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Old 12-22-2008, 05:01 PM   #1
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Pen Fed

I submitted an application for Pen Fed.

Is the $50 "share" I send to open an account a deposit into a savings account or a membership fee?

It was tough to decipher that.
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Old 12-22-2008, 05:06 PM   #2
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A "share account" is what the credit union world calls a savings account. Your $50 will show up as an initial deposit in your new account. No 'membership fee' that I'm aware of...
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Old 12-22-2008, 05:08 PM   #3
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If you are sending $50 to Pen Fed directly then it is an opening deposit. If You are sending it to some other organization for membership that qualifies you to join Pen Fed then it's some sort of membership fee. I think when I joined Pen Fed they required only 5 bucks to open an account.

Yeah, what REWahoo said.
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Old 12-22-2008, 05:08 PM   #4
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Quote:
Originally Posted by REWahoo View Post
A "share account" is what the credit union world calls a savings account. Your $50 will show up as an initial deposit in your new account. No 'membership fee' that I'm aware of...
Is there a monthly minimum balance to avoid fees? I only want the account to get loans (for cars and to refinance the house).
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Old 12-22-2008, 05:14 PM   #5
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Originally Posted by jIMOh View Post
Is there a monthly minimum balance to avoid fees? I only want the account to get loans (for cars and to refinance the house).
No, but they do require you to keep a minimum of $5 in the account to keep it open.
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Old 12-22-2008, 05:54 PM   #6
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What REW said. Additionally, you can get, in some cases, a bit of a reduction in interest rate (usually no more than .25%) if you have the "loan" set up for automatic debit from your checking, share, or MMA, with PENFED. They also have bill payer (free I think) available so you may want to consider some type of automatic deposit setup.
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Old 12-22-2008, 09:55 PM   #7
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I opened a Pen Fed account a few months back in preparation for possibly taking out a mortgage with them as well. It's the worst website I've ever used. I haven't had to do much with it yet, but it's a shame, as I'd consider using them for short-term savings but it's just too darn clunky and confusing. Almost as if it were designed and maintained by the government ...
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Old 12-22-2008, 10:01 PM   #8
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I opened a Pen Fed account a few months back in preparation for possibly taking out a mortgage with them as well. It's the worst website I've ever used. I haven't had to do much with it yet, but it's a shame, as I'd consider using them for short-term savings but it's just too darn clunky and confusing. Almost as if it were designed and maintained by the government ...
It is lousy - looks like it was designed in 1992 and never updated. But...they are at least thinking about making improvements as they sent me a survey asking what changes I'd like to see when they updated their site.
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Old 12-22-2008, 10:10 PM   #9
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Heh -- good web sites cost money, and that could be money taken from future savings yields. Be careful what y'all ask for.
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Old 12-22-2008, 10:39 PM   #10
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Heh -- good web sites cost money, and that could be money taken from future savings yields. Be careful what y'all ask for.
That's right leave that website alone and bring back those 6.25% CD's.
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Old 12-23-2008, 01:24 AM   #11
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If you are sending $50 to Pen Fed directly then it is an opening deposit. If You are sending it to some other organization for membership that qualifies you to join Pen Fed then it's some sort of membership fee. I think when I joined Pen Fed they required only 5 bucks to open an account.
....
I just received an application for PenFed & it only requires $5 (I am automatically qualified for membership via my employment)
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Old 12-23-2008, 06:09 AM   #12
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If you don't specify paperless monthly statements, you will be charged a fee each month. If I'm not mistaken, I believe it's about $4.

Mike
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Old 12-23-2008, 06:16 AM   #13
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If you don't specify paperless monthly statements, you will be charged a fee each month. If I'm not mistaken, I believe it's about $4.

Mike
SORRY.......I was mistaken. The "PAPER STATEMENT FEE IS -0.50" a month!

Mike
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Old 12-23-2008, 06:21 AM   #14
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Been using the web-site for years. Works fine for me but may be a bit bland for most and may take some getting used to. Yes they are trying to cut expenses with the monthly statements. I have a large one and back when they only mailed them out the postage alone ran about $2.50 a month. Frankly, I opted for email (actually now pdf files) at the first opportunity and hoped the $30 they saved on the postage would make it to one of my CD's - and I think it did as I have several of those 7 year 6.25% ones.

BTW Wigley you beat me to it on the statement fee; also some members are Grandfathered to receive the mailed statements free of the fee - I am one of them, but still like the on-line version.
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Old 12-23-2008, 10:20 PM   #15
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We paid a $20 membership fee to the NMFA to qualify for membership in PenFed (didn't fit any of their other qualification criteria). Once we were in, however, we let the NMFA membership lapse. They only required a $5 initial deposit. We've had CDs there since 2004 -- coming due in January. Time to decide what to do.
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Old 12-30-2008, 02:56 PM   #16
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I recently joined PenFed because they had good CD rates. (I am a MOAA member, so was eligible.) I just had a bank CD come due and I found that for longer term CD's PenFed has some pretty good rates. But for 6 months, Navy FCU currently offers a 4% APY with a $10K minimum.

Rather than have money tied up in banks all over the country, I plan to stick with NFCU, PenFed and Discover Bank - whoever has the best rates at the moment.

One annoying thing about PenFed - they send out way to many emails and electronic newsletters. I'm going to have to put their address in my spamblocker if they keep it up. Only use the web site to check CD rates occasionally, so that doesn't concern me.
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Old 12-30-2008, 02:59 PM   #17
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One annoying thing about PenFed - they send out way to many emails and electronic newsletters. I'm going to have to put their address in my spamblocker if they keep it up. Only use the web site to check CD rates occasionally, so that doesn't concern me.
Dunno for sure, but I would imagine that they would let you change your email preferences to stop the non-account info from coming.
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Old 12-30-2008, 10:42 PM   #18
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One annoying thing about PenFed - they send out way to many emails and electronic newsletters. I'm going to have to put their address in my spamblocker if they keep it up. Only use the web site to check CD rates occasionally, so that doesn't concern me.
There's either a website button or it could be handled by a phone call. I only get a notification when a statement's been posted.

Among USAA, NFCU, PenFed, and a local bank (Territorial Savings) PenFed is far & away the highest 30-year fixed mortgage interest rate at 5.375%. But if that's the worst complaint I have...
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Old 12-31-2008, 03:36 PM   #19
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The PenFed mortgage rates do tend to jump around quite a bit. When I asked the person helping me do our new mortgage earlier this year he said a lot of it will simply depend on their recent volumes and if they can handle the extra demand.

Between yesterday and today the 15yr rate dropped 0.25 back down to 4.625 (DW and I are refinancing from a 30yr).

Anyways, can't complain too much. I finally pulled the trigger and locked in the new rate with the quick online app.
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Old 12-31-2008, 04:44 PM   #20
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It is lousy - looks like it was designed in 1992 and never updated. But...they are at least thinking about making improvements as they sent me a survey asking what changes I'd like to see when they updated their site.
My Dec. 2008 Newsletter said the were coming out with an upgrade to the website in Jan. 2009.

Hope it makes everyone happy.

Also, an attachment told that they are offering a .25% bonus on CD renewals if you set it up to automatically renew.Started Dec 1 and can be changed without notice. Good on 3,4 5 and 7 year certificates only.
Hope they don't lower the rates the first of the year as I have a bunch of 5 year 5 1/4% CD coming due in Jan-March.
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