Firelands Federal Credit Union Mobile Deposit Funds Availability
Firelands Federal Credit Union is a financial institution that offers various banking services, including mobile banking. With mobile banking, customers can deposit checks from their smartphones or tablets, saving them time and the hassle of going to a physical branch. However, one question that many people have is how long it takes for the funds to become available once they make a mobile deposit. In this article, we will explore the Firelands Federal Credit Union mobile deposit funds availability policy.
What is Mobile Deposit?
Mobile deposit is a feature offered by Firelands Federal Credit Union that allows customers to deposit checks using their smartphone or tablet. Instead of physically going to a branch or ATM, customers can take a picture of the front and back of the check and submit it through the mobile banking app. The check is then processed and deposited into the customer's account. Mobile deposit is convenient, secure, and saves time.
Firelands Federal Credit Union Mobile Deposit Funds Availability Policy
Firelands Federal Credit Union's mobile deposit funds availability policy states that funds from mobile deposits are generally available on the second business day after the day of deposit. For example, if a customer makes a mobile deposit on Monday, the funds will be available on Wednesday. However, there are some exceptions to this policy.
If the deposit is made after 4:00 PM EST, on a weekend, or on a holiday, the deposit will not be processed until the next business day. This means that the funds will not be available until the third business day after the day of deposit. For example, if a customer makes a mobile deposit on Friday after 4:00 PM EST, the funds will not be available until the following Wednesday.
Another exception to the policy is if the deposit is greater than $5,000. In this case, the first $225 will be available on the second business day after the day of deposit, and the remaining funds will be available on the seventh business day after the day of deposit. For example, if a customer makes a mobile deposit of $6,000 on Monday, $225 will be available on Wednesday, and the remaining $5,775 will be available on the following Thursday.
Factors that Affect Mobile Deposit Funds Availability
There are several factors that can affect the availability of funds from a mobile deposit. One factor is the amount of the deposit. As mentioned earlier, deposits greater than $5,000 may have a longer hold period. Another factor is the customer's account history. If a customer has a history of overdrafts or bounced checks, the credit union may place a longer hold on the deposit. The type of check being deposited can also affect the availability of funds. For example, if the check is from a foreign bank or has a questionable origin, the credit union may place a longer hold on the deposit.
Conclusion
Firelands Federal Credit Union's mobile deposit feature is a convenient way for customers to deposit checks without having to go to a branch or ATM. The funds availability policy for mobile deposits is generally two business days, but there are exceptions based on the amount of the deposit, the customer's account history, and the type of check being deposited. It is important for customers to be aware of these factors and plan accordingly when making a mobile deposit.