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Old 11-11-2010, 12:48 AM   #21
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Steve there was a special offer for those with CD's already but PenFed frequently offers special rates in January that are open to all (who are members).

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Old 11-11-2010, 07:09 AM   #22
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PS. I'm jealous of all the upper crust folks getting that 5% offer.
Thanks, I feel very special now.
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Old 11-11-2010, 11:22 AM   #23
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Steve,

If you decide to join be sure that when you pay for your membership to the military support group (forgot the name) and your initial share account funding that you use ACH from your bank account and not pay for it with a charge card. If you use a charge card it comes out as a cash advance transaction. A cash advance fee will spoil your fun of being a new PenFed customer.

I joined in 10/2007 to get in on the 6% 3 year CDs. Those just matured and I've reserved some of the 5% 10 year ones for January.
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Old 11-11-2010, 03:22 PM   #24
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If you're going to join Penfed, I would recommend getting their visa card. 5% off on gas and 2% off on groceries is a good deal.
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Old 11-11-2010, 04:43 PM   #25
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PS. I'm jealous of all the upper crust folks getting that 5% offer.
You have nothing to be jealous of. When our refinance is all done and recorded then I'll post about PenFed's customer "service" to all us upper-crusties.

Just be happy that their CD application process is largely automated...
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Old 11-14-2010, 03:33 PM   #26
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If you're going to join Penfed, I would recommend getting their visa card. 5% off on gas and 2% off on groceries is a good deal.
I like the thought on the gas and grocery discount.
But I don't really need more cards.
Any more votes or thoughts on this issue?
Also, I didn't find an option on funding the account by ACH. They wanted a credit card so I stopped application and e-mailed them a question about it. Were any of you able to fund and open a new account without the credit card funding being used? I think the ACH method would be best, if possible and would establish my bank account link at the same time. Right?
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Old 11-14-2010, 08:43 PM   #27
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I think I took the hit 3 years ago and had a cash advance on the cc don't believe I've done that three times in my life, but I was anxious to get set up and get in on the 6% CD offer.
I use the penfed cc as my primary card 5% on gas is tough to beat they credit your account automatically each month. No games, no points expiring, no claim forms etc. etc...
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Old 11-17-2010, 03:36 PM   #28
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I've started the process of opening my account at penfed and getting the new credit card. I stopped short on the application when I got to the fund it with my personal credit card. I then called them on the phone the next day and told them I would not do the funding in anyway that cost me a cash advance. The rep said (verbally) they had changed the process and that I would not be charged fees. So I gave her the card number and allowed it to go through.
We will see how it goes and will let you guys know.
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Old 11-17-2010, 03:49 PM   #29
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Good to know that they changed it.
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Old 11-17-2010, 07:43 PM   #30
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This is exactly how I funded my account and there were no extra fees. I don't believe there was an option to fund it through a checking acct.
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Old 11-17-2010, 10:04 PM   #31
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This is exactly how I funded my account and there were no extra fees. I don't believe there was an option to fund it through a checking acct.
It appeared that I could have written a paper check and used snail mail.
But I went the CC way.
Happy to hear you were not charged a cash advance on your card.
The Rep was quick to let me know they changed the system to avoid the extra charges.
They must have had lots of complaints in the past.
Thanks,
Steve
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Old 11-17-2010, 11:47 PM   #32
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This is exactly how I funded my account and there were no extra fees. I don't believe there was an option to fund it through a checking acct.
ACH from brokerage is how mine was funded, about a year ago.
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Old 11-18-2010, 06:19 AM   #33
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Heres a little news on penfed that you all might find interesting:

USAA, PenFed join forces to offer more products - Navy News | News from Afghanistan & Iraq - Navy Times
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Old 11-18-2010, 06:25 AM   #34
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Wow. A bank and a credit union forming a alliance, and 2012 is just around the corner. Coincidence?
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Old 11-18-2010, 06:02 PM   #35
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I understand that PenFed and USAA have a new alliance that allows clients to cross-access each-others products. Not sure where I heard this, perhaps USAA sent me a message.
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