PENTAGON FEDERAL CREDIT UNION

2018-02-15

Kendall, FL

Struggling to pay mortgage

Mortgage: Other type of mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-10

Brock, TX

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-10

San Diego, CA

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Account status incorrect
Complaint: I am the primary holder for account # XXXX I requested my wife to be remove as AUTHORIZE user and PENFED AND XXXX refused to removed account from my wife 's credit report
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with non-monetary relief

Timely Response

2018-02-08

Biggersville, MS

Getting a loan or lease

Vehicle loan or lease: Loan

Fraudulent loan
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-07

Palisades Park, NJ

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Home equity loan or line of credit (HELOC)

Complaint: Re : XXXX - XXXX - XXXX Initial PenFed representative lied to me, and eliminated an important Heloc option that was still available to me : Email from XX/XX/2018 : " Due to a high debt to income ratio, XXXX does not qualify for the 5/5 product. Please have XXXX contact us to advise how she would like to proceed. XXXX ext XXXX. '' - XXXX XXXX, Mortgage Loan Processor, MLO # XXXX Because XXXX XXXX started to ignore the rest of my emails and was never available by phone, I was forced to contact the Executive Team. The Executive Team connected me with XXXX XXXX, Supervisor, 2nd Trust Mortgage Operations, MLO XXXX. XXXX explained to me that the previous representative was mistaken. She told me that the product I initially applied for " 5/5 Heloc '' was still available to me. That I can opt in for it right away, and all she had to do was run a free appraisal report ( which she then sent to me ). If I wanted a higher line, however, someone would physically have to come and inspect the property. A physical appraisal comes with a {$450.00} fee. Never once did she highlight the fact that after paying {$450.00} ( in an already distressed situation where someone came to Penfed looking for financial help ), that there's a risk of a denial for both of the initial products that were considerable options. To summarize : 1 ) Mislead me and tried to force me into a product I never even wanted. 2 ) Corrected the previous mistake and offered me the initial product I applied for ( after hours spent on the phone and dozens of emails sent ), but recommended I pay them {$450.00} for an appraisal. 3 ) After paying the appraisal, denied me for both of the products that were offered as options. Left me with - {$450.00} in my bank account. And 2 unsatisfactory options that were never even discussed initially, and that I am not in the least bit interested in. If I had known in advance that paying {$450.00} opens me up to the risk of being denied both of the options that were initially offered, I would have never agreed to it. Feels predatory and done in bad faith.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with monetary relief

Timely Response

2018-02-07

Chapmanville, WV

Getting a credit card

Credit card or prepaid card: General-purpose credit card or charge card

Sent card you never applied for
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with non-monetary relief

Timely Response

2018-02-07

Mill Valley, CA

Trouble during payment process

Mortgage: Home equity loan or line of credit (HELOC)

Complaint: I opened up a HELOC with Pentagon Federal Credit Union on XX/XX/XXXX. I switched from my previous bank because the rates were lower ( prime +0 ). At that time and over the life of the loan, the rate was about 4.5 % which was lower than what I was getting at my previous bank. They told me it was fully amortized loan, which I didn't have a problem with, because I knew it would pay down the loan and the rate was low. I was told the draw period was 15 years and payback was 15. So I had set up automatic deposit from my checking account and I didn't think too much about it. Then I did a large withdraw about {$50000.00} to conduct some home remodel work. I noticed that the payments were kind of high and could not quite figure out why. They were significantly higher than my old loan and I figured it was due to it being fully amortized. I finally called the XXXX, and they could not explain. For example on XX/XX/XXXX XXXX did an ACH transfer of XXXX on a loan amount of XXXX. I could not understand why the payment was so high. If the rate was 4.5 % fully amortized then the payment should have been {$330.00}, not {$1200.00}. At that time I was making withdraws as well, so it was difficult to understand what was happening. Later in the year I wasn't withdrawing from the HELOC but the payments were still high. So for example, on XX/XX/XXXX, the ACH for my payment was $ XXXX on a loan amount of {$61000.00}. If I run the calculation, {$680.00} is what I would have expected to pay, when I calculate 4.5 % fully amortized, loan, 15 year term for {$61000.00}. I was puzzled, so I contacted XXXX again, and finally found someone to explain this. Apparently there is a term that payment is based on the amount of the loan, times the interest rate, OR 1.5 % of the outstanding loan amount, whichever is HIGHER. So essentially, the monthly loan payment will ALWAYS be 1.5 % of the loan amount, UNTIL SUCH TIME THAT THE INTEREST RATE CHARGED GOES ABOVE 1.5 % x 12 ( monthly payments ), or 18 %, at which time, the interest rate would the same annual rate as the payment percent method. I feel very strongly that this is a deceptive loan. If you look at the XXXX site, they tout the low interest rate all over the place, but NOWHERE do they disclose the 1.5 % payment terms of the loan ... only in the loan document. Everyone, including myself, shop loan based on the interest rate. I appreciate their motivation to keep people from defaulting, but 1.5 % payment per month equates to 66.66 months to payoff the entire loan BUT the loan term is a total of 30 years, so there is 15 years to pay it off ( 15 years draw, 15 years payback ). But because of the 1.5 % payment rule, I can not receive the value of having a 15 year pay off period ... until such time that the interest rate goes above 18 %. While this is possible, even in the worst inflationary period during XX/XX/XXXX, the average rate was 17 %. So the whole scenario they are working under is EXTREMELY UNLIKELY. Bottom line, I feel I was tricked into this loan, and I am receiving less value that what was represented. I do not have the financial flexibility that I thought this loan would offer. I feel very strongly that they should have advertised the payment term, because in almost all situations, you will be paying 1.5 % per month. I am not a financial person, but I try to educate myself on these matters, but in this case, they buried this term and used it against me.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-07

