Farmers Bank And Trust Mobile Deposit Funds Availability
Mobile banking has revolutionized the way people manage their finances. Farmers Bank and Trust is a leading bank that offers mobile banking services, including mobile deposit. Mobile deposit allows customers to deposit checks using their smartphones, making banking easier and more convenient. However, one of the critical questions that customers ask is about the availability of funds after depositing a check through mobile deposit. In this article, we will explore Farmers Bank and Trust's mobile deposit funds availability policy.
What is Farmers Bank and Trust Mobile Deposit?
Farmers Bank and Trust's mobile deposit is a feature that allows customers to deposit checks using their smartphones. To use mobile deposit, customers must have the Farmers Bank and Trust mobile app installed on their smartphones. Once the app is installed, customers can take a picture of the front and back of the check they wish to deposit and submit it using the app. The check is deposited into the customer's account, and they receive a confirmation message once the deposit is complete.
How Long Does it Take for Funds to be Available?
After depositing a check using Farmers Bank and Trust's mobile deposit, customers are eager to know when the funds will be available for use. Farmers Bank and Trust's funds availability policy for mobile deposits is as follows:
Same-Day Availability
If a customer submits a mobile deposit before 5:00 PM Eastern Time on a business day, the funds will be available on the same day. However, if the deposit is made after 5:00 PM Eastern Time or on a non-business day, the funds will be available on the next business day.
Extended Availability
If the deposit is more than $2500, the first $2500 will be available for same-day availability. The remaining funds will be available for withdrawal on the second business day after the deposit. If the deposited check is a new account, the bank may extend the availability period for up to seven business days.
Factors That Can Affect Funds Availability
Several factors can affect the availability of funds after a mobile deposit. These factors include:
Hold Period
If Farmers Bank and Trust places a hold on a mobile deposit, the funds may not be available for the same-day or extended availability period. The bank may place a hold on a deposit if the check is larger than usual or if the account history shows a pattern of overdrafts or bounced checks.
Bank Holidays
If the mobile deposit is made on a bank holiday, the funds may not be available for the same-day or extended availability period. Bank holidays include federal holidays such as Christmas, New Year's Day, and Memorial Day.
Technical Issues
If there are technical issues with the mobile deposit, such as an incorrect image of the check or a poor internet connection, the bank may extend the availability period for up to seven business days.
Conclusion
Mobile deposit is a convenient way to deposit checks into your Farmers Bank and Trust account. Farmers Bank and Trust's mobile deposit funds availability policy ensures that customers can access their funds within a reasonable timeframe. Understanding the factors that can affect funds availability can help customers plan their finances better. With Farmers Bank and Trust's mobile deposit, banking has never been easier.