Land Of Lincoln Credit Union Mobile Deposit Funds Availability
Land of Lincoln Credit Union is a financial institution that offers a wide range of financial products and services to its members. The credit union has been serving the people of Illinois since 1947 and has grown to become one of the largest credit unions in the state. One of the services that the credit union offers is mobile deposit, which allows members to deposit checks into their accounts using their mobile devices. However, there are certain rules and regulations that govern the availability of funds deposited via mobile deposit.
Mobile Deposit Overview
Mobile deposit is a convenient way for credit union members to deposit checks without having to visit a branch. To use mobile deposit, members must download the credit union's mobile app, take a picture of the front and back of the check, and submit the deposit. Once the deposit is approved, the funds are credited to the member's account. Mobile deposit is available 24/7, making it a convenient option for those who are unable to visit a branch during regular business hours.
Funds Availability
The availability of funds deposited via mobile deposit is governed by federal regulations set forth by the Federal Reserve Bank and the Credit Union National Association (CUNA). According to these regulations, funds deposited via mobile deposit must be made available to members within a certain period of time. The credit union must make the first $225 of the deposit available on the next business day after the deposit is received. The remaining funds must be made available within two business days after the deposit is received.
However, there are certain exceptions to these rules. If the credit union has reason to believe that the check may be returned unpaid, they may place a hold on the funds. In addition, if the member has a history of overdrafts or has a new account, the credit union may also place a hold on the funds. These holds can last up to seven business days.
Factors That Affect Funds Availability
There are several factors that can affect the availability of funds deposited via mobile deposit. These factors include:
- The amount of the deposit
- The age of the member's account
- The member's deposit history
- The credit union's assessment of the risk associated with the deposit
These factors are taken into consideration when the credit union determines the availability of funds for mobile deposits. Members should be aware that the credit union may place a hold on funds deposited via mobile deposit if any of these factors are considered high risk.
Conclusion
Mobile deposit is a convenient way for Land of Lincoln Credit Union members to deposit checks without having to visit a branch. However, there are certain rules and regulations that govern the availability of funds deposited via mobile deposit. Members should be aware of these rules and should understand the factors that can affect the availability of their funds. By doing so, they can avoid any unexpected delays in accessing their funds.