Jeanne D'arc Credit Union Mobile Deposit Funds Availability
With the advancement of technology, banking has become more convenient and accessible. One of the latest technologies in banking is mobile deposit. Mobile deposit allows you to deposit checks using your smartphone or tablet, eliminating the need to physically visit the bank. Jeanne D'arc Credit Union offers mobile deposit to its members, but it's important to understand the funds availability policy before depositing a check.
What is Jeanne D'arc Credit Union Mobile Deposit?
Jeanne D'arc Credit Union Mobile Deposit is a service that allows you to deposit checks using the mobile banking app. To use this service, you must have a Jeanne D'arc Credit Union account and a smartphone or tablet with the mobile banking app installed.
To deposit a check, you simply take a photo of the front and back of the check using the app, enter the amount of the check, and submit it for deposit. The funds will be deposited into your account, but the availability of the funds may vary depending on the amount and type of the check.
What is the Funds Availability Policy?
The funds availability policy is the timeline during which your deposited funds will be available for withdrawal or use. Jeanne D'arc Credit Union follows the funds availability policy set forth by the Federal Reserve Bank.
Under this policy, the first $200 of a check deposit must be made available on the next business day. The remaining funds must be made available by the second business day after the deposit. However, there are some exceptions that may delay the availability of the funds, such as:
- Large deposits of more than $5,000
- Checks that have been returned unpaid
- Checks that are more than six months old
- Checks that are suspected to be fraudulent
If the funds are not available within the specified timeframe, you should contact Jeanne D'arc Credit Union for more information.
Why are Deposited Funds Not Available Immediately?
The reason deposited funds are not available immediately is to prevent fraud and ensure that the check has cleared. When you deposit a check, the bank must verify that the check is legitimate and that the funds are available. This process can take several days, especially for large amounts or checks from out-of-state banks.
Additionally, banks are required by law to hold some or all of the funds for a certain period of time to protect against losses due to fraud or insufficient funds. This is why the funds availability policy exists.
How Can You Expedite the Funds Availability?
If you need the funds from a deposited check immediately, there are a few options to expedite the funds availability:
- Deposit the check in person at a Jeanne D'arc Credit Union branch
- Ask the check writer to provide a cashier's check or money order instead
- Ask the check writer to transfer the funds electronically
Keep in mind that these options may come with additional fees or requirements.
Conclusion
Mobile deposit is a convenient way to deposit checks, but it's important to understand the funds availability policy before depositing a check. Jeanne D'arc Credit Union follows the funds availability policy set forth by the Federal Reserve Bank, which may delay the availability of the funds. If you need the funds from a deposited check immediately, there are a few options to expedite the funds availability. For more information, contact Jeanne D'arc Credit Union.