Sharonview Federal Credit Union Mobile Deposit Funds Availability
Sharonview Federal Credit Union is a financial institution that serves its members through a range of products and services, including mobile deposit. Mobile deposit is a convenient way for members to deposit checks into their accounts using their mobile devices. However, there are some important factors to consider when it comes to the availability of funds deposited through this service.
What is Sharonview Federal Credit Union Mobile Deposit?
Sharonview Federal Credit Union Mobile Deposit is a service that allows members to deposit checks into their accounts using their mobile devices. Members can access this service through the Sharonview app, which is available for download on both iOS and Android devices. The app allows members to take a picture of the front and back of their check and submit it for deposit. The funds are then credited to their account, subject to certain availability conditions.
How Does Sharonview Federal Credit Union Mobile Deposit Work?
Using Sharonview Federal Credit Union Mobile Deposit is a simple process. Members need to log in to the Sharonview app and select the Mobile Deposit feature. They then need to follow the prompts to take a picture of the front and back of their check and submit it for deposit. The app will confirm the deposit and provide the member with a receipt. The funds will be credited to their account, subject to certain availability conditions.
What are the Availability Conditions for Sharonview Federal Credit Union Mobile Deposit?
While Sharonview Federal Credit Union Mobile Deposit is a convenient way to deposit checks, there are certain availability conditions that members need to be aware of. The availability of funds depends on several factors, including the time of day the deposit is made, the type of check that is deposited, and the amount of the deposit.
If the deposit is made before 5:00 PM Eastern Time on a business day, the funds will be available on the next business day. If the deposit is made after 5:00 PM Eastern Time or on a weekend or holiday, the funds will be available on the second business day. However, there are certain exceptions to this rule.
If the deposit is made with a check that is not a US Treasury check, the first $225 of the deposit will be available on the next business day. The remaining funds will be available on the second business day. If the deposit is made with a US Treasury check, the first $5,000 of the deposit will be available on the next business day. The remaining funds will be available on the second business day.
If the deposit is for more than $5,000, there may be a delay in the availability of funds. The credit union may hold the funds for up to seven business days to verify the check and ensure that it is not fraudulent. If the check is found to be fraudulent, the credit union may reverse the deposit and charge the member a fee.
Conclusion
Sharonview Federal Credit Union Mobile Deposit is a convenient way for members to deposit checks into their accounts using their mobile devices. However, members need to be aware of the availability conditions for these deposits. The availability of funds depends on several factors, including the time of day the deposit is made, the type of check that is deposited, and the amount of the deposit. Members should always check their account balances to ensure that the funds are available before using them.