Penfed Problems

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Penfed Problems

Postby Ricola » Fri Mar 25, 2011 8:52 pm

As mush as I like Penfed I am currently experiencing serious errors on their part. Most recent was a correct direct CC payment from my bank that was credited to a different CC that I have. I was then charged interest and received delinquency phone calls. Also after all the hubbub about forcing us into paperless (by default because selecting paper did not deliver paper), I never received an email notification when the account was classified as delinquent. So here I am traveling now, relying on their credit card, and having to deal with their simple accounting ledger errors. Hope they get their stuff together soon. :(
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Postby natureexplorer » Fri Mar 25, 2011 10:44 pm

Sorry for your trouble.

That's why I like to have everything on auto pilot. My CC gets paid by auto debit from my savings account. The transaction is initiated by the CC company.
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Postby Ricola » Fri Mar 25, 2011 11:19 pm

I don't think Penfed offers that type of capability.
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Postby Tyrobi » Fri Mar 25, 2011 11:45 pm

Ricola wrote:I don't think Penfed offers that type of capability.


I have my Penfed CC and mortgage payment automatically deduct from my non-Penfed checking account currently. Penfed allows you to do that. Simple and no hassle.

Also, I have the following alerts: Credit Card Payment due in 10 days, and Credit Card Payment posted.
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Postby Ricola » Sat Mar 26, 2011 10:27 am

Tyrobi wrote:
Ricola wrote:I don't think Penfed offers that type of capability.


I have my Penfed CC and mortgage payment automatically deduct from my non-Penfed checking account currently. Penfed allows you to do that. Simple and no hassle.

Also, I have the following alerts: Credit Card Payment due in 10 days, and Credit Card Payment posted.


How did you set this up with Penfed?
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Postby dratkinson » Sat Mar 26, 2011 2:25 pm

Ricola wrote:
Tyrobi wrote:
Ricola wrote:I don't think Penfed offers that type of capability.


I have my Penfed CC and mortgage payment automatically deduct from my non-Penfed checking account currently. Penfed allows you to do that. Simple and no hassle.

Also, I have the following alerts: Credit Card Payment due in 10 days, and Credit Card Payment posted.


How did you set this up with Penfed?


Call PenFed. Ask them to send you the form to set up Automatic Bill Payment.

On the form, they want:
Your CC number.
Your bank routing number and account number.
A void check (or deposit slip) to confirm the bank numbers.

Mail it back. Takes 4-6 weeks to set up.



You can also set up ABP with your other regular monthly bills (CCs, phone, utilities, insurance,...). The process is the same for all---call for their form to set up. Has simplified my life. So far, no troubles.
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Postby soaring » Sat Mar 26, 2011 2:48 pm

Contact your credit card, electric, water, etc and have them pull their payment due automatically on the due date from your checking. I've been doing that for 8 yrs without any issue at all. You can NEVER have a late payment as long as your bank balance covers the payment because you authorize the vendor to pull payment from your checking not having your bank push the payment to the vendor.
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Postby jamacq » Sat Mar 26, 2011 3:50 pm

I checked with Penfed to determine the payment date if the auto payment option is selected for their credit cards. Unfortunately, if you select auto payment, they pull the payment on the statement date rather than the due date. In other words you lose out on the grace period of about 3 weeks.
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Postby slug » Sat Mar 26, 2011 4:33 pm

jamacq wrote:I checked with Penfed to determine the payment date if the auto payment option is selected for their credit cards. Unfortunately, if you select auto payment, they pull the payment on the statement date rather than the due date. In other words you lose out on the grace period of about 3 weeks.


This has not been my experience. I have the PenFed Platinum Rewards card and have automatic payment setup (since '08). They actually pull the money a few days AFTER the due date every time so the grace period for me is even longer than typical. I have called CS about this, and they told me that's just the way it works, and I never incur a finance charge.

I was just blogging about all the ways PFCU has gone downhill since I joined, but this is one of the few aspects I still really like.
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Postby jamacq » Sat Mar 26, 2011 8:03 pm

slug wrote:
This has not been my experience. I have the PenFed Platinum Rewards card and have automatic payment setup (since '08). They actually pull the money a few days AFTER the due date every time so the grace period for me is even longer than typical. I have called CS about this, and they told me that's just the way it works, and I never incur a finance charge.

I was just blogging about all the ways PFCU has gone downhill since I joined, but this is one of the few aspects I still really like.


