PenFed introduces online cheque scanning and deposit

Source: Pentagon Federal Credit Union

With a firm eye focused on the future of banking commerce and current consumer trends, Pentagon Federal Credit Union (PenFed) joined the ranks of financial institutions that now offer electronically scanned check deposits through their online check deposit service, Deposit Anywhere.

The scanned check deposit service is a newly added feature to PenFed's existing Deposit Anywhere online check deposit service. PenFed's Deposit Anywhere program allows a member to initiate a deposit from their computer to their checking account for immediate credit on deposit amounts up to $5,000 per member per day.

Whereas the standard version of PenFed's Deposit Anywhere service still requires a member to mail a physical check to the credit union to complete the deposit transaction, the new check scanning deposit feature allows a member to use their home scanner to deposit an image of their check(s) directly to their PenFed accounts -- completely eliminating the need for a physical check to be mailed.

In addition to ease of use that saves time and money by avoiding postal costs, the new scanned check Deposit Anywhere service offers enhanced versatility and access. With scanned check deposits, a PenFed member can now make a deposit to a PenFed checking account, Share Savings, or Money Market Share account from anywhere in the world, 24 hours a day, seven days a week.

"PenFed is always looking for new and useful ways to enhance the banking services that we provide to our membership," says Roderick Mitchell, Executive VP Operations, PenFed. "Our membership spans the globe, and for many of our members located overseas or living stateside in remote areas, our scanned check Deposit Anywhere service will definitely be an invaluable service that will allow them to have quick and convenient access to their funds."

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