Space Coast Credit Union Mobile Check Deposit Funds Availability
Space Coast Credit Union is a credit union that offers a variety of financial services to its members. One of the services they offer is mobile check deposit. This service allows members to deposit checks using their mobile devices. In this article, we will discuss the funds availability for mobile check deposits.
What is Mobile Check Deposit?
Mobile check deposit is a service offered by Space Coast Credit Union that allows account holders to deposit checks using their mobile devices. This service is convenient for those who may not have access to a physical branch or those who do not have time to visit a branch.
Using the service is simple. All you need to do is take a picture of the front and back of the check and submit it through the mobile app. Once submitted, the check will be processed and the funds will be deposited into your account.
Funds Availability for Mobile Check Deposits
When it comes to funds availability for mobile check deposits, there are some important things to keep in mind. Space Coast Credit Union has a funds availability policy that applies to all checks, including those deposited through mobile check deposit.
The policy states that the first $225 of a check deposit will be made available immediately. However, the remaining funds may be subject to a hold. The length of the hold will depend on a few factors, such as the type of check and the amount of the deposit.
For example, if you deposit a check for $500 or less, the hold may last for one business day. If you deposit a check for more than $500, the hold may last for two business days. However, if the check is for more than $5,000, the hold may last for up to seven business days.
It's important to note that these are just general guidelines. The actual length of the hold may vary depending on the circumstances surrounding the deposit. If you have any questions about the funds availability policy or a specific deposit, it's best to contact Space Coast Credit Union directly.
Factors That Affect Funds Availability
There are several factors that can affect the funds availability for mobile check deposits. Some of these factors include:
- The type of check being deposited
- The amount of the deposit
- The length of time the account has been open
- The account history
- The overall relationship with Space Coast Credit Union
If you have a good relationship with Space Coast Credit Union and have a history of responsible account management, you may be able to get your funds released more quickly. On the other hand, if you are a new member or have a history of overdrafts or other issues, the hold may last longer.
Tips for Successful Mobile Check Deposits
If you want to ensure a successful mobile check deposit, there are a few things you can do:
- Make sure the check is properly endorsed
- Ensure that the check is not post-dated
- Verify that the check is payable to you
- Take clear and legible photos of the front and back of the check
- Submit the deposit during business hours
By following these tips, you can help ensure that your deposit is processed quickly and without any issues.
Conclusion
Mobile check deposit is a convenient service offered by Space Coast Credit Union. While the funds availability policy may require a hold on some deposits, the length of the hold can vary depending on several factors. By understanding the policy and following some simple tips, you can ensure a successful mobile check deposit.