America First Federal Credit Union Mobile Deposit Funds Availability
Mobile deposit is one of the most convenient ways to deposit checks without physically visiting a bank. America First Federal Credit Union offers a mobile deposit service to its members, enabling them to deposit checks using their mobile phones. However, it is essential to know the funds' availability after making a mobile deposit. In this article, we will discuss the America First Federal Credit Union mobile deposit funds availability, including how it works and what factors affect it.
What is America First Federal Credit Union Mobile Deposit?
America First Federal Credit Union Mobile Deposit is a service that allows members to deposit checks from their mobile phones. The process is simple and straightforward. Members need to download the America First Mobile Banking app and log in to their account. After that, they can choose "Deposit Check" from the menu and follow the instructions to take a picture of the front and back of the check. Once the check is deposited, the funds are credited to the member's account, subject to funds availability.
How Does America First Federal Credit Union Mobile Deposit Funds Availability Work?
After a member makes a mobile deposit, the funds' availability depends on various factors, including the check amount, the member's account history, and any holds placed by the credit union. The credit union may place a hold on the deposited funds for up to two business days, depending on the check amount and the member's account history. The hold period may be longer for new members or members with a history of overdrafts or bounced checks.
The credit union may also place an extended hold on the deposited funds if there is a suspicion of fraud or if the check is from a new or unknown source. In such cases, the credit union may hold the funds for up to seven business days to verify the check's authenticity and prevent fraud.
Factors That Affect America First Federal Credit Union Mobile Deposit Funds Availability
Several factors affect the funds' availability after making a mobile deposit, including the check amount, the member's account history, and any holds placed by the credit union. Here are some of the factors that can affect the availability of funds:
- Check Amount: The check amount is one of the primary factors that affect the funds' availability. The credit union may place a hold on the deposited funds if the check amount exceeds a certain threshold. For example, the credit union may hold funds for checks over $5,000 for up to two business days.
- Account History: The member's account history also affects the funds' availability. If the member has a history of overdrafts or bounced checks, the credit union may place a longer hold on the deposited funds to mitigate the risk of losses.
- Holds: The credit union may place a hold on the deposited funds for various reasons, including suspicion of fraud or if the check is from a new or unknown source. The hold period may be up to seven business days to verify the check's authenticity and prevent fraud.
Conclusion
Mobile deposit is a convenient way to deposit checks without physically visiting a bank. America First Federal Credit Union offers a mobile deposit service to its members, enabling them to deposit checks using their mobile phones. However, it is essential to know the funds' availability after making a mobile deposit. The funds' availability depends on various factors, including the check amount, the member's account history, and any holds placed by the credit union. Members should be aware of these factors to avoid any inconvenience or delay in accessing their deposited funds.