World Traveler
Recycles dryer sheets
- Joined
- Oct 2, 2014
- Messages
- 147
Looking at banking with Penfed. Does anyone bank there? .55% savings?2% cashback CC?
We don't really bank there so I can't be of much help.
I have an account with them as a result of them offering a 3% 5-year CD special in 2013, but the CD matured and their renewal rates were unattractive and I move the tIRA money out of PenFed. I have kept the share savings account in case their CD rates ever become attractive again and I want to return.
I use Discover Bank for online savings (0.5%) and CitiBank DoubleCash for credit card (1% when charged and 1% when paid but we are on autopay so it is like 2% on everything.
Is your checking account with Discover Bank as well? I assume all your monthly expenses is paid out of your checking account.
... Last time we went through this cycle, US Treasuries were more attractive then CDs for about a year and then CDs finally caught up.
Bloomberg is showing a 5 year Treasury @ 2.07% right now. No state taxes on Treasuries.PenFed is now offering a 5 year 1.80% CD - which is now higher than most other banks/ credit unions
We don't really bank there so I can't be of much help.
I have an account with them as a result of them offering a 3% 5-year CD special in 2013, but the CD matured and their renewal rates were unattractive and I move the tIRA money out of PenFed. I have kept the share savings account in case their CD rates ever become attractive again and I want to return.
We had a small CD, but nothing else saved there.Looking at banking with Penfed. Does anyone bank there? .55% savings?2% cashback CC?
When I sold my house I put the proceeds in a CD there until I bought a new house. They were a real PITA to deal with and didn't send me a tax form for the CD interest earned in that calendar year. I thought no tax was owed until the CD matured, so I had to file an amended return.
YMMV, but I wouldn't give them any preference unless they have an exceptionally good rate.
I'm sure this is true, but it was insult to injury after all the crap they gave me when I was trying to invest there. They accused me of being a con artist and had their security department call me in the middle of the night. If you do a search here, you'll find a similar tale from Nords.........I think your problem with the tax form was this: PenFed is almost all on-line. I think you have to “pull” tax statements ..........
We don't really bank there so I can't be of much help.
I have an account with them as a result of them offering a 3% 5-year CD special in 2013, but the CD matured and their renewal rates were unattractive and I move the tIRA money out of PenFed. I have kept the share savings account in case their CD rates ever become attractive again and I want to return.
I use Discover Bank for online savings (0.5%) and CitiBank DoubleCash for credit card (1% when charged and 1% when paid but we are on autopay so it is like 2% on everything.
I got tired of the fraud triggers and the generally incompetent customer service... while their CD interest rates were dropping.I'm sure this is true, but it was insult to injury after all the crap they gave me when I was trying to invest there. They accused me of being a con artist and had their security department call me in the middle of the night. If you do a search here, you'll find a similar tale from Nords.
He knocked it down to a $5000 transfer, but that didn’t work, so he called and talked to someone who said the new transfer amount is $1500.
Accidental Retiree; said:My husband is getting ready to close his PenFed account.
Back in April, he was able to pull $10,000 out of savings to go right to checking. The other day he tried, and $10k didn’t work.
He knocked it down to a $5000 transfer, but that didn’t work, so he called and talked to someone who said the new transfer amount is $1500.
He couldn’t even get the $1500 moved.
He’s been trying for a couple of days to talk to someone again, and he just now got through to a real person.
She’s now telling him there was an email that went out last week saying that temporarily transfer amounts would be limited for 4-5 days.
She also said that she thinks he may have hit his $10,000 limit for the month.
Basically, she doesn’t know and keeps putting him on hold—and he had to sneak in through the credit card services back door to even get to someone!
At any rate, we agree with Nords that we’re letting PFCU go and just sticking with Navy Fed.