PenFed Credit Union Unveils Convenient Mobile Cash Deposit Service for Members

PenFed Credit Union Launches New Mobile Cash Deposit Feature

In an exciting development for its members, PenFed Credit Union, one of the largest federal credit unions in the United States, has teamed up with InComm Payments to roll out a new Mobile Cash Deposit feature. This innovative service allows members to deposit cash directly in stores participating in this program by simply using their smartphone.

Convenience at Your Fingertips

As of August 20, 2025, PenFed members can utilize this service at a wide range of retail locations including Dollar General®, Walgreens, and Kroger®, among many others. By using the PenFed Mobile App, members can generate a one-time barcode that they can conveniently present to the cashier at their chosen retail establishment. This scan completes the cash deposit transaction seamlessly, creating a user-friendly experience that caters especially to those accustomed to handling cash.

Gaurav Bhatia, PenFed's Chief Marketing Officer and Head of Deposits, expressed enthusiasm about this initiative, stating, "PenFed is excited to offer our 2.9 million members the convenience of banking where they shop in tens of thousands of retail locations in all 50 states, Puerto Rico, and U.S. Virgin Islands." This service eliminates unnecessary trips to traditional bank branches, allowing members to spend more time on what they enjoy, without sacrificing their banking needs.

Enhanced Privacy and Security

One of the standout features of PenFed's Mobile Cash Deposit is its commitment to security. Members only need to share a unique barcode for their deposit, ensuring that sensitive account information is never disclosed to retail staff. Immediate confirmation of the transaction is provided to users via the app, reinforcing the service's reliability.

Mark Smith, VP of Sales at InComm Payments, highlighted the essential nature of this service, stating, "Millions of consumers rely on cash, and they need easy, reliable ways to use paper currency in today's digital payment ecosystems." The partnership aims to fulfill this need effectively by making cash deposits as easy as possible, directly in locations where consumers already shop.

A Response to Member Needs

PenFed's new feature not only streamlines everyday banking tasks but also responds to the busy lifestyles of its members. Brad Patterson, Senior Vice President of Consumer Banking Financial Services at PenFed, noted that the Mobile Cash Deposit feature simplifies the process of depositing cash, making it faster and easier for users. He remarked, "This solution is another important milestone in our longstanding relationship with InComm Payments and our pursuit to provide PenFed members with leading-edge products and services."

The introduction of this service reflects PenFed's dedication to adapting to members' needs and embracing technological advancements to enhance financial services. As PenFed continues to innovate, this mobile cash deposit option marks a significant addition to their ever-growing catalog of self-service banking tools.

To learn more about PenFed Credit Union and their new Mobile Cash Deposit feature, interested parties can visit PenFed's official website or inquire further through various customer service platforms.

About InComm Payments

InComm Payments is an established leader in payments technology. With a global presence and a wealth of experience, InComm Payments specializes in offering solutions that meet diverse financial technology needs across various sectors. Their collaboration with PenFed represents a crucial advancement in customer-focused banking solutions.

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) has grown to serve nearly 3 million members worldwide, managing $30 billion in assets. Committed to putting members first, PenFed offers an extensive range of financial services, ensuring that their interests are always prioritized. For those interested in becoming a member or finding out more about their services, visit PenFed.org.

This development not only strengthens PenFed's service offerings but also represents a thoughtful response to the evolving landscape of consumer banking and payment methods.