How do I transfer money?


To transfer funds from another financial institution to PenFed, you may choose to initiate an electronic or Automated Clearing House (ACH) transfer. The funds are credited to your PenFed account immediately, with the debit at the corresponding institution taking place within one to two business days.

Transfer Online

Special Rules apply for the Premium Online Savings account. For the Premium Online Savings account, the incoming transfer limit is $50,000 per day with a $150,000 per rolling 30 day period. For outgoing transfers, there is a limit of $25,000 per day and $100,000 per rolling 30 day period.

The limits on member initiated ACH transfers for all other products (including Regular Savings, Money Market Savings, and Checking Accounts) remain the same.

You can initiate an ACH transfer through PenFed Online at the following link on our website: To access PenFed Online, you will need to use your username and password.

  1. Once you have accessed your account, you will see a section titled “Transfer Money” on the right side of the Main Menu page.
  2. In the “Transfer From” drop-down menu, select the appropriate saved account, or select “An un-saved non-PenFed account.” If you select an “un-saved non-PenFed account,” you must indicate the account type, and then enter the complete account number and routing number in the appropriate fields.
  3. In the “Transfer To” drop-down menu, select the account to which you would like to make a deposit or payment. Enter the dollar amount, and then click “Continue.”
  4. Once you have reviewed the transaction details, click “Submit” to confirm your transfer request.

Alternatively, from the Main Menu page, to move money between your accounts, click “Transfers” on the blue navigation bar.

ACH payments can also be transferred directly to a credit card, Equity Line of Credit (ELOC), or First Mortgage.

Transfer By Phone

If you are unable to accomplish this via PenFed Online, you may also contact a Member Service Representative at 800.247.5626. When speaking with a Member Service Representative, you will be asked for your account number and the ABA/routing number for the debiting financial institution.

Please note: ACH transactions requested by telephone or at a branch will be assessed a $5.00 fee, per transaction. If an ACH cannot be performed, a wire transfer may be required to deposit funds.

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