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PenFed Credit Union
- Credit Unions
- Louisville, KY
About this business
Our mission isn't simply to help our members get by. We exist to help them realize every ounce of their potential. We exist to educate, but to also encourage. We exist to usher their dreams into the land of reality. And that's why we strive to provide consistently Best-in-Class rates on car loans and home mortgages. In addition, our portfolio of award-winning credit cards offers incentives and innovative features that our competitors find hard to match.
Location details
1101 Grade Ln, Louisville, KY, 40213, United States
Get directions| Weekday | Schedule | Status |
|---|---|---|
| Mon | 8:30 a.m. to 4:00 p.m. | |
| Tue | 8:30 a.m. to 4:00 p.m. | |
| Wed | 8:30 a.m. to 4:00 p.m. | |
| Thu | 8:30 a.m. to 4:00 p.m. | |
| Fri | 8:30 a.m. to 4:00 p.m. | |
| Sat | Closed | |
| Sun | Closed |
I've had to deal with them for several years because they're my deceased father's bank and it's been a very frustrating experience. His accounts are all closed, but even after sending them a copy of the POA they're very secretive and make me jump through a bunch of security theater hoops to make payments or get basic information. And I only have partial access to online banking so I have to call every month to make a credit card payment.
Business response:
We received your Better Business Bureau Review on June 19, 2020. We appreciate the opportunity to address your concerns. We wish to express our condolences once again to you and your family. We provided you letters of instruction in early 2018 in order to proceed with finalizing your father’s accounts. Our team sent you the letters again on June 26, 2020 to your address of record. We received the death certificate requested in the letters, but none of the other requested documentation. If you complete that request, you wil... read more
PenFed is the most unprofessional and disorganized financing institution I have dealt with. Was expecting to close on a house at 10 am and did not find out until 9:50 am that our closing was being delayed solely because of PenFed. I had been asking for weeks prior and the day before close if we were on track to close on time. I was continuously told that this would close on tine by PenFed representatives. Would not recommend this organization to anyone.
Business response:
We received your Better Business Bureau review on May 30, 2020. We appreciate the opportunity to address your concerns. The processing of a mortgage loan can be complex. Clear, frequent communication is essential to the timely completion of this process, and I regret this was not the case in your situation. After reading your concerns, my Management team reviewed your application and we provided coaching to all representatives involved with the handling of your loan. I am pleased to know your loan closed successfully on Ma... read more
I'm a real estate agent. My client had a preapproval letter from penfed. It's not worth the paper it is printed on. They never pulled docs to verify assets or income. Not knowing this I I negotiate a deal for them. Home was off the market for two months. Penfed kept asking for the same docs over and over again. They would send out requests at the end of business and leave the office. They would not return phone calls or emails. Underwriting denied the loan three days before closing because my clients debt to income ratio was... read more
Business response:
We are very sorry to hear of your dissatisfaction with our handling of your client’s application. We realize timely, accurate communication is essential during the processing of a purchase loan application, as circumstances can change quickly and there are contractual closing deadlines. We regret we did not meet our service goals in this case. Senior Vice President, Consumer Direct Lending
Terrible customer service in the mortgage area. Signed the documents they present at the inception of the loan. Went to underwriting and was approved. Then receive another set of documents that changed the loan amount, added a discount % and a change fee amount. I did not ask for any changes be made to the loan. Then received very unprofessional email from Nicholas Alfaro telling me to pay the points or pay $2600 at closing. I have saved the email. What happened to what was agreed upon up front. Now they want more fees and p... read more
Need a laugh? Try to get a credit card from this credit union. They will bombard you with emails to apply because you are a member. They will email you so much and then wear you down so you apply. Even with good credit they will turn you down. Only to add a hard pull on your credit. They actually hurt your credit by applying. I have received credit from more reputable companies like Discover and Citibank. Penfed will treat you like a name on a piece of paper. DON'T WASTE YOUR TIME with PenFed. This Credit Union sucks plus th... read more
Business response:
Dear member, Your feedback is very important to us and we appreciate the opportunity to respond to your concerns. We regret you were not eligible for a PenFed credit card at this time. We provided an explanation letter to you on April 29, 2020 with the reasons for our decision. If you have questions, please contact us at 800-247-5626. Sincerely, Director, Consumer Underwriting & Processing
Pentagon Federal Credit Union is in my opinion a first rate business financial services company working for customers managing checking, savings, loans and credit card accounts. Online, telephone and postal mail communications are excellent. Applications are processed in a timely manner. Questions are answered by telephone representatives with knowledge and respect. Interest rates are determined by credit history. In summary this Pen Fed organization is trustworthy and has my highest recommendation. Nancy M.Rehkamp
Business response:
Thank you for your kind words and positive feedback about our products and services. We are very happy to have you as a valued member! Sincerely, Senior Vice President, Operations
They begin by giving a false sense of security, they made the loan process easy to do. The. Close out with a quick, in 24-48 hours we will contact you. After a couple hours I decided to call and check the status, first before I’m given the loan decision they say let’s just finish the membership. I completed that took the $5.00 to start it, then they said the loan was declined, a bit of surprise I asked why, they said to check with the credit bureau. They just want members and the fee to open an account, but spend no time to ... read more
Business response:
Your feedback is very important to us and we appreciate the opportunity to respond to your concerns. It is possible to obtain a loan decision prior to finalizing a PenFed membership. We understand you chose to open your membership first. The $5.00 deposit was not a fee, but the opening deposit for your savings account. If you do not want to keep your membership, please call us and we can issue a check for your deposit. We hope this information is helpful. Sincerely, Senior Vice President, Operations
Penfed is posting mortgage rates that they don't want to honor! I wanted to refinance my home with Penfed, as rates are low, and got the run around for the ages. I called on Friday 3/6/20 to ask a simple question and someone took all my info, couldn't answer thing and said someone from the "Mortgage Dept" is going to call me back. After 5 hours I decided to call back and same routine. I call the next day, Saturday, and get the same song and dance. As rates were low I call back on Monday and get the same answer. They ask for ... read more
Business response:
We appreciate the opportunity to address your concerns. We are committed to providing superior service to our members in every interaction, and I regret the service you received prior to posting your review was not reflective of this commitment. We understand we spoke with you on March 17th. We hope that conversation resolved your concerns. Please feel free to reach out to the Mortgage Loan Officer you spoke with if you have further questions as you move forward. We hope to serve you for years to come. Senior Vice Presid... read more
When I closed my HELOC with PenFed I found out about the Lien Release fee, which I wasn't aware of. I learned about it when my balance was paid off by another financial institution. They overpaid my balance, and the excess amount was sent to my PenFed savings account with the note "Excess From Loan." Later I found out that the excess was a "fee" for filing two documents, required by my county. I asked my county clerks, they said that the fee could be reduced. However PenFed agents are slow to cooperate. I'm disappointed.
Business response:
We received your Better Business Bureau review on February 27, 2020. We appreciate the opportunity to address your concerns. Your feedback is very important to us. We regret the uncertainty caused by the timing of the lien release fee at the closure of your home equity line of credit. PenFed pays the county recording and a processing fee to a third- party vendor to release the lien. We do not mark up the cost above the amount we are charged. The costs associated with the lien release are the responsibility of the borrower... read more
Frequently asked questions about PenFed Credit Union
How is PenFed Credit Union rated?
PenFed Credit Union has a 1.2 star rating with 205 reviews.
When is PenFed Credit Union open?
PenFed Credit Union is closed now. It will open on Monday at 8:30 a.m.
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