Police say the suspect entered the Citizens Bank in the Cedarbrook Mall in the 1000 block of South Easton Road around 2:00 p.m. Thursday and demanded cash in 10's and 20's.
Officials say no weapon was displayed or implied, but the suspect got away with an undisclosed amount of cash before fleeing the bank on foot.
They believe she got into a dark grey Dodge Charger that was operated by an unknown driver.
Police believe this same suspect robbed the same bank around the same time on December 22, 2013.
The FBI has also become involved in the investigation.
The suspect is described as a black female, 40 to 45-years-old, 5'5" to 5'6" tall with a short blonde wig and glasses. She was last seen wearing a neon pink ski jacket, light blue pants and black sneakers.
Anyone with any information is urged to contact the Cheltenham Police at 215-885-1600 or the anonymous tip line at 215-885-1600.