Author Topic: Is Penfed good if online only  (Read 2442 times)

foostache

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Is Penfed good if online only
« on: October 09, 2014, 06:03:34 AM »
Hi - first time poster here.  Hopefully I'm posting in the right thread.

Does anyone have experience working with Penfed online or on phone only?  Would you recommend them for savings, credit card or mortgage if you couldn't go in to a branch and work with a rep face to face?

Just getting started with MM and am looking for a good place to park money I've saved thus far for a down payment on a house.  Don't plan to buy for another year or so and see that PenFed has a pretty good rate for a 1 year CD but it seems to have mixed to bad reviews on a few sites that I've looked at.

I've also never banked completely online before so am a little leery about opening an account with someone that might be difficult to deal with online but wondering if I'm worrying for no reason.

Would appreciate any feedback you can provide about your experience working with Penfed remotely.

GoldenStache

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Re: Is Penfed good if online only
« Reply #1 on: October 09, 2014, 06:13:40 AM »
When was the last time you actually walked into a bank?  I am trying to remember myself and think it has to be at least 8-10 years, probably when I was closing an old account.  If you enjoy the face to face then it might not be for you, but I love not having to actually walk into a bank. 

I have a few coworkers that love PenFed, mostly for their CC interest free/no load balance transfer (was 18 months) and a one has mentioned he has a CD with them. 

Are you sure that you will not purchase a house within the next year?  If a great deal comes up in 8 months would you be willing to miss out on it to make the 1.21% in that year? Just thinking. 

NathanP

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Re: Is Penfed good if online only
« Reply #2 on: October 09, 2014, 07:33:52 AM »
I bank with PenFed and have used them for a Credit Card (gas and groceries!), Mortgage (x2), and Auto Loan refinance. Don't face punch me on the auto loan as I used equity from my vehicle to borrow money at 1.5% to pay off student loans at 6%. :) Dealing with PenFed for the mortgages was an excellent experience. They are friendly, fast and know what they are doing.

I prefer to use Ally Bank (another online bank) for my checking and savings account as I find that their rates/benefits are better. When dealing with any online bank the only real hassle I have experienced is when someone gives me a large sum of cash. This happens very infrequently for me, and I have found that many of the sleazy payday loan places offer free money orders. I simply exchange my cash for a money order and then deposit into my account.

foostache

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Re: Is Penfed good if online only
« Reply #3 on: October 10, 2014, 04:52:50 AM »
Thank you Goldenstache and NathanP!  Going to look into Ally and may put my funds into a savings account there instead but sounds like working with both remotely won't be a problem. 

Dee18

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Re: Is Penfed good if online only
« Reply #4 on: October 10, 2014, 06:31:45 AM »
I purchase a 3% cd with PenFed last year.  They were great to deal with for that.