Space Coast Credit Union Mobile Deposit Funds Availability
Space Coast Credit Union (SCCU) is a not-for-profit organization that offers financial services to its members. One of the services that SCCU offers is mobile deposit. Mobile deposit is a convenient way for SCCU members to deposit checks without having to visit a branch. In this article, we will discuss the funds availability policy for SCCU mobile deposits.
What is Mobile Deposit?
Mobile deposit is a feature that allows you to deposit checks into your SCCU account using your smartphone or tablet. To use mobile deposit, you need to have the SCCU mobile app installed on your device. Once you have the app installed, you can use it to take a picture of the front and back of the check you want to deposit. The app will then process the check and deposit the funds into your account. Mobile deposit is a quick and easy way to deposit checks without having to visit a branch.
Funds Availability Policy
SCCU's funds availability policy for mobile deposits is designed to protect the credit union from fraud and other risks associated with check deposits. The policy is also designed to ensure that members have access to their funds as quickly as possible. The following are the general guidelines for SCCU's funds availability policy:
- Mobile deposits made before 5:00 PM Eastern Time on a business day will be credited to your account on the same business day.
- Mobile deposits made after 5:00 PM Eastern Time on a business day or on a non-business day will be credited to your account on the next business day.
- If there is a problem with the deposit, such as a discrepancy or an issue with the check, SCCU may delay the availability of funds until the problem is resolved.
- If you are a new SCCU member, your funds may be subject to a longer hold period.
Factors that Affect Funds Availability
There are several factors that can affect the availability of funds from a mobile deposit. These factors include:
- The amount of the deposit
- Whether the deposit is made on a business day or a non-business day
- Whether the deposit is made before or after the cutoff time
- Whether the deposit is made by a new member
- Whether there is a problem with the deposit
SCCU's funds availability policy is designed to balance the needs of the credit union and its members. By following the guidelines of the policy, members can ensure that they have access to their funds as quickly as possible.
Conclusion
Mobile deposit is a convenient way to deposit checks into your SCCU account. SCCU's funds availability policy ensures that members have access to their funds as quickly as possible while also protecting the credit union from fraud and other risks associated with check deposits. If you have any questions about SCCU's mobile deposit or funds availability policy, contact the credit union for more information.