I authorize PenFed to initiate the recurring Automated Clearing House (ACH) to transfer my monthly dividends payments from my PenFed account to my account at another Financial Institution. The date this deduction will be made is determined by the cycle date; the amount of the transfer may fluctuate from time to time depending on the days in the current cycle. This authorization is to remain in force, until I notify PenFed of any changes, or cancellation of this agreement at such time that gives reasonable opportunity to act on the termination request prior to changing my account. PenFed has the right to cancel this service at any time. ACH transactions are governed by the operating rules of the National Automated Clearing House Association. In accordance with these rules, PenFed will not provide me with next day notice of ACH credit transfer to my account. I will continue to receive notices of these ACH items in the periodic account statement which PenFed provides.
I understand and agree if this transfer is rejected or returned by my external Financial Institution, PenFed will redeposit the funds to my PenFed account. PenFed will assess a fee for any rejected ACH transfer.
I understand I may download and save a copy of this authorization and retain for my records.
Download Recurring ACH Authorization (PDF)