topic Re: Penfed mobile deposit in Personal Finance

Penfed mobile deposit

gingerflower — Tue, 15 Dec 2020 01:32:07 GMT

I did a mobile deposit to my Penfed checking account and not knowing there is a 5 days hold. First time mobile deposit my gosh, that is ridiculous!! Anyone else went thru this situation? 🙄

Re: Penfed mobile deposit

Adkins — Tue, 15 Dec 2020 14:52:53 GMT

I'm a member of PenFed, but I've never done a mobile deposit with them. I actually walked into a branch to deposit money the last time (it was on my way). I find five days to be quite a long wait, in this day and age. Is it a large deposit or out of state insurer?

Re: Penfed mobile deposit

M_Smart007 — Tue, 15 Dec 2020 14:53:08 GMT

@gingerflower wrote:
I did a mobile deposit to my Penfed checking account and not knowing there is a 5 days hold. First time mobile deposit my gosh, that is ridiculous!! Anyone else went thru this situation? 🙄

Penfed is known for holds, if you are new/first time?

Once they get to know you .. then it is smooth sailing.

ALL my deposits credit immediately.

Re: Penfed mobile deposit

gingerflower — Tue, 15 Dec 2020 15:59:55 GMT

@Adkins Thank you for the reply. It was a check for $500 from my bank at NASA Fcu. I thought it was ridiculous! No problems with Nfcu or other Banks or Cu.

Re: Penfed mobile deposit

gingerflower — Tue, 15 Dec 2020 16:03:53 GMT

@M_Smart007 Thank you for the reply. I been a member with Penfed 8 yrs but this is my first mobile deposit. I Learned my lesson though from now on to deposit to my other institutions!

Re: Penfed mobile deposit

M_Smart007 — Tue, 15 Dec 2020 16:05:32 GMT

@gingerflower wrote:
@M_Smart007 Thank you for the reply. I been a member with Penfed 8 yrs but this is my first mobile deposit. I Learned my lesson though from now on to deposit to my other institutions!

First mobile deposit might have triggered it.?

I cannot remember, as I have too many FI's

Re: Penfed mobile deposit

gingerflower — Tue, 15 Dec 2020 16:11:07 GMT

@M_Smart007 I know what you mean I to have to many FI 🙂 Happy Holidays to you and yours! 🎄

Re: Penfed mobile deposit

rbentley — Wed, 16 Dec 2020 00:03:24 GMT

Penfed imposed a 5 day hold on mobile deposits for the first 6onths after an account is opened (at least that is what they did 2 years ago when I opened my account.) After that 6 month probationary period there is no hold and checks are credited immediately.

Re: Penfed mobile deposit

CreditCuriosity — Wed, 16 Dec 2020 02:07:40 GMT

Strange if new they put holds on checks, but shouldnt after that.. Have deposited 3k+ checks without issues and immediately available and rarely ever use mobile for deposits as get paid by ACH, etc.. YMMV? Maybe as always have above deposit amount of whatever in acct?

Re: Penfed mobile deposit

gingerflower — Wed, 16 Dec 2020 03:10:40 GMT

@CreditCuriosity It is strange bcuz the check cleared by the following day at my other bank. Oh well, like I said I will deposit in my other bank institutions . Thks for the reply! 🎄