PenFed adds mobile cash deposit option in Puerto Rico
PenFed Credit Union has introduced a new feature that lets members make cash deposits at retail locations, including Walgreens stores across Puerto Rico.
The service, developed in partnership with InComm Payments, also covers U.S. chains such as Dollar General, Kroger and participating 7-Eleven locations.
Members use the PenFed Mobile App to generate a one-time barcode, present it at checkout, and complete their deposit. The process provides immediate confirmation without requiring account details to be shared with retailers.
“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 Gaurav Bhatia, chief marketing officer and head of deposits.
Brad Patterson, senior vice president of consumer banking financial services, said the launch represents “another important milestone” in PenFed’s relationship with InComm and provides “cash-centric members with a new, convenient and easy-to-use method for depositing cash.”
