topic Re: How to deposit cash into Penfed checking? in Personal Finance

How to deposit cash into Penfed checking?

Royalbacon — Wed, 08 Jun 2016 08:31:34 GMT

How do you deposit cash into the Penfed checking account? It says i'm not currently eligible when I try to use the mobile deposit check featurue on the app, upon research seems like Penfed places limits on these things for new members. Maybe after 6 months I can use it?

Can anyone comfirm if I can successfully deposit cash into my Penfed account with a CU24 atm? Funny the ATM locator on Penfed's site lists no CU24 atm but here http://www.cu24.com/ATMLocator/ there are tons of ATMs that accept deposits listed within 10 miles of me in the Minneapolis/St Paul area. Right now I transferred my current money to my paypal and will be depositing it that way until I get my direct deposit set up at work.

Had this experience with USBank. My USBank debit card has the moneypass logo on it and apart of the moneypass network, yet I went to an Associated Bank branch which has a moneypass ATM and tried using their automated cash deposit to put cash into my USBank checking account, it ended up spitting my cash out saying unable to deposit into that account.

I live in a suburb of Minneapolis so going to a Penfed branch is out of the question haha

Not a huge issue, just that the mobile deposit on the smartphone app says i'm not currently eligible (which is weird) and just need a way to get the money out of my current checking to my Penfed checking. Like I said i'm using Paypal but would be nice if there is a more convenient way. Hopefully the mobile deposit will work for me eventually, even though I can count the number of checks I deposit in a year on one hand, it's still nice to have and a neccessity if this becomes my only checking account (especially since I'm not sure if using automated cash or check deposit on a CU24 atm works unless someone can comfirm) and Penfed doesn't participate in shared branching.

Re: How to deposit cash into Penfed checking?

Gmood1 — Wed, 08 Jun 2016 09:22:03 GMT

Can't you go to a CO-OP Shared Branching credit union in your area? I've made withdrawals this way. All you need is your member's number and ID.

Basically walking into any CU that is CO-OP, will be like walking into a Penfed branch.

Re: How to deposit cash into Penfed checking?

RonM21 — Wed, 08 Jun 2016 10:41:07 GMT

Hmmm. I didn't know you could even do that.

Re: How to deposit cash into Penfed checking?

Anonymous — Wed, 08 Jun 2016 12:21:06 GMT

I went online and added a non penfed account to my online login. Once added and verified, you can transfer money to and from between that account and your share account. But you need to still have a normal account from a local bank that you can deposit into.

Re: How to deposit cash into Penfed checking?

Gmood1 — Wed, 08 Jun 2016 12:34:20 GMT

@RM21 wrote:
Hmmm. I didn't know you could even do that.

Sure, a lot of folks don't. I laugh every time I see someone post they're not with a particular CU because there are no branches in the area.lol

Little do they know, CUs have more access than the largest banks in the country.

Re: How to deposit cash into Penfed checking?

Anonymous — Thu, 09 Jun 2016 16:47:07 GMT

PenFed is pretty conservative with everything.

It takes 3 months before you can mobile deposit a check.

You can add an outside account but it takes 3-6 months before you can transfer more than $50 per day, per account. I think it's 6, but I can't remember anymore. That was annoying!

If you have a credit card, your payment amount isn't added back to your available credit for quite a few days. Once you have accounts that are 6+ months old, the hold on a available credit stops and it updates immediately.

Just some quirks to deal with in the beginning. But to me, it's worth it to have them as a CU.

Re: How to deposit cash into Penfed checking?

Anonymous — Thu, 09 Jun 2016 16:48:46 GMT

To clarify, on the $50 per day initial limit, that's on a pull from the external account. I don't ever push so not sure what issues or hidden gotchas you might encounter.