Ark Valley Credit Union Mobile Deposit Funds Availability
Ark Valley Credit Union (AVCU) is a financial cooperative that provides banking services to its members. One of the features offered by the credit union is mobile deposit, which allows members to deposit funds into their accounts using their smartphones. However, there are certain rules and regulations that govern the availability of funds deposited through this service.
How Does Mobile Deposit Work?
Mobile deposit is a convenient service that allows members to deposit checks without having to visit a branch. To use this service, members must have a smartphone with a camera and the AVCU mobile app. The process is simple:
- Open the AVCU mobile app and select "Deposit."
- Endorse the check by signing it and adding "For Mobile Deposit Only" to the back.
- Take a photo of the front and back of the check using the app.
- Enter the amount of the deposit and select the account to which the funds should be deposited.
- Submit the deposit.
Once the deposit is submitted, the funds will typically be available in the member's account within a few business days. However, there are some factors that can affect the availability of funds.
Funds Availability Policy
AVCU's funds availability policy is based on the regulations set forth by the Federal Reserve Board and the Electronic Funds Transfer Act. Under this policy, the credit union is required to make funds available to members as soon as possible, but no later than a certain period of time after the deposit is made.
The availability of funds deposited through mobile deposit is subject to the same policy as funds deposited through other means, such as in-branch or ATM deposits. The specific availability of funds depends on several factors, including the type of check, the amount of the deposit, and the member's account history.
Type of Check
The type of check being deposited can affect the availability of funds. There are two types of checks: local checks and non-local checks.
Local checks are checks drawn on a bank in the same geographic region as the credit union. These checks must be made available to the member no later than the second business day after the deposit is made.
Non-local checks are checks drawn on a bank outside of the credit union's geographic region. These checks must be made available to the member no later than the fifth business day after the deposit is made.
Amount of Deposit
The amount of the deposit can also affect the availability of funds. The first $225 of a deposit must be made available to the member on the next business day after the deposit is made. Any amount over $225 may be subject to a longer hold period.
Account History
The member's account history can also affect the availability of funds. If the member has a history of overdrafts or returned checks, the credit union may place a longer hold on the deposit to ensure that the funds are available before they are released.
Conclusion
Mobile deposit is a convenient service offered by Ark Valley Credit Union that allows members to deposit checks using their smartphones. However, the availability of funds deposited through this service is subject to the credit union's funds availability policy, which is based on federal regulations. The availability of funds depends on several factors, including the type of check, the amount of the deposit, and the member's account history. By understanding these factors, members can better plan their deposits and avoid unexpected delays in the availability of their funds.