keep Pentagon Federal Credit Union account

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Topic Author
Nyc10036
Posts: 1663
Joined: Wed Oct 05, 2016 6:29 pm

keep Pentagon Federal Credit Union account

Post by Nyc10036 »

Is there any reason reason to keep my PenFed account?
I got it several years ago when they were paying very good interest rates on CDs.
That hasn't been the case in quite a while.
stan1
Posts: 14235
Joined: Mon Oct 08, 2007 4:35 pm

Re: keep Pentagon Federal Credit Union account

Post by stan1 »

I closed mine (and my mom's as well who used their CDs more than I did).
Can always open it again.
Topic Author
Nyc10036
Posts: 1663
Joined: Wed Oct 05, 2016 6:29 pm

Re: keep Pentagon Federal Credit Union account

Post by Nyc10036 »

stan1 wrote: Sun Sep 19, 2021 11:01 am I closed mine (and my mom's as well who used their CDs more than I did).
Can always open it again.
Thanks.
I hadn't realize that they opened up membership to everyone.
stan1
Posts: 14235
Joined: Mon Oct 08, 2007 4:35 pm

Re: keep Pentagon Federal Credit Union account

Post by stan1 »

Nyc10036 wrote: Sun Sep 19, 2021 11:15 am
stan1 wrote: Sun Sep 19, 2021 11:01 am I closed mine (and my mom's as well who used their CDs more than I did).
Can always open it again.
Thanks.
I hadn't realize that they opened up membership to everyone.
Yes it is open membership now, but even before you could make a very small donation to a military related charity and become eligible to join.
Topic Author
Nyc10036
Posts: 1663
Joined: Wed Oct 05, 2016 6:29 pm

Re: keep Pentagon Federal Credit Union account

Post by Nyc10036 »

stan1 wrote: Sun Sep 19, 2021 11:23 am
Nyc10036 wrote: Sun Sep 19, 2021 11:15 am
stan1 wrote: Sun Sep 19, 2021 11:01 am I closed mine (and my mom's as well who used their CDs more than I did).
Can always open it again.
Thanks.
I hadn't realize that they opened up membership to everyone.
Yes it is open membership now, but even before you could make a very small donation to a military related charity and become eligible to join.
That is what I did to join.

.
Mike Scott
Posts: 3574
Joined: Fri Jul 19, 2013 2:45 pm

Re: keep Pentagon Federal Credit Union account

Post by Mike Scott »

Leaving $5 in the basic account will retain your membership.
nalor511
Posts: 5016
Joined: Mon Jul 27, 2015 1:00 am

Re: keep Pentagon Federal Credit Union account

Post by nalor511 »

Mike Scott wrote: Sun Sep 19, 2021 1:08 pm Leaving $5 in the basic account will retain your membership.
I keep mine just in case they bring back good CD rates, it's a pain in the booty (plus a credit check, unfreeze/refreeze credit, etc.) to reopen, while it only costs me the float on $5 to keep it open
meebers
Posts: 501
Joined: Sat Apr 14, 2012 7:20 pm
Location: Florida

Re: keep Pentagon Federal Credit Union account

Post by meebers »

I also enjoyed the PFCU while the CD rates were among the best. But, I always seem to have a hassle when funding/withdrawing $$ and transfer fee's etc. Unlike the NFCU, which seems to me, to go out of their way to help you do what you want. I closed the PFCU not in anger but, found something more to my liking.
z91
Posts: 790
Joined: Fri Mar 07, 2014 12:19 pm

Re: keep Pentagon Federal Credit Union account

Post by z91 »

I leave it open but disconnect all bank accounts just in case. It's easy to add account links back on, but a PITA to open the account again.
Blue456
Posts: 2151
Joined: Tue Jun 04, 2019 5:46 am

Re: keep Pentagon Federal Credit Union account

Post by Blue456 »

Mike Scott wrote: Sun Sep 19, 2021 1:08 pm Leaving $5 in the basic account will retain your membership.
But after awhile they may charge you fee for inactivity.
bmr12
Posts: 114
Joined: Mon Sep 07, 2015 2:27 pm

Re: keep Pentagon Federal Credit Union account

Post by bmr12 »

Blue456 wrote: Sun Sep 19, 2021 8:17 pm But after awhile they may charge you fee for inactivity.
My father opened an account for me ~40 years ago. I’m up to $50 in my account. They haven’t ever charged fees. Used them for a mortgage and a forex-free credit card back when that was harder to find.
friar1610
Posts: 2328
Joined: Sat Nov 29, 2008 8:52 pm
Location: MA South Shore

Re: keep Pentagon Federal Credit Union account

Post by friar1610 »

meebers wrote: Sun Sep 19, 2021 7:37 pm I also enjoyed the PFCU while the CD rates were among the best. But, I always seem to have a hassle when funding/withdrawing $$ and transfer fee's etc. Unlike the NFCU, which seems to me, to go out of their way to help you do what you want. I closed the PFCU not in anger but, found something more to my liking.
I agree with your positive comments about NFCU - it’s our primary “bank”, not just a place to buy CDs. But I still keep a token amount in PenFed just in case the good ol’ days return.
Friar1610 | 50-ish/50-ish - a satisficer, not a maximizer
UpperNwGuy
Posts: 9446
Joined: Sun Oct 08, 2017 7:16 pm

Re: keep Pentagon Federal Credit Union account

Post by UpperNwGuy »

Nyc10036 wrote: Sun Sep 19, 2021 10:54 am Is there any reason reason to keep my PenFed account?
I got it several years ago when they were paying very good interest rates on CDs.
That hasn't been the case in quite a while.
Ahem..... Did you check PenFed's new interest rates on CDs before you posted? The rates just changed for the better this weekend. And they are better than NFCU at the moment. Never burn bridges....

https://www.penfed.org/accounts/money-m ... ertificate
criticalmass
Posts: 2839
Joined: Wed Feb 12, 2014 9:58 pm

Re: keep Pentagon Federal Credit Union account

Post by criticalmass »

Current PenFed certificate rates:

3 Year Term 0.85 % APY*
5 Year Term 1.10 % APY

Still not exciting enough for me to withdrawal from my 1% APY Checking account and put into a PenFed certificate, but a slight improvement.

