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12-22-2008, 04:01 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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Pen Fed
I submitted an application for Pen Fed.
Is the $50 "share" I send to open an account a deposit into a savings account or a membership fee?
It was tough to decipher that.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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12-22-2008, 04:06 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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A "share account" is what the credit union world calls a savings account. Your $50 will show up as an initial deposit in your new account. No 'membership fee' that I'm aware of...
__________________
Numbers is hard
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12-22-2008, 04:08 PM
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#3
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Full time employment: Posting here.
Join Date: Sep 2006
Location: Pocono Mtns.
Posts: 899
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If you are sending $50 to Pen Fed directly then it is an opening deposit. If You are sending it to some other organization for membership that qualifies you to join Pen Fed then it's some sort of membership fee. I think when I joined Pen Fed they required only 5 bucks to open an account.
Yeah, what REWahoo said.
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12-22-2008, 04:08 PM
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#4
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Thinks s/he gets paid by the post
Join Date: Apr 2007
Location: west bloomfield MI
Posts: 2,223
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Quote:
Originally Posted by REWahoo
A "share account" is what the credit union world calls a savings account. Your $50 will show up as an initial deposit in your new account. No 'membership fee' that I'm aware of...
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Is there a monthly minimum balance to avoid fees? I only want the account to get loans (for cars and to refinance the house).
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
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12-22-2008, 04:14 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Quote:
Originally Posted by jIMOh
Is there a monthly minimum balance to avoid fees? I only want the account to get loans (for cars and to refinance the house).
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No, but they do require you to keep a minimum of $5 in the account to keep it open.
__________________
Numbers is hard
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12-22-2008, 04:54 PM
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#6
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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What REW said. Additionally, you can get, in some cases, a bit of a reduction in interest rate (usually no more than .25%) if you have the "loan" set up for automatic debit from your checking, share, or MMA, with PENFED. They also have bill payer (free I think) available so you may want to consider some type of automatic deposit setup.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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12-22-2008, 08:55 PM
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#7
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Full time employment: Posting here.
Join Date: Jan 2006
Location: Boston
Posts: 620
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I opened a Pen Fed account a few months back in preparation for possibly taking out a mortgage with them as well. It's the worst website I've ever used. I haven't had to do much with it yet, but it's a shame, as I'd consider using them for short-term savings but it's just too darn clunky and confusing. Almost as if it were designed and maintained by the government ...
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12-22-2008, 09:01 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,022
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Quote:
Originally Posted by Lusitan
I opened a Pen Fed account a few months back in preparation for possibly taking out a mortgage with them as well. It's the worst website I've ever used. I haven't had to do much with it yet, but it's a shame, as I'd consider using them for short-term savings but it's just too darn clunky and confusing. Almost as if it were designed and maintained by the government ...
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It is lousy - looks like it was designed in 1992 and never updated. But...they are at least thinking about making improvements as they sent me a survey asking what changes I'd like to see when they updated their site.
__________________
Numbers is hard
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12-22-2008, 09:10 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Heh -- good web sites cost money, and that could be money taken from future savings yields. Be careful what y'all ask for.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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12-22-2008, 09:39 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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That's right leave that website alone and bring back those 6.25% CD's.
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12-23-2008, 12:24 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Feb 2008
Posts: 1,281
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Quote:
Originally Posted by cantlogin
If you are sending $50 to Pen Fed directly then it is an opening deposit. If You are sending it to some other organization for membership that qualifies you to join Pen Fed then it's some sort of membership fee. I think when I joined Pen Fed they required only 5 bucks to open an account.
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I just received an application for PenFed & it only requires $5 (I am automatically qualified for membership via my employment)
__________________
Retired 2009!
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12-23-2008, 05:09 AM
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#12
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Full time employment: Posting here.
Join Date: Nov 2008
Location: Jacksonville
Posts: 637
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If you don't specify paperless monthly statements, you will be charged a fee each month. If I'm not mistaken, I believe it's about $4.
Mike
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12-23-2008, 05:16 AM
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#13
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Full time employment: Posting here.
Join Date: Nov 2008
Location: Jacksonville
Posts: 637
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Quote:
Originally Posted by wrigley
If you don't specify paperless monthly statements, you will be charged a fee each month. If I'm not mistaken, I believe it's about $4.
