The fastest way to close your PenFed account

You can close your PenFed checking account by calling their member service line at 1-800-PEN-FEDS (1-800-736-3337), speaking to a representative in person at a branch, or submitting a written request by mail. The phone route is usually fastest — you can complete the closure in one call and confirm it's done the same day. If you have pending transactions or automatic payments set up, the representative will walk you through what happens to those before finalizing the closure.

Before you call, gather your account number (on any statement or your debit card) and have a pen ready to write down a confirmation number. PenFed will ask whether you want any remaining balance mailed to you as a check or transferred to another account. If you choose a transfer, have the routing and account number of your destination bank ready.

Key Takeaways

  • Call 1-800-PEN-FEDS (1-800-736-3337) to close your account over the phone, which usually takes 10 to 15 minutes.
  • You must stop or redirect any automatic payments or direct deposits before closure, or they may be rejected after your account closes.
  • PenFed will send any remaining balance as a check by mail unless you request a transfer to another bank account.
  • In-person closure at a PenFed branch requires a government-issued ID and takes about the same time as a phone call.
  • Written closure by mail takes longer but leaves a paper trail; send your request to the address on your statement.

What to do with automatic payments and direct deposits

Before you close your account, you need to stop or move any automatic payments (like insurance, utilities, or loan payments) and any direct deposits (like paychecks or benefits). If you don't, those transactions will fail after your account closes, and you may face late fees or missed payments.

For automatic payments, log into each biller's website or call them directly to change the payment method or account number. For direct deposits, contact your employer's payroll department or the organization sending the deposit (Social Security, a pension, etc.) and give them your new account details if you have another bank account set up. PenFed's representative can tell you the exact date your account will close, which helps you time these changes so there's no gap.

Closing in person at a PenFed branch

If you prefer to close your account face-to-face, visit any PenFed branch with a government-issued ID (driver's license, passport, or state ID). The representative will verify your identity, review your account balance, and process the closure on the spot. Bring your debit card if you have one — the branch may ask to see it or destroy it as part of the process.

Branch hours vary by location, so check PenFed's website or call ahead to confirm when your nearest branch is open. In-person closure usually takes 15 to 20 minutes. You'll receive a confirmation number and can ask the representative to print a summary of the closure for your records.

Closing by mail with a written request

You can also close your account by sending a letter to PenFed's mailing address, which appears on your statement or the back of your debit card. Include your full name, account number, and a clear statement that you want to close the account. Sign and date the letter, and keep a copy for yourself.

Mail closure takes longer — typically two to four weeks — because PenFed has to receive your letter, process it, and mail you a check if you have a remaining balance. This method works well if you want a written record of your request, but it's slower than calling or visiting a branch. Send your letter via regular mail or certified mail (with return receipt) so you have proof it arrived.

What happens to your remaining balance

If your account has money in it when you close, PenFed will either mail you a check or transfer the funds to another account. During your closure call or visit, tell the representative which option you prefer. If you choose a check, it usually arrives within five to seven business days. If you choose a transfer, provide the routing number and account number of the bank where you want the money to go, and the transfer typically completes within one to three business days.

If your account is overdrawn (you owe PenFed money), they will not close it until the negative balance is paid. You can pay the amount due over the phone with a debit card or bank account, or by mail with a check. Once the balance is zero or positive, the closure can proceed.

After your account is closed

Once your account closes, you can no longer use your debit card, and any checks you've written may bounce if they haven't cleared yet. If you have outstanding checks, wait for them to clear before closing, or contact the people you wrote them to and let them know your account is closing so they can coordinate timing.

Your account history remains available to you for a period of time after closure — usually at least one year. If you need statements or transaction records later, you can contact PenFed and request them. Keep any final statements or confirmation numbers in a safe place in case you need to reference the closure later.

Frequently Asked Questions

Can I reopen my PenFed account after I close it?

PenFed does not automatically reopen closed accounts. If you want to bank with PenFed again, you would need to open a new account. Contact PenFed to ask whether there are any restrictions on reopening an account you previously closed, as policies can vary.

What if I have a PenFed savings account too — do I have to close that separately?

Yes, each account is separate. Closing your checking account does not close your savings account. If you want to close both, you'll need to request closure for each one during the same call or in the same letter, or handle them separately.

Will closing my PenFed account hurt my credit score?

Closing a checking account does not directly affect your credit score because checking accounts are not reported to credit bureaus. However, if you have outstanding debt or fees owed to PenFed, those could be reported and impact your credit if left unpaid.

What if I have a pending deposit or check that hasn't cleared yet?

Wait for all pending transactions to clear before closing your account, or contact PenFed to ask how they handle deposits and checks that arrive after closure. Some institutions will return uncashed checks or reject deposits to closed accounts, which can cause problems for the person who sent them to you.

Do I need to close my account in person, or can someone else do it for me?

PenFed requires the account holder to request closure themselves for security reasons. If you cannot call or visit in person, you can send a written request by mail with your signature. You cannot authorize someone else to close your account on your behalf.