Another Pen Fed Question

[summer2007]

I'm considering starting an account with Pen Fed so I called to ask them a few questions.

It will be a while until I have money that will be available to invest in CD's since I have some CD's maturing later this year. I asked the CSR if there was any inactivity fees and she sounded like she was not sure

My other question was if I can use an ACH transfer from my checking account to fund my PEN FED account and also use an ACH transfer to transfer money back out. She tells me it costs $5 per transfer

I just wanted to hear from anyone that has an account there if you are able to transfer money in and out with an ACH transfer and if there is any fee.

And also if you just have a share account that is just sitting idle or a CD that is just sitting there earning interest if you are charged any inactivity fees?

Thanks

Jim

 

[REWahoo]

I can't respond on your transfer fee questions but PenFed does not have an inactivity fee. As long as you keep a minimum of $5 in your share savings account it draws a few pennies interest and no fees are charged.

 

[OAG]

No inactivity fees - the minimum of $5 can sit there forever. Yes, you can ACH (pull) money into PENFED without any FEES - BUT you cannot ACH (push) money out (you would have to have the gaining institution do a ACH (Pull) from PENFED) (kind of a PITA sometimes but most others will do ACH pulls). You also can have them send you a check to your address of record.

 

[summer2007]

Thanks REWahoo and OAG

I didn't think that the CSR had it right!

Jim

 

[nphx]

Can anyone say if a Sams Club fuel purchase qualifies for the 5% on the pen fed Visa card?

 

[RustyShackleford]

Can anyone say if a Sams Club fuel purchase qualifies for the 5% on the pen fed Visa card?

Maybe you can call Penfed with the transaction code from one of your
purchases there (on whatever CC you use now) and they can tell you.

 

[brewer12345]

BTW, just noticed today that in a week Pen Fed will be rolling out a new, improved website. Good thing, since the site is really clunky now.