Mike
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SORRY.......I was mistaken. The "PAPER STATEMENT FEE IS -0.50" a month!
Mike
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12-23-2008, 05:21 AM
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#14
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Been using the web-site for years. Works fine for me but may be a bit bland for most and may take some getting used to. Yes they are trying to cut expenses with the monthly statements. I have a large one and back when they only mailed them out the postage alone ran about $2.50 a month. Frankly, I opted for email (actually now pdf files) at the first opportunity and hoped the $30 they saved on the postage would make it to one of my CD's - and I think it did as I have several of those 7 year 6.25% ones.
BTW Wigley you beat me to it on the statement fee; also some members are Grandfathered to receive the mailed statements free of the fee - I am one of them, but still like the on-line version.
__________________
Vietnam Veteran, CW4 USA, Retired 1979
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12-23-2008, 09:20 PM
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#15
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Dryer sheet aficionado
Join Date: Feb 2008
Posts: 29
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We paid a $20 membership fee to the NMFA to qualify for membership in PenFed (didn't fit any of their other qualification criteria). Once we were in, however, we let the NMFA membership lapse. They only required a $5 initial deposit. We've had CDs there since 2004 -- coming due in January. Time to decide what to do.
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12-30-2008, 01:56 PM
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#16
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Thinks s/he gets paid by the post
Join Date: Jun 2002
Posts: 1,637
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I recently joined PenFed because they had good CD rates. (I am a MOAA member, so was eligible.) I just had a bank CD come due and I found that for longer term CD's PenFed has some pretty good rates. But for 6 months, Navy FCU currently offers a 4% APY with a $10K minimum.
Rather than have money tied up in banks all over the country, I plan to stick with NFCU, PenFed and Discover Bank - whoever has the best rates at the moment.
One annoying thing about PenFed - they send out way to many emails and electronic newsletters. I'm going to have to put their address in my spamblocker if they keep it up. Only use the web site to check CD rates occasionally, so that doesn't concern me.
__________________
friar1610
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12-30-2008, 01:59 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by friar1610
One annoying thing about PenFed - they send out way to many emails and electronic newsletters. I'm going to have to put their address in my spamblocker if they keep it up. Only use the web site to check CD rates occasionally, so that doesn't concern me.
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Dunno for sure, but I would imagine that they would let you change your email preferences to stop the non-account info from coming.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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12-30-2008, 09:42 PM
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#18
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Quote:
Originally Posted by friar1610
One annoying thing about PenFed - they send out way to many emails and electronic newsletters. I'm going to have to put their address in my spamblocker if they keep it up. Only use the web site to check CD rates occasionally, so that doesn't concern me.
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There's either a website button or it could be handled by a phone call. I only get a notification when a statement's been posted.
Among USAA, NFCU, PenFed, and a local bank (Territorial Savings) PenFed is far & away the highest 30-year fixed mortgage interest rate at 5.375%. But if that's the worst complaint I have...
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
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12-31-2008, 02:36 PM
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#19
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 131
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The PenFed mortgage rates do tend to jump around quite a bit. When I asked the person helping me do our new mortgage earlier this year he said a lot of it will simply depend on their recent volumes and if they can handle the extra demand.
Between yesterday and today the 15yr rate dropped 0.25 back down to 4.625 (DW and I are refinancing from a 30yr).
Anyways, can't complain too much. I finally pulled the trigger and locked in the new rate with the quick online app.
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12-31-2008, 03:44 PM
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#20
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Recycles dryer sheets
Join Date: Jan 2008
Posts: 397
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Quote:
Originally Posted by REWahoo
It is lousy - looks like it was designed in 1992 and never updated. But...they are at least thinking about making improvements as they sent me a survey asking what changes I'd like to see when they updated their site.
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My Dec. 2008 Newsletter said the were coming out with an upgrade to the website in Jan. 2009.
Hope it makes everyone happy.
Also, an attachment told that they are offering a .25% bonus on CD renewals if you set it up to automatically renew.Started Dec 1 and can be changed without notice. Good on 3,4 5 and 7 year certificates only.
Hope they don't lower the rates the first of the year as I have a bunch of 5 year 5 1/4% CD coming due in Jan-March.
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