number listed, it's not the branch #, but the main #. Asked for the branch #, 45 minutes later the rep can't find it. USELESS BANK!