Cheverly, MD

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Complaint: I have an unauthorized credit inquiry on my XXXX from Pentagon Federal Credit Union dated XX/XX/2017 that I did not authorize.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-06

Delray Beach, FL

Trouble during payment process

Mortgage: Other type of mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-06

Royal Palm Beach, FL

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Account status incorrect
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-05

Washington, DC

Getting a line of credit

Payday loan, title loan, or personal loan: Personal line of credit

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-01

Corpus Christi, TX

Managing the loan or lease

Vehicle loan or lease: Loan

Billing problem
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-02-01

Liberty Park, WA

Incorrect information on your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Information belongs to someone else
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with non-monetary relief

Timely Response

2018-01-31

Wilkes Barre, PA

Managing an account

Checking or savings account: Checking account

Deposits and withdrawals
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-01-30

Getting a loan or lease

Vehicle loan or lease: Loan

Credit denial
Complaint: XX/XX/2018 : Applied for a Used Auto Loan. Loan Amount Requested : {$33000.00}. Loan was denied for Excessive obligations in relation to income ( overextended ). The lender was notified that 2 other auto loans were recently paid off. These same loans were being considered when analyzing capacity to repay. Lender was notified of this. There was no response to this inquiry. Loan decision appeared to be an automatic decision under the Reg B rules.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-01-30

Flushing, NY

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-01-29

Palm Coast, FL

Managing an account

Checking or savings account: Savings account

Problem accessing account
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-01-26

San Diego, CA

Getting a credit card

Credit card or prepaid card: General-purpose credit card or charge card

Application denied
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-01-24

Silver Spring, MD

Problem with a credit reporting company's investigation into an existing problem

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Their investigation did not fix an error on your report
Complaint: Pentagon Federal Credit Union ( PENFED ) has damaged my FICO score by over 100 points due to their own apparent incompetence. Apparently, this is nothing new since I see there have already been 788 complaints filed against PENFED. I had been a member for over 15 years, but as my circumstances have changed, it is no longer convenient to keep an account with PENFED. I typically only use online banking and pay off the full statement balance each month. I now do all my banking with XXXX XXXX XXXX, XXXX, MD. On the XX/XX/XXXX, in anticipation of closing my accounts with PENFED, I paid the full monthly statement balance of {$1900.00}. Then on XX/XX/XXXX, I went to the PENFED Branch at XXXX XXXX XXXX XXXX, XXXX, MD XXXX and closed my accounts. The agent gave me the cash balance in my share account and told me I was done and needed do nothing else. A few days later I tried to log on to check my PENFED credit card, but could not access the account. With online access closed to me and the guidance provided by the agent a few days before, I believed that my accounts with PENFED were closed and there was nothing more for me to do. In XXXX I received a letter from PENFED dated XX/XX/XXXX notifying me that my account was delinquent. XX/XX/XXXX, when I received the letter, I called the number indicated in the letter. The agent told me there was an outstanding balance of {$2100.00} on the account I thought had been closed in XXXX. When I asked why the account was allowing charges to accrue, I was told that it should have been closed in XXXX, but as a convenience to me was still accepting charges. It was not a convenience for me since I thought the account was closed and had no visibility of the activity. I could not access it online and I was not receiving paper statements. At this point I authorized the agent to transfer money from my XXXX XXXX XXXX account to pay the full account balance. The agent assured me the account would be closed at this point and I had nothing more to worry about. Then in XXXX, I received another letter from PENFED. This one, dated XX/XX/XXXX, said my account was delinquent yet again. On XX/XX/XXXX I called the number indicated. The agent explained that the account was still open and accepting charges and now had a balance of {$420.00}. This time it included some charges I would not have authorized had I known about them in a timely fashion. As before, I had no visibility or knowledge of this activity since I had no online access and was not receiving paper statements. The agent agreed to place some charges in dispute and I authorized her to transfer {$270.00} from my XXXX XXXX XXXX account to settle the rest. The agent assured me the account would be closed and this was the end of the issue In XXXX, I received two letters from PENFED. One dated XX/XX/XXXX stating that my account still carried a small balance of {$160.00} and " if you feel there is a discrepancy in this account, please contact us immediately. '' The second letter, dated XX/XX/XXXX notified me that the account was again delinquent. Both letters arrived at my home on the same day just after XXXX. On the XX/XX/XXXX I went back to the PENFED Branch at XXXX XXXX XXXX and talked to the Branch Manager, XXXX XXXX XXXX. After discussing with him the problem and my frustration, he acknowledged that the account should have been closed in XXXX and could not explain why it remained open. He sent an email to XXXX XXXX XXXX and promised ( three times ) I would be contacted and the issue would be resolved and that someone would be contacting me. On XX/XX/XXXX I found that my FICO score had dropped over 100 points because PENFED reported me 30 days delinquent ( twice ). I went back to XXXX XXXX later that day. I again voiced my frustration that the problem was not being addressed and that the problem was now affecting my credit score. He apologized and sent an email to XXXX XXXX XXXX, XXXX XXXX XXXX, and assured me the issue and my credit score would be fixed and that someone would be contacting me. Due to a data breach in the Federal Government, XXXX provides credit monitoring for me through XXXX. I received a notice from XXXX alerting me of changes to my credit information. When I followed up with XXXX, I found that on XX/XX/XXXX, PENFED reported me 30 days past due, on XX/XX/XXXX PENFED again reported me 30 days past due, and on XX/XX/XXXX PENFED reported me 60 days past due. PENFED was making these reports to the Credit Bureaus while I was working with them to get their mistake fixed and getting no response. Throughout this no one from PENFED has contacted me other than the delinquency letters listed above. PENFED 's incompetence has impacted my credit score which harms me financially. On XX/XX/XXXX I was speaking to an agent of XXXX in order to get their internet service. He told me that because of my new, lower, credit score, I 'd have to pay a {$250.00} deposit before I could get their service. Prior to PENFED 's reporting, my FICO score was excellent at over XXXX. I request your help to get this resolved and my credit score fixed. Thank you.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with monetary relief

