keep Pentagon Federal Credit Union account
keep Pentagon Federal Credit Union account
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.
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.
Re: keep Pentagon Federal Credit Union account
I closed mine (and my mom's as well who used their CDs more than I did).
Can always open it again.
Can always open it again.
Re: keep Pentagon Federal Credit Union account
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.
Re: keep Pentagon Federal Credit Union account
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Re: keep Pentagon Federal Credit Union account
Leaving $5 in the basic account will retain your membership.
Re: keep Pentagon Federal Credit Union account
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 openMike Scott wrote: ↑Sun Sep 19, 2021 1:08 pm Leaving $5 in the basic account will retain your membership.
Re: keep Pentagon Federal Credit Union account
I also enjoyed the PFCU while the CD rates were among the best. But, I always seem to have a hassle when funding/withdrawing $$ and transfer fee's etc. Unlike the NFCU, which seems to me, to go out of their way to help you do what you want. I closed the PFCU not in anger but, found something more to my liking.
Re: keep Pentagon Federal Credit Union account
I leave it open but disconnect all bank accounts just in case. It's easy to add account links back on, but a PITA to open the account again.
Re: keep Pentagon Federal Credit Union account
But after awhile they may charge you fee for inactivity.Mike Scott wrote: ↑Sun Sep 19, 2021 1:08 pm Leaving $5 in the basic account will retain your membership.
Re: keep Pentagon Federal Credit Union account
I agree with your positive comments about NFCU - it’s our primary “bank”, not just a place to buy CDs. But I still keep a token amount in PenFed just in case the good ol’ days return.meebers wrote: ↑Sun Sep 19, 2021 7:37 pm I also enjoyed the PFCU while the CD rates were among the best. But, I always seem to have a hassle when funding/withdrawing $$ 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.
Friar1610 |
50-ish/50-ish - a satisficer, not a maximizer
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Re: keep Pentagon Federal Credit Union account
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
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Re: keep Pentagon Federal Credit Union account
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.
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.
Re: keep Pentagon Federal Credit Union account
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.Blue456 wrote: ↑Sun Sep 19, 2021 8:17 pmBut after awhile they may charge you fee for inactivity.Mike Scott wrote: ↑Sun Sep 19, 2021 1:08 pm Leaving $5 in the basic account will retain your membership.
Re: keep Pentagon Federal Credit Union account
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.meebers wrote: ↑Mon Sep 20, 2021 8:42 pmRecently 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.Blue456 wrote: ↑Sun Sep 19, 2021 8:17 pmBut after awhile they may charge you fee for inactivity.Mike Scott wrote: ↑Sun Sep 19, 2021 1:08 pm Leaving $5 in the basic account will retain your membership.
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Re: keep Pentagon Federal Credit Union account
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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not the worst place to stash cash -- its competitive anyway.
ETA: just checked its .45%. Premium Online Savings
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Re: keep Pentagon Federal Credit Union account
Yep, that's where I keep my near-term savings.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
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Re: keep Pentagon Federal Credit Union account
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
Re: keep Pentagon Federal Credit Union account
They bought McGraw-Hill Credit Union.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.
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.
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Re: keep Pentagon Federal Credit Union account
sounds like a plan.Nyc10036 wrote: ↑Tue Sep 21, 2021 10:58 amThey bought McGraw-Hill Credit Union.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.
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.