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Question about Penfed billing for new account
Old 02-20-2014, 02:43 PM   #1
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Question about Penfed billing for new account

I recently established a new account with Penfed, to obtain a 3% CD. The cost to enroll was a $15 donation and $5 to go into my newly established account. Total of $20, which is OK. I just have a problem with Penfed calling it a "cash advance". I was expecting just to have a basic $20 "purchase" transaction on my cc statement, not a "cash advance". My credit card is charging me a $5 fee for the "cash advance". Not a huge amount of money, but very annoying.

Anyone else have this "cash advance" on their cc bill for enrolling, and were you expecting it?

Thanks,

JG 3
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Old 02-20-2014, 03:25 PM   #2
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Not sure about the $15 donation, but that $5 deposit wasn't a purchase, it was cash to establish an account - correctly characterized as a cash advance from your CC.
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Old 02-21-2014, 08:08 AM   #3
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Thanks for the response, REWahoo.
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Old 02-21-2014, 03:33 PM   #4
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The same happened to me many years ago when I first joined PenFed. It was so long ago, I don't remember if I did anything more than complain. I most likely chalked it up to lesson learned.
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Old 02-22-2014, 02:36 PM   #5
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Quote:
Originally Posted by kiki View Post
The same happened to me many years ago when I first joined PenFed. It was so long ago, I don't remember if I did anything more than complain. I most likely chalked it up to lesson learned.
Yep. One more thing for me to put on the list of gotchas to ask about.
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Old 02-22-2014, 02:53 PM   #6
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Hmm, I'm looking over my bill when I signed up in December. I put $10 in, my capital one visa card charged me no fee or interest relating to that transaction. I guess it depends on your card?
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