What it does
PenFed Credit Union offers mobile account access, bill payments, transfers and check deposits. Eligible checking accounts can also receive cash at participating retailers using an app-generated barcode. Free Checking has no monthly maintenance fee or continuing minimum balance.
Turn cash into an account deposit
Open the checking account in the app and select Deposit Cash. Find a participating retailer, generate the single-use barcode and present it with the cash to the cashier. Keep the receipt or digital confirmation; PenFed says the funds are available immediately.
Per member, this route allows $1,500 daily and $5,000 monthly, with at most ten deposits each month. The first three monthly deposits are free, then each costs $2. PenCheck Limited accounts are excluded. The service uses InComm’s VanillaDirect and requires web access.
What Free Checking costs
The opening deposit is $25. There is no ongoing minimum balance and no monthly service fee. Outgoing wires and stop-payment requests still have charges, so the free account does not make every banking service free.
The checking service includes debit-card lock and unlock controls. Members can also request cards for authorised users. These account features complement bill payments, transfers and mobile check deposits in the app.
Join and open an account
PenFed requires membership before using its products, but new applicants can begin the application without already being members. Regular Savings offers a guest application that creates membership during account opening, starting with a $5 savings deposit. Existing members can sign in to have their details filled in automatically.
Strengths
- Retail cash deposits return a confirmation with immediate availability
- Free Checking has no monthly service fee or ongoing minimum balance
- Checking includes debit-card lock and unlock controls
Watch out for
- Retail cash deposits stop at ten transactions or $5,000 per month
- PenCheck Limited cannot use the retail cash-deposit service
- Free Checking requires $25 to open
Best for
- PenFed members who need a retail cash-deposit option
- Members seeking checking without monthly maintenance charges
Sources
- PenFed Mobile App: Retail Cash Deposits and Limits (Oct 27, 2026)
- PenFed Free Checking: Costs, Card Controls and Opening Deposit (Oct 27, 2026)
- PenFed Regular Savings: Membership and Guest Applications (Oct 27, 2026)
- PenFed Membership Benefits and Product Access (Oct 27, 2026)