Odd...I wrote to them today and got a quick reply that it would pull on the statement date. I would sign up if it were sure to be as you report. Wonder if the person replying got it wrong.
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Postby nisiprius » Sat Mar 26, 2011 8:19 pm

I am reluctant to give any entity the authority to withdraw money from my bank account. I don't see how this is different from giving someone a blank check.

I can and do give blank checks for restricted amounts--I write "to be filled in by payee, not to exceed $100" on the check. But I can't imagine giving even a respectable, trustworthy business an unrestricted blank check.

It seems odd to me that people are willing to do this as long as the blank check is electronic.

I suppose eventually I will be "forced" into it by every mainstream business making all other options hopeless inconvenient, but for the time being, I resist.
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Postby nolo » Sat Mar 26, 2011 8:57 pm

nisiprius wrote:I am reluctant to give any entity the authority to withdraw money from my bank account. I don't see how this is different from giving someone a blank check.


I agree with you. I have a couple debtors--Part D insurance, health club that will only accept payments via ACH and so I authorizse it but otherwise I'd rather push the money than have someone pull it.

I recently transferred a fairly large sum of money to my brokerage firm and they advised me they could easily "pull" it from my CU account with authorization. The authorization consisted of me telling them by email that they could do it. That started me thinking about how just about anyone could do this with simply one of my checks. They have my bank a/c # and my routing number and that's all that's needed. I presume there's some sort of authorization or due diligence for a "company" to set themselves up to receive ACH payments but I don't really know. Does anyone know if it's possible for someone holding one of your checks to still be able to call a bank, give the amount of the check and ask if there are sufficient funds in the account for the check to clear?

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Postby dratkinson » Mon Mar 28, 2011 2:08 am

jamacq wrote:I checked with Penfed to determine the payment date if the auto payment option is selected for their credit cards. Unfortunately, if you select auto payment, they pull the payment on the statement date rather than the due date. In other words you lose out on the grace period of about 3 weeks.


This has not been my experience.

Just checking my current statement:
Statement closing date is 20 March.
Statement due date is 17 April.
My statement shows that my payment-in-full was taken out of my checking account on 20 March for my last statement.

So the CSR you spoke to was correct, but not clear. The payment is taken out on the closing date, but it's the payment for the prior month, not the payment for the current month. So you do get the full grace period.



I, too, have noticed that PenFed (and others) will sometimes draw their payments out a few day later than advertised. If I tried to pay that way with a check, I'd surely be charge a late fee.



I, too, have sometimes worried about giving carte-blanc to businesses to withdraw money from my account. I've decided that if that happened, it would be fraud and I'd give them 1-2 days to refund the money before filing criminal charges.
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Postby House Blend » Mon Mar 28, 2011 9:58 am

dratkinson wrote:I, too, have sometimes worried about giving carte-blanc to businesses to withdraw money from my account. I've decided that if that happened, it would be fraud and I'd give them 1-2 days to refund the money before filing criminal charges.


Unless you're an Attorney General, you won't be filing criminal charges.

I too used to be worried about this issue until I was "victimized" by MegaCorp and saw how the restoration process worked.

MegaCorp double-charged me one month. (Incompetence, not fraud.)

I called my credit union to complain. They asked me to fax an affidavit to the effect that the charges were not authorized. This also nullified my ACH agreement with MegaCorp.

All of the money was restored to my account, either the same day or the next day (I don't remember).

It then became MegaCorp's problem to send me a correct bill.
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Postby dratkinson » Mon Mar 28, 2011 12:46 pm

House Blend wrote:
dratkinson wrote:I, too, have sometimes worried about giving carte-blanc to businesses to withdraw money from my account. I've decided that if that happened, it would be fraud and I'd give them 1-2 days to refund the money before filing criminal charges.


Unless you're an Attorney General, you won't be filing criminal charges.

I too used to be worried about this issue until I was "victimized" by MegaCorp and saw how the restoration process worked.

MegaCorp double-charged me one month. (Incompetence, not fraud.)

I called my credit union to complain. They asked me to fax an affidavit to the effect that the charges were not authorized. This also nullified my ACH agreement with MegaCorp.

All of the money was restored to my account, either the same day or the next day (I don't remember).

It then became MegaCorp's problem to send me a correct bill.


Thanks for the technical correction and information.

Well, if the problem were not corrected immediately, somebody is going to hear about it, even if it's only to fill out complaint forms with the county sheriff's dept (our local LE). :)
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