Gesa Credit Union Mobile Check Deposit Funds Availability
Gesa Credit Union is a not-for-profit financial cooperative that provides a range of banking services, including mobile check deposit. This service allows members to deposit checks from their mobile devices, without having to visit a branch. However, one of the most common questions that members have about this service is how long it takes for deposited funds to become available for use. In this article, we'll explore the ins and outs of Gesa Credit Union's mobile check deposit funds availability policy.
How Does Gesa Credit Union Mobile Check Deposit Work?
Gesa Credit Union's mobile check deposit service is available through its mobile banking app, which can be downloaded from the App Store or Google Play. To use the service, members must first endorse the back of the check and write "For Mobile Deposit Only" below their signature. Then, they can open the app and select the "Deposit" option. They will be prompted to take photos of the front and back of the check, enter the check amount, and select the account they want to deposit the funds into. Once the deposit is submitted, the app will provide a confirmation message.
When Will Deposited Funds Be Available?
The time it takes for deposited funds to become available for use depends on several factors, including the time of day the deposit was made, the day of the week, and the type of check being deposited. Gesa Credit Union has a standard funds availability policy that applies to all deposits, including mobile check deposits.
Under this policy, the first $225 of a deposit will be made available on the same business day that the deposit is made. The remaining funds will be subject to a hold, which can last up to three business days. However, there are some exceptions to this policy:
- If the deposit is made after 4:00 PM PT, it will be considered to have been made on the next business day.
- If the deposit is made on a weekend or holiday, it will be considered to have been made on the next business day.
- If the deposit is a personal check, the first $225 will be made available on the same business day, and the remaining funds will be subject to a hold of up to five business days.
- If the deposit is a cashier's check, certified check, or money order, the first $5,000 will be made available on the same business day, and the remaining funds will be subject to a hold of up to three business days.
What Are the Benefits of Mobile Check Deposit?
Mobile check deposit offers several benefits to Gesa Credit Union members, including:
- Convenience: Members can deposit checks from anywhere, at any time, without having to visit a branch.
- Speed: Deposits can be made and confirmed within minutes, rather than having to wait in line at a branch.
- Security: The app uses encryption and other security measures to protect members' personal and financial information.
Conclusion
Gesa Credit Union's mobile check deposit funds availability policy is designed to balance the needs of members with the risks of fraud and other issues. While some deposits may be subject to holds, the convenience and speed of the service make it a valuable option for many members. If you have any questions about the policy or how to use the mobile check deposit service, be sure to contact Gesa Credit Union's customer service team for assistance.