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   Real review of "PenFed Credit Union" in Alexandria, VA!

We are NOT interested in advertising or anti-advertising of any financial company!
All reviews are published without making any changes.

  Andy Peterson sent us his review November 20, 2016.

  Visited address:
  2930 Eisenhower Ave, Alexandria, VA 22314, USA

"I was looking for an option to refinance my house, and Penfed Credit Union's advertisement was very interesting, offering rates better than anyone in Alexandria. Of course, I gave them a call, and at first everything went smoothly, the guy on the phone seemed really nice, and gave me all the nice promises that the loan would be approved fast.

The next day, I visited their office at Eisenhower Avenue, and all the employees seemed really friendly and professional. They even offered me a reward VISA card, so I also applied. The guy promised me that the refinancing process would be done in just 3 weeks at the very worst. Well, I was a bit skeptical about that last part, but the deal they offered was very good, and time wasn't an issue.

Things started to get downhill after that, and the loan officer avoided my calls. I didn't get any updates after 3 weeks, and when I called the branch office, all I got was that the loan was still under consideration. What happened to that promise that the loan would be closed before 3 weeks? I finally got the update after 5 weeks and after 3 more weeks of hassle, endless paperwork and all the going back and forth, I finally got the loan closed.

Well, they did give me an APR rate of 2.89%, which would save me a lot of money over the next 13 years or so, so it the end, it was all great, or so at first I thought. Then I found out they were charging 3.15% in fees alone, which would cost a lot, and I found that there were a lot of other hidden fees, so they were dishonest with their advertisement. Because of this, I wrote to Penfed to withdraw the application, because I was not satisfied with all the hidden fees. However, they run the credit anyway, and I only found out after I got the letter mailed to my house.

Also, later on, I found out that my information was shared with a third party, offering me insurance. After I complained so hard about it, they finally admitted it. It was a fraudulent act! And I can't believe they were doing all these dishonest acts.

I would avoid Penfed at all cost from now on, their advertisement and low rates are misleading, and would you cost you a lot more in the end. I was in the process of canceling that loan because I did have that written letter. It was almost six months now and I am in the middle of a legal process.

How can we trust an institution like this for our live savings and even buy a house? They offer great (fake) rates for poor customer service, bad and dishonest staffs, no updates even after all the promises, and all the fraudulent activities.

I would not recommend this place to anyone and please avoid them at all costs. Do not be fooled with all the great advertisements and low rates."