Timely Response

2018-01-24

WI

Fees or interest

Credit card or prepaid card: General-purpose credit card or charge card

Charged too much interest
Complaint: This is a credit card that I use monthly, but I also took out a cash advance in XXXX. Since XX/XX/XXXX, I have been paying the credit card balance in full each month ( statements attached to show this ), but they are still charging me interest on the cash advance. I tried talking to their customer service, but they could not explain to me how I was paying the balance in full each month sinceXX/XX/XXXX, but still being charged interest. There is no extra " balance '' showing up on page 1 of the statement, and I am not sure how I am supposed to pay more than the balance due each month, or how I am supposed to get rid of this supposed cash advance balance that seems to somehow be hanging out there each month and accruing interest. I have attached all statements sinceXX/XX/XXXX that show I have paid the balance due on page one of each statement in full each month, but also on page one it shows I am being charged interest - which is reflected then on page 3 of each statement as an interest charge for a cash advance balance ( but there is no where on the statement where this is reflected in my balance owing on the statement, and therefore no way for me to pay it off ).
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-01-24

Washington, DC

Attempts to collect debt not owed

Debt collection: Credit card debt

Debt is not yours
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with non-monetary relief

Timely Response

2018-01-23

Gloucester City, NJ

Problem with a credit reporting company's investigation into an existing problem

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Was not notified of investigation status or results
Complaint: Pentagon Federal Credit Union has reported incorreect information on my credit report. I was not aware of this until XX/XX/XXXX when my credit report was reviewed. I contacted Pentagon Federal Credit Union on XXXX XX/XX/XXXX. A credit card was issued to a family member in XX/XX/XXXX. The credit card has been since charged off on XX/XX/XXXX. There was a balance of {$19.00}, XXXX. Through many conversations with different Pentagon reps, I was told that I was a joint card holder. I have never authorized or signed any forms as a joint or authorized used of the credit card. I was not aware of any Pentagon credit card. ( see attachedment of authorization form ). I have been calling and attempting to result this problem for nine weeks from XX/XX/XXXX until XX/XX/XXXX. Pentagon has not returned any of my phone calls. This problem has caused a very stressfull situation and a low credit score. Several of my credit cards were closed due to this incorrect reporting. I am not responsible for the balance.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with non-monetary relief

Timely Response

2018-01-23

Managing an account

Checking or savings account: Other banking product or service

Funds not handled or disbursed as instructed
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-01-23

Trouble during payment process

Mortgage: VA mortgage

Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response

2018-01-19

Fayetteville, NC

Getting a loan or lease

Vehicle loan or lease: Loan

Fraudulent loan
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response Closed with explanation

Timely Response