I use my PenFed Cash Rewards credit card for 5% cash back on gas. The card previously had 2% on supermarkets, and 1.25% on general spending, plus some other nice perks like free cell phone insurance if you paid your bill with it. That was in the days when a good cash back card earned 1% total. In recent years, all cashback was systematically lowered to zero, except the gas has remained. The card is no longer available.

I would keep the membership. Keep $5-25 in your share account and close everything else out to avoid fees. PenFed can be clunky but occasionally has great refi rates and certificates. They bought a failed credit union in New York a few years ago for the purpose of the open charter. Everybody (US persons) is eligible.
meebers
Posts: 501
Joined: Sat Apr 14, 2012 7:20 pm
Location: Florida

Re: keep Pentagon Federal Credit Union account

Post by meebers »

Blue456 wrote: Sun Sep 19, 2021 8:17 pm
Mike Scott wrote: Sun Sep 19, 2021 1:08 pm Leaving $5 in the basic account will retain your membership.
But after awhile they may charge you fee for inactivity.
Recently got a letter from my "other" credit union, (member for 15 yrs), concerning inactivity. They would mark my accounts (share and MM) as inactive. The checking account was ok. The manager switched $1 from one account to another and vise versa. He said this should be repeated every 6 months. :greedy
Finridge
Posts: 1094
Joined: Mon May 16, 2011 7:27 pm

Re: keep Pentagon Federal Credit Union account

Post by Finridge »

meebers wrote: Mon Sep 20, 2021 8:42 pm
Blue456 wrote: Sun Sep 19, 2021 8:17 pm
Mike Scott wrote: Sun Sep 19, 2021 1:08 pm Leaving $5 in the basic account will retain your membership.
But after awhile they may charge you fee for inactivity.
Recently got a letter from my "other" credit union, (member for 15 yrs), concerning inactivity. They would mark my accounts (share and MM) as inactive. The checking account was ok. The manager switched $1 from one account to another and vise versa. He said this should be repeated every 6 months. :greedy
Had this happen with a federal credit union associated with another military installation. I had kept the account open, but hadn't been very active for 15 years, always thinking it could potentially end up being useful at some point. But revisiting this, I couldn't envision ever needing them for anything. I closed the account.
mr_brightside
Posts: 897
Joined: Sat Oct 17, 2020 3:23 pm

Re: keep Pentagon Federal Credit Union account

Post by mr_brightside »

their 'bonus' on-line saving account or whatever they are calling it actually has decent (FOR THESE DAYS) interest rate -- .4% or whatever.

not the worst place to stash cash -- its competitive anyway.

ETA: just checked its .45%. Premium Online Savings

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UpperNwGuy
Posts: 9446
Joined: Sun Oct 08, 2017 7:16 pm

Re: keep Pentagon Federal Credit Union account

Post by UpperNwGuy »

mr_brightside wrote: Tue Sep 21, 2021 6:53 am their 'bonus' on-line saving account or whatever they are calling it actually has decent (FOR THESE DAYS) interest rate -- .4% or whatever.

not the worst place to stash cash -- its competitive anyway.

ETA: just checked its .45%. Premium Online Savings
Yep, that's where I keep my near-term savings.
TheGreyingDuke
Posts: 2217
Joined: Fri Sep 02, 2011 10:34 am

Re: keep Pentagon Federal Credit Union account

Post by TheGreyingDuke »

And from time to time they have attractive offers on new vehicles, usually Audi, BMW, and Volvo.
"Every time I see an adult on a bicycle, I no longer despair for the future of the human race." H.G. Wells
Topic Author
Nyc10036
Posts: 1663
Joined: Wed Oct 05, 2016 6:29 pm

Re: keep Pentagon Federal Credit Union account

Post by Nyc10036 »

criticalmass wrote: Sun Sep 19, 2021 11:26 pm They bought a failed credit union in New York a few years ago for the purpose of the open charter. Everybody (US persons) is eligible.
They bought McGraw-Hill Credit Union.

I decided to close the account.
I initiated transfer of the monies in the Online Savings to my linked account.
Then I will call and formally close it by having them mail the $5 in the core account.
criticalmass
Posts: 2839
Joined: Wed Feb 12, 2014 9:58 pm

Re: keep Pentagon Federal Credit Union account

Post by criticalmass »

Nyc10036 wrote: Tue Sep 21, 2021 10:58 am
criticalmass wrote: Sun Sep 19, 2021 11:26 pm They bought a failed credit union in New York a few years ago for the purpose of the open charter. Everybody (US persons) is eligible.
They bought McGraw-Hill Credit Union.

I decided to close the account.
I initiated transfer of the monies in the Online Savings to my linked account.
Then I will call and formally close it by having them mail the $5 in the core account.
sounds like a plan.
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