Blue Federal Credit Union Mobile Deposit Funds Availability
In today's world, everyone is looking for convenience and speed. This is why Blue Federal Credit Union offers a mobile deposit service that allows their members to deposit checks right from their mobile devices. However, one of the most common questions that people have is: "When will my funds be available?" In this article, we will provide a comprehensive guide to Blue Federal Credit Union's mobile deposit funds availability policy.
What is Mobile Deposit?
Mobile deposit is a service that allows you to deposit a check into your account using your mobile device. Instead of physically going to a bank or credit union, you can take a picture of the front and back of the check and upload it through the mobile banking app. This service is available for many banks and credit unions, including Blue Federal Credit Union.
Blue Federal Credit Union's Mobile Deposit Policy
Blue Federal Credit Union's mobile deposit policy is straightforward. They offer same-day availability for mobile deposits made before 3pm Mountain Time. Deposits made after 3pm Mountain Time will be available the next business day. However, some deposits may be subject to a hold.
What Deposits are Subject to a Hold?
There are several reasons why a deposit may be subject to a hold. If you are a new member with Blue Federal Credit Union, your first mobile deposit may be subject to a hold. Additionally, deposits over $5,000 may also be subject to a hold. Finally, if there is reason to believe that a check may be fraudulent or if there is an issue with the check, it may be subject to a hold.
How Long Will the Hold Last?
The length of the hold will depend on the reason for the hold. If it is your first mobile deposit or if the deposit is over $5,000, the hold will typically last for two business days. However, if the deposit is being held due to suspicion of fraud, it may take longer for the hold to be released. In some cases, the hold may last up to seven business days.
How Can I Avoid a Hold?
If you are concerned about your deposit being subject to a hold, there are a few things you can do to avoid it. First, make sure that the check is properly endorsed. Additionally, make sure that the check is written to you and not to someone else. Finally, if you are depositing a large check, it may be worth speaking with a representative from Blue Federal Credit Union before making the deposit to see if there are any special instructions you need to follow.
Conclusion
In conclusion, Blue Federal Credit Union's mobile deposit funds availability policy is designed to provide their members with quick and convenient access to their funds. While some deposits may be subject to a hold, most deposits made before 3pm Mountain Time will be available the same day. By following a few simple steps, you can avoid a hold and ensure that your funds are available when you need them.