Finance

How to Close PenFed Savings Account 2021 [Updated]

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If you are a member of PenFed credit union then you can access all the services of PenFed. You just simply need to select the service you require the most then go for it.  You can use the saving/checking account, apply for a loan and mortgage, use a credit or debit card, money market certificate, and more.

However, if you don’t want to use the PenFed credit union service anymore then you can also close your account. You have to contact to the PenFed member service representative and request them to close your Pentagon federal credit union savings account.

Today in this article, you will learn to close your PenFed savings or checking account in most simple way possible.

So, let’s get started.

Is PenFed a Good Bank?

Pentagon federal credit union is the largest credit union in the United State. It offers all the banking services to the military background and government background members. But now, the PenFed membership is also open for the normal citizens of the United State.

Once you join the PenFed credit union then you can access all of its services. You can deposit money into your PenFed savings account anytime you want. Since the PenFed is the oldest credit union in the U.S, all your money will be safe with it.

You don’t have to worry about your personal saving or checking account on PenFed credit union.

Besides, if you access other services of PenFed such as credit cards, loans, money market certificates, debit cards, and more then you will also get good value on it.

PenFed credit union is best for military or government or retired or old-age people. They will get even greater service and offers by becoming a member.

The interest rates, services charges, and ATM fees of PenFed are also average. You don’t have to pay a higher amount of charges or money to access its services.

So, we can say that PenFed is a good credit union.

How to Close PenFed Savings Account?

You can easily close your both saving and checking accounts of PenFed credit union. If you think you can’t get the service that you are looking on PenFed then you can close your account.

There are two ways to close your PenFed savings account. One is to visit the nearby PenFed credit union branch and request them to close your account. And other is to call the main member service representative of PenFed and close your account.

You may need your personal as well as PenFed documents while you are closing your account. But, if you don’t require the document then you can simply give a/c number, your name, and phone number and request to close the account.

Note: Once you request to close your account then they will suggest you to keep your account open by offering various things. So, always be prepared for what will you will say when you are about to close your account.

Visit Nearby PenFed Credit Union Branch

If you live near to one of the PenFed credit union branches then you can simply direct visit the branch and close your account.

There request the manager about closing your account. You may need to submit few information so provide everything that PenFed ask to terminate your account.

Contact PenFed Member Service Representative

If you don’t have time to visit the PenFed credit union branch then you can also contact the member service representative online and close your account.

Make your way to the PenFed Contact Us page and dial a number to the member service. You can contact either by phone number or mail. But, if you want a faster service like you want to close your account today (right now) then it will be better to make a call.

Request them to terminate your PenFed savings account and wait for the response. Once your request is completed then it may take few times to close your account.

What Happens After You Close your PenFed Savings Account?

If you close your PenFed savings account then they will terminate all your link from the PenFed credit union. You will lose everything you have on PenFed credit union such as debit card, credit card, saving or checking account, and more.

If you wish to process with a PenFed credit card then you may have to request not to close that one. However, you will need an opening account on PenFed credit union in order to use their credit card. So, it depends on your luck and their suggestion.

Conclusion

If you are from a military-based person or a government person then it will be better not to close your account until you find another new similar credit union. The service which you will get from the credit union will not be offered by every bank.

But if you are just a normal citizen of the U.S then you have many other choices to save your money.

So, follow the above-mentioned process to close PenFed savings account.

If you have any queries related to PenFed credit union then ask them in the comment section.

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