Launch Federal Credit Union Mobile Deposit Funds Availability
Launch Federal Credit Union is a financial institution that provides members with a variety of banking services. One of the services that they offer is mobile deposit, which allows members to deposit checks using their mobile device. However, it is important for members to understand the funds availability policy for mobile deposits.
What is Mobile Deposit?
Mobile deposit is a feature that allows members to deposit checks using their mobile device. Members can take a picture of the check and upload it through the Launch FCU mobile app. The funds are then deposited into the member's account without having to physically visit a branch.
What is Launch FCU's Funds Availability Policy for Mobile Deposits?
Launch FCU's funds availability policy for mobile deposits is based on the amount of the check. For checks of $5,000 or less, the first $200 is available on the same business day the deposit is made. The remaining funds are available on the second business day after the deposit is made. For checks over $5,000, the first $200 is available on the same business day the deposit is made. The remaining funds are available on the seventh business day after the deposit is made.
It is important to note that Launch FCU may place a hold on a mobile deposit if there is reason to believe that the check may not be paid. If a hold is placed, the funds will not be available until the hold is released.
Why is There a Funds Availability Policy for Mobile Deposits?
The funds availability policy for mobile deposits is in place to protect the financial institution from potential losses. When a member makes a mobile deposit, the funds are not physically checked at a branch. This means that there is a greater risk of fraud or insufficient funds. The funds availability policy allows Launch FCU to verify that the funds are legitimate before making them available to the member.
How Can Members Check the Status of a Mobile Deposit?
Members can check the status of a mobile deposit by logging into the Launch FCU mobile app. The app will display the status of the deposit, including whether it has been accepted or if there is a hold on the funds. Members can also contact Launch FCU's customer service department for more information.
What Should Members Do if a Mobile Deposit is Rejected?
If a mobile deposit is rejected, it is important for members to understand why. The most common reasons for rejection are insufficient funds or a non-eligible check. Members can contact Launch FCU's customer service department for more information on why the deposit was rejected and what steps they can take to resolve the issue.
Conclusion
Mobile deposit is a convenient feature offered by Launch Federal Credit Union. However, it is important for members to understand the funds availability policy for mobile deposits. By following the policy and checking the status of their deposits, members can ensure that their funds are available when they need them.