The fastest way to close a PenFed savings account

You can close a PenFed savings account by calling their member service line at 1-800-424-2989, visiting a branch in person if you have access to one, or asking about closure options through their online banking platform. The phone route is usually fastest — you'll reach someone who can process the closure while you're on the call. You'll need your account number and a form of ID ready.

Before you call, decide what to do with any money still in the account. PenFed will not close an account with a balance. You can transfer funds to another account (at PenFed or elsewhere) or request a check. If you have pending transactions or automatic deposits set up, those should clear or be cancelled first — otherwise they may cause problems after closure.

Key Takeaways

  • Call 1-800-424-2989 during business hours to close your account over the phone, or visit a PenFed branch in person with your ID.
  • Your account balance must be zero before closure — transfer or withdraw all remaining funds first.
  • Cancel any automatic payments, recurring transfers, or direct deposits linked to the account before you close it.
  • Ask for written confirmation of closure, including the date and final balance, to keep for your records.

What to do with your remaining balance

If you have money in the account, you have two main options. You can transfer it to another bank account — either another PenFed account you own, or an account at a different bank. You can also request that PenFed send you a check for the full balance.

The transfer route is usually faster. If you're moving money to another PenFed account, the transfer happens within one or two business days. If you're moving it to a different bank, you'll provide the receiving bank's routing number and your account number there. A check takes longer — typically five to ten business days to arrive, and then you have to deposit it yourself.

Stopping automatic payments and deposits before closure

If you have direct deposit set up (like a paycheck or benefit payment going into this account), you need to change that before closing. Contact your employer or the organization sending the deposit and give them your new account number, or tell them to stop the deposits entirely. This usually takes a few business days to take effect.

The same applies to any automatic bill payments or recurring transfers you've set up from this account. Log into your online banking or call member services at 1-800-424-2989 to cancel them. If you don't, payments may fail after the account closes, and you could end up with late fees or missed payments on bills.

Closing the account over the phone

Call 1-800-424-2989 and tell the representative you want to close your savings account. Have your account number and ID ready. They'll confirm your identity, verify that your balance is zero, and ask why you're closing (you don't have to give a detailed reason — "I'm consolidating accounts" is fine).

Once they process the closure, ask them to email or mail you written confirmation. This should include the account number, the date the account was closed, and your final balance. Keep this confirmation — it's proof the account is closed if there's ever a question later.

Closing the account in person

If you have a PenFed branch near you, you can walk in with your ID and ask to close the account. Bring your account number if you have it written down. The branch staff will verify your identity, confirm your balance is zero, and process the closure on the spot.

In-person closure is often the clearest route because you can see the transaction happen and get a receipt when ready. Ask for written confirmation before you leave, even if they hand you a receipt — a formal closure letter is better documentation for your records.

What happens after your account closes

Once the account is closed, you won't be able to access it or make deposits or withdrawals. Any checks you've written against this account will bounce if they haven't cleared yet, so make sure all outstanding checks have been processed before closure.

If you later realize you need to reopen an account or have questions about the closure, you can call member services again at 1-800-424-2989. PenFed may let you reopen a recently closed account, though policies vary. It's easier to get everything right before you close than to reopen and close again.

Frequently Asked Questions

Do I lose my PenFed membership if I close my savings account?

Not necessarily. Closing one account doesn't automatically cancel your membership. However, PenFed requires membership to hold accounts, so if this is your only account with them, closing it may end your membership status. Ask the representative when you call whether you'll remain a member.

What if I have a negative balance or owe PenFed money?

PenFed will not close an account with a negative balance. You'll need to deposit enough to bring it to zero first. If you owe money for overdraft fees or other charges, those must be paid before closure.

How long does it take to close the account?

If you close by phone or in person, the account closes when ready — the representative processes it while you're there. You'll get confirmation right away. If you request a check for your balance, that check takes five to ten business days to arrive.

Can I close the account if I still have pending transactions?

No. Wait for pending transactions to clear or cancel them before you close. A pending transaction can prevent closure or cause problems after the account is closed.

What if I closed my account and then a check I wrote bounces?

Once an account is closed, any checks written against it will bounce. Contact the person or business you wrote the check to and explain the situation. You can issue a new check from another account or pay them another way. You may also face a returned check fee from PenFed.