Branded "Deposit Anywhere", PenFed has already seen remarkable results since implementing Consumer Source Capture from Fiserv in June this year. Three weeks after launch, PenFed saw more weekly deposits from "Deposit Anywhere" than from its web-based mail deposit service that had been in place for seven years. The value of the deposits increased as well and after 6 weeks was almost double the mailed deposits.
"The adoption rate has soared beyond our expectations. In fact, we had members using 'Deposit Anywhere' before we had even begun to market it," said Mike Williams, vice president, Applications Management, Pentagon Federal Credit Union. "Clearly our members found this easy to use and convenient, and we expect to see adoption continue to climb. This is just part of PenFed's overall strategy of moving more members and transactions to the online channel and away from 'brick and mortar' branches."
PenFed took a strategic approach in rolling out consumer capture to its members. The credit union targets members who are in good standing, have been with the credit union for at least six months and have a checking, share/savings or money market account. Member eligibility is checked on an ongoing basis, and if they are deemed eligible, no enrollment is required; the "Deposit Anywhere" link will appear online for the member's accounts. PenFed has set a daily limit of $5,000 total deposits per day and funds are immediately available after deposit.