I'm in the process of becoming a member of Penfed (Pentagon Federal Credit Union). Others here have also expressed interest. In reading the fine print on the application I noticed there is a $15 per quarter charge for accounts with no activity. I emailed and told them it was my intent to open a share account and deposit the $5 minimum (which is required by them) and let that account sit idle indefinitely. I explained that it was my intention to invest in their CDs (they call them "money market certificates") and nothing else. I asked if the $5 share account they require is subject to the $15 per quarter fee. I was surprised to learn that it is. Here was the response:
"Thank you for contacting Pentagon Federal Credit Union. In order to prevent your account from going inactive we ask that you contact us at least every six month. We also need to be contacted with any address or telephone number change."
This is a strange requirement I've never seen before. I can understand the need for address change notification, but the requirement that one must contact them at least every six months seems a potential trap with a $15 per quarter cost. Thought I'd post it for those who may not be aware of it. Another thing to add to the "to-do" list.
"Thank you for contacting Pentagon Federal Credit Union. In order to prevent your account from going inactive we ask that you contact us at least every six month. We also need to be contacted with any address or telephone number change."
This is a strange requirement I've never seen before. I can understand the need for address change notification, but the requirement that one must contact them at least every six months seems a potential trap with a $15 per quarter cost. Thought I'd post it for those who may not be aware of it. Another thing to add to the "to-do" list.