Direct Deposit Assistance
If you are an existing member with PenFed and have an existing direct deposit into a PenFed deposit account, you may qualify for our Direct Deposit Assistance program. This program allows you to take advantage of a 0% advance on an overdraft line of credit in the amount of your most recent direct deposit from a qualifying government agency, up to $6,000.
For qualifying members with an existing overdraft line of credit, your line will be increased by the amount of your direct deposit to accommodate the advance. For members without an overdraft line of credit who otherwise qualify, an overdraft line of credit will be opened for you to accommodate the advance, and no credit check is required for qualifying members. Lines will be closed or reduced to their original limits following the end of the furlough period and the receipt of your next regular direct deposit.
- You must be a member of PenFed for at least 12 months with an existing direct deposit from a furloughed government agency for Direct Deposit Assistance
- Once the furlough ends and the your next direct deposit is received, PenFed will monitor and execute the repayment of the advance from your primary deposit account
Please contact PenFed at 1-800-247-5626 to confirm eligibility and request the Direct Deposit Assistance