Shell Federal Credit Union Mobile Deposit Funds Availability
Shell Federal Credit Union has been providing financial services to its members for over 85 years. With a commitment to meeting the needs of its members, the credit union offers a range of financial products and services, including mobile banking. One of the features of Shell Federal Credit Union's mobile banking service is mobile deposit. In this article, we will take a closer look at mobile deposit and the funds availability policy of Shell Federal Credit Union.
What is Mobile Deposit?
Mobile deposit is a feature of mobile banking that allows you to deposit checks using your smartphone or tablet. With mobile deposit, you can take a picture of the front and back of a check and submit the images for deposit. This eliminates the need to visit a branch or ATM to deposit a check, making banking more convenient for you.
Shell Federal Credit Union's mobile deposit feature is available through the mobile banking app. To use mobile deposit, you must have a checking account with the credit union and be enrolled in online banking.
How Does Mobile Deposit Work?
Using mobile deposit is easy. Simply log in to the mobile banking app and select mobile deposit. You will be prompted to take a picture of the front and back of the check. Once you have taken the pictures, you will enter the amount of the check and select the account you want to deposit the funds into. After you submit the deposit, you will receive a confirmation message that your deposit has been received.
It is important to note that there are certain requirements for using mobile deposit. The check must be payable to you and endorsed with your signature. The check must also be drawn on a US financial institution and in US dollars. Additionally, there are limits on the amount of funds you can deposit using mobile deposit. At Shell Federal Credit Union, the daily limit for mobile deposit is $5,000.
Funds Availability Policy
After you have submitted a mobile deposit, the funds may not be immediately available in your account. Shell Federal Credit Union has a funds availability policy that determines when funds from a mobile deposit will be available for use. The policy is based on the regulations set forth by the Federal Reserve Bank and the Credit Union National Association.
The funds availability policy at Shell Federal Credit Union is as follows:
- For mobile deposits made before 4:00 PM CT on a business day, funds will be available on the following business day.
- For mobile deposits made after 4:00 PM CT on a business day, funds will be available on the second business day following the deposit.
- For mobile deposits made on a non-business day, funds will be available on the second business day following the deposit.
It is important to note that there may be circumstances that cause a delay in the availability of funds. For example, if the credit union has reason to believe that a check will not be paid, the funds may be held for a longer period of time. Additionally, if you have a history of overdrafts or other account issues, the credit union may hold the funds for a longer period of time.
Conclusion
Mobile deposit is a convenient feature of mobile banking that allows you to deposit checks using your smartphone or tablet. At Shell Federal Credit Union, mobile deposit is available through the mobile banking app, and there are limits on the amount of funds you can deposit using this feature. The credit union's funds availability policy determines when funds from a mobile deposit will be available for use. While the availability of funds may be delayed in certain circumstances, mobile deposit is still a convenient way to deposit checks without having to visit a branch or ATM.