PenFed "Deposit Anywhere" feature

[wolf]

My local CU also offers this feature.

My main concern is, the funds, depending on the amount, may be put on hold for a few days.

If I visit the branch and make the deposit. The teller does not put a hold on my check, because they can see my large balance.

Also, what happens if there is a screw up. How do you prove you deposited the check?

 

[friar1610]

I really don't think NFCU is feeling any heat. NFCU advertises widely on TV in the DC area and Hampton Roads is also a major demo area for them. They both adverstise in the Wash Post. Penfed retains a funky feel like an old school credit union if that makes any sense. Check all the hoopla over the difficult to navigate Penfed website and certificate reservatin offer, for example. I can drive to a Penfed outpost branch and when you go in, you MUST "take a number". They have different number series for teller and "other" services. I've never seen more than two customers in the branch, so I take a number.....take a seat....teller calls my number and I go to the window....very corny.

Interesting. I live far outside the DC area these days so all of my business with both NFCU and PenFed is via the internet or mail. We do use NFCU as our primary "bank" for checking and savings and have for years. I also had several mortgages with NFCU over the years. I have CDs at both NFCU and PenFed.

 

[sailor]

Naturally, endorsing a check for someone else is a shady practice, which is why I am just telling you second hand what this Kramer character does.

For few years I was depositing checks at Wachovia (it was First Union at the time) without any endorsements (I did not know it was needed). Worked fine.
Bank employee explained to me later that they might choose to not honor a non-endorsed check, but it never happened to me.

 

[Nords]

I read your follow-on posts but, as a larger matter, I gotta wonder: is NFCU feeling pressure from PenFed these days?

Shucks, NFCU deletes their website e-mails after 90 days so I don't have the quote, but I've asked them several times if they'll beat Penfed's deals. When I ask that question it appears to trigger the following boilerplate: "We manage NFCU's assets in the best fiduciary interests of our shareholders, not like those other upstart whippersnappers who are going to end up bankrupt any day now with their foolhardy high-interest-rate CDs and low-interest-rate mortgages." Or words to that effect.

In what must be a stunning coincidence I no longer have either of our mortgages, our HELOC, or any of our CDs deposited with NFCU.

But NFCU does manage to maintain a higher rate on their money-market accounts, as long as I keep at least five figures on deposit. Or until I feel I can peel some of that off for another PenFed CD...

Mom has been happy to continue this service for the price of one steak dinner, paid for by Kramer, on each return visit.

I hate seeing poor, innocent investors held hostage to unethical financial advisors who claim that their active-management strategies will boost returns with no additional risk!

 

[johnoh]

Thank you for the suggestion. I downloaded the demo of Vuescan and also the driver from HP for both Windows 7 and Vista. I still get the same results. It scans, looks great but the PenFed program says that it cannot be read.

I would try creating a winxp 32-bit virtual machine before giving up

 

[kramer]

Years ago I once had checks for deposit returned to me for non-endorsement (returned by my credit union). I think it was a check from the IRS and maybe also from the State of California. I didn't know it was even possible to put just For Deposit Only. But I am happy to know that having someone else do the signature is an accepted practice.

 

[jazz4cash]

My local CU also offers this feature.

My main concern is, the funds, depending on the amount, may be put on hold for a few days.

If I visit the branch and make the deposit. The teller does not put a hold on my check, because they can see my large balance.

Also, what happens if there is a screw up. How do you prove you deposited the check?

I presume you are referring to the original topic of this thread. My apologies for contributing to it being hijacked.

Penfed specifically states that the funds are available immediately, but I presume there is a portion witheld just like a conventional deposit. I wonder what needs to be done with the check after scanning since I wouldn't be comfortable discarding it for awhile. Here is the FAQ document.