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Penfed mobile deposit

gingerflower
Valued Contributor

Penfed mobile deposit

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? 🙄

Message 1 of 10
9 REPLIES 9
Adkins
Mega Contributor

Re: Penfed mobile deposit

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?

Last HP 09-14-2020



Message 2 of 10
M_Smart007
Epic Contributor

Re: Penfed mobile deposit


@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.

Message 3 of 10
gingerflower
Valued Contributor

Re: Penfed mobile deposit

@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.

Message 4 of 10
gingerflower
Valued Contributor

Re: Penfed mobile deposit

@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! 

Message 5 of 10
M_Smart007
Epic Contributor

Re: Penfed mobile deposit


@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'sSmiley Very Happy

Message 6 of 10
gingerflower
Valued Contributor

Re: Penfed mobile deposit

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

Message 7 of 10
rbentley
Established Contributor

Re: Penfed mobile deposit

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.

Message 8 of 10
CreditCuriosity
Moderator

Re: Penfed mobile deposit

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?

Message 9 of 10
gingerflower
Valued Contributor

Re: Penfed mobile deposit

@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! 🎄

Message 10 of 10
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