We have performed a dynamic light-scattering (DLS) investigation of the effect of a water-soluble polymer, polyethylene glycol (PEG), on the bending elastic modulus κ of surfactant membranes. The polymer, in concentrations ranging from 0 to 8 g/L (0 to 0.4 mM), was incorporated into the solvent of sponge phases of the sodium dodecyl sulfate (SDS)-hexanol-brine system. PEG adsorbs into the SDS membranes. The correlation functions of the polymer-doped sponge phases displayed a stretched-exponential decay, appropriately described by the Zilman-Granek (Z-G) theory for fluctuating membranes. The dynamics of the surfactant bilayers was slowed down by the addition of the polymer: Increasing PEG concentrations increase the DLS relaxation times. From the Z-G model we extracted the membrane-bending elastic modulus, as a function of polymer concentration, C(PEG) = κ increases with C(PEG), a behavior opposite to that expected from available models for the interaction between fluid membranes and adsorbing polymers. Our results suggest that the polymer penetrates to some extent the surfactant bilayers.