L&N Federal Credit Union Mobile Deposit Funds Availability
L&N Federal Credit Union is a non-profit financial institution that serves the Louisville, Kentucky area. One of the features that sets L&N Federal Credit Union apart from other banks is their mobile deposit option. With mobile deposit, members can deposit checks into their accounts from anywhere at any time. However, it is important to understand the funds availability policy for mobile deposits.
What is Mobile Deposit?
Mobile deposit is a feature offered by many banks and credit unions that allows customers to deposit checks using their mobile devices. To use mobile deposit, customers simply need to take a photo of the front and back of the check and submit it through their bank or credit union's mobile app. The check will then be deposited into the customer's account.
How Does L&N Federal Credit Union's Mobile Deposit Work?
Using L&N Federal Credit Union's mobile deposit feature is simple. Members can access the feature through the credit union's mobile app. To deposit a check, members need to follow these steps:
- Endorse the back of the check with their signature and the words "For Mobile Deposit Only."
- Open the L&N Federal Credit Union mobile app and select the "Deposit" option.
- Select the account into which the check should be deposited.
- Enter the amount of the check.
- Take a photo of the front and back of the check.
- Submit the deposit.
Once the deposit is submitted, L&N Federal Credit Union will review the deposit and credit the funds to the member's account if the deposit is approved.
What is L&N Federal Credit Union's Funds Availability Policy for Mobile Deposits?
L&N Federal Credit Union's funds availability policy for mobile deposits is designed to protect both the credit union and its members. The policy is as follows:
- Deposits made before 5:00 PM EST on a business day will be credited to the member's account on the same day.
- Deposits made after 5:00 PM EST on a business day or on a non-business day will be credited to the member's account on the next business day.
- Deposits may be held for up to two business days if the deposit is greater than $200, or if the member is a new member with L&N Federal Credit Union or has an account that has been open for less than 30 days.
- Deposits may be held for up to five business days if the credit union has reason to believe the deposit may be fraudulent.
If a deposit is held, the member will be notified by mail or email. Once the hold is released, the funds will be credited to the member's account.
Conclusion
Mobile deposit is a convenient feature offered by L&N Federal Credit Union that allows members to deposit checks from anywhere at any time. However, it is important to understand the funds availability policy for mobile deposits to avoid any confusion or unexpected delays in accessing the deposited funds. By following the steps outlined above and familiarizing yourself with L&N Federal Credit Union's funds availability policy, you can make the most of this convenient feature and manage your finances with ease.