A follow up post on an unexpected issue with PenFed:
So, I had a CD mature yesterday (1/31) which was set up with an automatic ACH to another institution. I ACH funds to this same institution frequently from my Ameritrade account, and it is always completed overnight.
The funds show debited from my PenFed account as of yesterday, but are no where to be found on the target institution. So, I call them (the target), and they check w/the back office and no inbound ACH is to be found. I then call PenFed, am put on hold to investigate it, and about 5 minutes later the call is dropped. I then call back and the rep this time (instead of saying she was going to investigate it) tells me it can take 3-5 business days for the ACH to process. I then talk to a supervisor, who tells me yes, it might take 3 business days for the target institution to receive the funds, and then goes on to discuss that is why they might put a hold on it (as ACH's can be reversed).
I then explain that the target isn't putting a hold on, they haven't gotten anything in their ACH inbounds at all. The supervisor then insists that it can take 3 business days. I give up, other than to tell her that PenFed isn't going in a good direction as an institution to do business with.
As an aside, the National Automated Clearing House rules for ACH processing state that credit operations must settle in one or two business days, and debits in one business day. I'm looking forward to expanded same day ACH requirements, which are supposed to happen sometime in 2020 I think.