How many documents does it take to get to the tootsie roll center of my identity?

November 9, 2009 8:00 AM

I'm in the process of signing up for PenFed account and it seems like they are asking for a lot of documentation to establish my identity. Is this usual for them? Or am I just being paranoid?

I applied online and when I called to set up my PIN number we went through the identification process whereby the CSR asked me about 10-12 questions about stuff on my credit history that only I would know. So great...that part is done. "Call back in 2-3 hours to get your PIN."

I called again today and the woman tells me they need even more documentation to confirm my identity. This time a copy of my driver's license, utility bill with name and address on it and a copy of my social security card, all notarized. Do they really need a copy of my social security card? Am I asking for trouble by making that available to people? Does anyone have a similar experience with PenFed and their processes?

Thanks in advance.

posted by eatcake to work & money (4 comments total)

I set up my PenFed account in person, and it was slightly more identification-verification-intensive than getting my checking account at the local bank. It has been many many many years since I set up the account, however.

Dealing with PenFed over the phone, in my experience, has been extremely identification-verification-intensive. Crazy, in fact. I have to reset my PIN often, because I rarely need to access it, and can't remember it, and it's something of a long, complicated process. However, I've never run into any problems that I can trace back to having given PFCU access to that sort of ID-verification.

So, yes that seems very much like the standard operating procedures I've experienced with them. I'd suggest calling customer service, though, and asking them about the policies if you're really concerned. I ran into difficulty trying to reset my PIN while I was closing my PFCU mortgage and customer service was incredibly helpful.
posted by crush-onastick at 8:16 AM on November 9

I don't recall having to send in notarized versions of documents when I set my account up a few years ago. Given the joining requirements, are you in one of the non-direct methods, like NMFA (which is what I did) or others? They are very security and financially conscious, but I've never had a problem once I talked to a person.
posted by jwells at 9:45 AM on November 9

Yes, I joined through the NMFA.
posted by eatcake at 9:59 AM on November 9

Penfed is just nuts, but that comes from being associated with the military. I'm still not sure my account is fully verified, and it's been open for 2 years. So far, I haven't had to pull any money out, but I expect they'll ask for 3 more forms of ID before I can.
posted by mad bomber what bombs at midnight at 10:07 AM on November 9