how to close penfed account

2 min read 30-01-2025

PenFed Credit Union offers a range of financial products, but sometimes you need to close an account. This guide provides a clear, step-by-step process to help you close your PenFed account efficiently. Whether it's a checking account, savings account, or loan, we'll cover the essential steps involved.

Understanding Your PenFed Account Before Closure

Before initiating the closure process, gather the necessary information about your account. This will streamline the process and prevent any potential delays.

Account Number: Locate your account number on your statements or online banking portal. This is crucial for identification.
Outstanding Balances: Ensure all outstanding balances are settled. Pay off any loans or credit card debt in full before closing these accounts.
Direct Deposits and Automatic Payments: Update your direct deposit information with your employer and any automatic payments linked to your PenFed account. These should be redirected to your new account.
Safe Deposit Box: If you have a safe deposit box, arrange for its access and removal of your belongings before closing.

How to Close Different PenFed Account Types

The closing process may vary slightly depending on the type of PenFed account you're closing.

1. Closing a PenFed Checking or Savings Account

Contact PenFed: Begin by contacting PenFed Credit Union directly. You can do this via phone, mail, or in person at a branch.
Submit a Closure Request: Clearly state your intention to close the account and provide your account number.
Verify Information: PenFed representatives will likely verify your identity and account details.
Confirm Closure: Once the verification is complete, confirm the closure with the representative.
Receive Confirmation: You should receive written confirmation of the account closure. This may come via mail or email.

2. Closing a PenFed Loan Account

Closing a loan account is slightly different and generally requires more steps:

Contact PenFed: Similar to closing a checking or savings account, contact PenFed to initiate the process.
Pay off Loan: Ensure your loan is paid in full. PenFed will provide you with the final payoff amount.
Obtain Payoff Letter: Request a payoff letter from PenFed as proof of complete repayment.
Verify Closure: Once the loan is paid, confirm with PenFed that the account is closed.

3. Closing a PenFed Credit Card

Closing a PenFed credit card follows a similar process:

Contact PenFed: Reach out to PenFed to inform them of your intention to close the account.
Pay off Balance: Pay off the entire outstanding balance on your credit card.
Confirm Closure: After paying the balance, confirm with PenFed that the account has been closed. Note that closing a credit card can affect your credit score.

Important Considerations When Closing Your PenFed Account

Fees: Check your account agreement for any potential fees associated with closing your account.
Credit Score: Closing certain accounts, like credit cards, can impact your credit score. Consider the potential ramifications before closing.
Documentation: Keep records of all communications and confirmations related to account closure.

Contacting PenFed Credit Union

Here's how to contact PenFed to begin the closing process:

Phone: Call their customer service number (find this on their website).
Mail: Send a written request to their official address (available on their website).
In-Person: Visit your nearest PenFed branch.

By following these steps, you can successfully close your PenFed account. Remember to plan ahead, gather necessary information, and confirm the closure to avoid future complications. Always keep records of your transactions and closure confirmations.