Hughes Federal Credit Union Mobile Deposit Funds Availability
One of the most significant benefits of joining a credit union is the convenience offered by their mobile banking services. Hughes Federal Credit Union is no exception as they offer a mobile app that enables its members to do almost everything they can do at a physical branch, right from their mobile device. One of the essential features of the Hughes Federal Credit Union mobile app is mobile deposit, which allows members to deposit checks from anywhere, anytime.
What is Mobile Deposit?
Mobile deposit is an innovative feature that enables users to deposit checks using their mobile devices instead of visiting a physical branch. Members can use the Hughes Federal Credit Union mobile app to capture images of their checks and then submit them for deposit. This feature saves time and reduces the need for members to visit physical branches.
Funds Availability Policy
Like other financial institutions, Hughes Federal Credit Union has a funds availability policy that outlines the time it takes for deposited checks to be credited to a member's account. The funds availability policy applies to all deposits, including mobile deposits. According to the policy, funds from mobile deposits will generally be available on the first business day after the day of deposit.
If a check is deposited before 2:00 PM Pacific Time on a business day, the funds will be available on the next business day. However, if a check is deposited after 2:00 PM Pacific Time, the funds will be available on the second business day after the day of deposit. The funds availability policy does not apply to weekends or federal holidays.
It is essential to note that the funds availability policy is subject to change without notice. Members are advised to check the policy regularly to stay informed of any changes that may affect their mobile deposits.
Factors Affecting Funds Availability
Several factors can affect the availability of funds from mobile deposits. The most common factors include:
- The amount of the check
- The member's account history
- The source of the check
- The type of account
If a member's account has a history of overdrafts or returned checks, the funds may not be available immediately. In such cases, the credit union may place a hold on the funds for up to seven business days. Members can contact the credit union for more information on their specific account and the factors that may affect their mobile deposits' availability.
Conclusion
Mobile deposit is a convenient feature that allows Hughes Federal Credit Union members to deposit checks from anywhere, anytime. The funds availability policy ensures that members receive their funds in a timely manner, while factors such as account history and check source can affect funds availability. Members