PenFed Credit Union Introduces Mobile Cash Deposit At Participating Retail Stores

Partnership with InComm Payments allows PenFed members to make cash deposits where they shop with the mobile app

Tysons, VA /PRNewswire/ - PenFed Credit Union, one of the nation's largest federal credit unions, is partnering with InComm Payments to offer members mobile cash deposits at participating retail stores including Dollar General®, Walgreens, Kroger®, participating 7-Eleven® locations and many more.

Using the PenFed Mobile App, checking account members can generate a one-time use barcode, show it to the cashier to scan and complete a cash deposit transaction.

"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," said PenFed Chief Marketing Officer and Head of Deposits Gaurav Bhatia. "Fewer stops throughout the day means our members will be able to spend more time doing the things they love."

When using Mobile Cash Deposit, members share only a barcode with retailers — not account information — and receive instant confirmation of their deposit.

"Millions of consumers rely on cash, and they need easy, reliable ways to use paper currency in today's digital payment ecosystems," said Mark Smith, VP of Sales at InComm Payments. "Our network fulfills that need by providing convenient cash load services in retail locations where many cash users already shop. We are proud to partner with PenFed and deliver their vision of simplifying and streamlining cash deposits for their members."

"We know our members are busy. We're excited to bring to life a new service that helps make the chore of depositing cash faster and easier," said Brad Patterson, Senior Vice President of Consumer Banking Financial Services at PenFed. "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. Mobile cash deposit is an excellent addition to PenFed's self-service options that provides cash-centric members with a new, convenient, and easy-to-use method for depositing cash that support their everyday lives."

For more information on InComm Payments and its cash solutions, please visit www.incomm.com/payments/cash-solutions.

To learn more, please visit https://www.penfed.org/checking.

About InComm Payments
InComm Payments is an innovative global payments technology provider. Leveraging dynamic technology and proven expertise, InComm Payments delivers enhanced end-to-end payment platforms and emerging financial technology solutions through a single integration, helping businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, mobile payments, digital currencies and financial services. By enabling omnichannel connections and alternative payment options to an ever-expanding consumer base in an increasingly digital ecosystem, InComm Payments creates seamless and valuable commerce experiences across the globe. With three decades of experience, over 525,000 points of retail and online distribution, 412 global patents and a presence in more than 40 countries, InComm Payments leads the payments industry from its headquarters in Atlanta, Ga. Learn more at www.InCommPayments.com.

About PenFed Credit Union
Established in 1935, Pentagon Federal Credit Union (PenFed) is one of the nation's largest federal credit unions, serving nearly 3 million members worldwide with $30 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To receive any advertised product, you must be a member of PenFed Credit Union To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on X. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.