Robins Financial Credit Union Mobile Deposit Funds Availability
Robins Financial Credit Union provides its members with convenient mobile banking services that allow them to access their accounts and perform transactions from anywhere at any time. One of the most popular features of the Robins Financial mobile app is mobile deposit, which enables members to deposit checks remotely using their smartphones or tablets. However, it is essential to understand the funds availability policy of Robins Financial Credit Union before using this service.
What is Mobile Deposit?
Mobile deposit is a service provided by Robins Financial Credit Union that allows members to deposit checks remotely using their smartphones or tablets. With this service, members can deposit checks by simply taking a photo of the front and back of the check and submitting it through the Robins Financial mobile app. This eliminates the need to visit a branch or ATM to deposit a check physically.
How Does Mobile Deposit Work?
To use mobile deposit, members must first download the Robins Financial mobile app and enroll in mobile banking. Once enrolled, they can access the mobile deposit feature by logging into their account and selecting the "Deposit" option. They will then be prompted to take a photo of the front and back of the check and enter the deposit amount. After submitting the deposit, members will receive a confirmation message indicating that the deposit has been received and is being processed.
What is the Funds Availability Policy for Mobile Deposits?
Robins Financial Credit Union's funds availability policy for mobile deposits is designed to protect the credit union and its members from fraud and to ensure that funds are available to cover deposits. The policy follows the guidelines set forth by the Federal Reserve and the National Automated Clearing House Association (NACHA).
Under the funds availability policy, the first $200 of a mobile deposit is generally made available immediately, while the remaining funds may be subject to a hold. The length of the hold is determined by several factors, including the member's account history, the amount and type of the deposit, and the credit union's risk assessment.
For example, if a member makes a mobile deposit of $500, the first $200 will be available immediately, and the remaining $300 may be subject to a hold. If the credit union places a two-day hold on the $300, the member will not be able to access those funds until the hold is lifted.
It is important to note that the funds availability policy for mobile deposits may differ from the policy for deposits made at a branch or ATM. Members should review the credit union's funds availability policy to understand when their funds will be available and plan their finances accordingly.
Why Do Mobile Deposits Take Longer to Process?
Mobile deposits may take longer to process than deposits made at a branch or ATM due to the verification process that occurs behind the scenes. When a member makes a mobile deposit, the image of the check is transmitted to the credit union for verification and processing. The credit union must verify the check's authenticity, ensure that it has not been previously deposited, and confirm that the member has sufficient funds to cover the deposit. This process may take several days, depending on the type and amount of the deposit and the credit union's workload.
In addition, mobile deposits are subject to holds to protect against fraud and ensure that funds are available to cover deposits. These holds may further delay the availability of funds and limit a member's access to their account balance.
Conclusion
Mobile deposit is a convenient and time-saving feature offered by Robins Financial Credit Union that allows members to deposit checks remotely using their smartphones or tablets. However, it is important to understand the credit union's funds availability policy for mobile deposits to avoid unexpected delays and plan finances accordingly. While the first $200 of a mobile deposit is generally available immediately, the remaining funds may be subject to a hold based on several factors. Members should review the credit union's funds availability policy and plan their finances accordingly to avoid any inconvenience.