Call PenFed or visit a branch to close your account
PenFed (Pentagon Federal Credit Union) lets you close a savings account by phone, in person, or by mail. The fastest route is a phone call to their member services line at 1-800-247-5626. Have your account number ready. A representative will walk you through the closure, answer questions about any remaining balance, and confirm what happens to your money.
If you prefer to close the account in person, visit any PenFed branch with your ID and account number. You can find branch locations on the PenFed website. Closing by mail is slower — you would need to write to PenFed's member services department and include your account number and signature, but this route works if you cannot reach them by phone or visit a branch.
Before you call, decide what to do with any remaining balance. PenFed will not close an account with a negative balance (overdraft). If your account is overdrawn, you must bring it to zero or positive first.
Key Takeaways
- Call 1-800-247-5626 during business hours to close your account over the phone — this is the fastest method and requires only your account number.
- Any remaining balance in your savings account will be transferred to your PenFed checking account or mailed to you as a check, depending on what you request.
- You cannot close an account that is overdrawn; bring the balance to zero or positive before you start the closure process.
- Closing a savings account does not affect your membership with PenFed or any other accounts you hold there.
- After closure, you will no longer earn interest on that account, and any automatic transfers linked to it will stop.
What happens to your money when you close
When you close your PenFed savings account, your remaining balance does not disappear. PenFed will move it somewhere — you just need to tell them where. The most common option is to transfer the balance to your PenFed checking account if you have one. This happens immediately and requires no extra steps on your part.
If you do not have a PenFed checking account or prefer not to transfer the money there, PenFed will mail you a check for the remaining balance. This takes longer — typically five to seven business days after the account closes — but it gets your money to you. Make sure the address on file with PenFed is current before you close the account.
If your account has a very small balance (under $1), PenFed may keep it briefly to cover any pending transactions or fees. Ask the representative during your closure call what the exact balance is and whether anything is still processing.
Stop automatic transfers and linked services before closing
If you have set up automatic transfers from your PenFed savings account — to pay bills, move money to another bank, or fund investments — those transfers will stop working once the account closes. Review your automatic payments and transfers a few days before you close the account.
Redirect any recurring transfers to a different account before closure. If you forget and a transfer tries to go through after the account is closed, it will fail and may trigger a fee from the other party (like a bill payment service or another bank). The PenFed representative can tell you which transfers are linked to this account.
If you have a debit card tied only to this savings account, it will no longer work after closure. If your debit card is linked to multiple accounts, it will still work but will draw from your other accounts instead.
Timing and what to expect after closure
Closing a PenFed savings account usually takes one business day if you call or visit a branch. The account will be marked as closed in their system right away, and you will not be able to make deposits or withdrawals after that point. If you chose a check transfer, the check is mailed within five to seven business days.
After closure, you will no longer receive statements for that account. If you need a record of transactions for tax or record-keeping purposes, request a statement or transaction history before you close the account. PenFed can provide this during your closure call or through their online banking portal.
Your membership with PenFed continues even after you close this one account. You can still use any other accounts you hold there, and you can open a new savings account later if you change your mind.
Reasons your closure might be delayed
PenFed cannot close your account immediately if there are pending transactions, outstanding checks, or automatic payments still processing. These typically clear within one to three business days. The representative will tell you if anything is holding up the closure and when you can expect it to go through.
If your account is overdrawn, closure is blocked until you deposit enough money to bring the balance to zero or positive. Overdraft fees may apply while the account sits negative, so deposit the money as soon as you can.
If there is a dispute on the account or a hold placed by law enforcement or a creditor, PenFed cannot close it until the hold is lifted. This is rare but can happen. The member services representative will explain what is blocking closure and what you need to do to resolve it.
Closing a joint account
If the savings account is held jointly with another person, both account holders typically need to consent to closure. PenFed may require both signatures on a written request, or both people may need to call together. Check with PenFed about their specific policy for joint accounts — it may vary depending on how the account was set up.
If you and the other account holder disagree about closing the account, one person cannot unilaterally close it. You would need to contact PenFed to understand your options, which might include removing yourself as an owner or seeking legal guidance.
Frequently Asked Questions
Will closing my savings account hurt my credit score?
No. Closing a savings account does not affect your credit score because savings accounts do not appear on your credit report. Credit scores are based on credit accounts like credit cards, loans, and lines of credit. Closing a savings account is a banking transaction, not a credit event.
Can I reopen a PenFed savings account after I close it?
Yes. You can open a new savings account with PenFed at any time after closure. There is no waiting period or penalty for reopening. You would go through the standard account opening process, which can be done online, by phone, or at a branch.
What if I close my account but forget to move my automatic transfers first?
Any automatic transfer scheduled to pull from that account will fail once it closes. The sending party (your employer, another bank, or a bill payment service) will receive a rejection notice. Contact them to redirect the transfer to a different account. Some services charge a fee when a transfer fails, so fix this before closure if possible.
Do I need to close my account in person, or can I do it entirely by phone?
You can close your account entirely by phone. Call 1-800-247-5626, have your account number ready, and tell the representative you want to close your savings account. They will handle everything, including arranging where your balance goes. You do not need to visit a branch unless you prefer to.
How long does it take to get my money after I close the account?
If you transfer your balance to another PenFed account, the money moves immediately. If PenFed mails you a check, it typically arrives within five to seven business days. The exact timing depends on mail delivery to your address.