Logix Federal Credit Union Mobile Deposit Funds Availability
Logix Federal Credit Union is a credit union that serves thousands of people in the United States. One of the services they offer to their customers is mobile deposit. This service allows customers to deposit checks using their mobile devices, making it convenient and easy for them. However, there are some things that customers need to know regarding the availability of funds when using this service.
What is Mobile Deposit?
Mobile deposit is a service that allows customers to deposit checks using their mobile devices, such as smartphones or tablets. This service is offered by Logix Federal Credit Union to make banking more convenient for their customers. With mobile deposit, customers can deposit checks without having to visit a branch or ATM.
How Does Mobile Deposit Work?
To use mobile deposit, customers need to have the Logix Federal Credit Union mobile app installed on their mobile device. They then need to select the mobile deposit feature and follow the instructions provided. Customers will need to take a picture of the front and back of the check they want to deposit and enter the amount. Once the deposit is submitted, customers will receive a confirmation message.
When Will Funds be Available?
When using mobile deposit, the availability of funds depends on several factors. The first is the time of day the deposit is made. Deposits made before 5:00 PM Pacific Time on a business day will be credited to the customer's account on the same day. Deposits made after 5:00 PM Pacific Time or on weekends or holidays will be credited to the customer's account on the next business day.
The second factor that affects the availability of funds is the amount of the deposit. For deposits of $5,000 or less, the first $200 will be available on the same day the deposit is made. The remaining funds will be available on the next business day. For deposits over $5,000, the first $5,000 will follow the same availability schedule as deposits of $5,000 or less. The remaining funds will be available on the second business day after the deposit is made.
Why is there a Delay?
The delay in the availability of funds when using mobile deposit is due to the time it takes for the check to clear. When a check is deposited using mobile deposit, Logix Federal Credit Union needs to send the check to the bank it was drawn on to verify that the funds are available. This process can take up to two business days, which is why there is a delay in the availability of funds.
What Should Customers Do if They Need the Funds Right Away?
If customers need the funds right away, they should not use mobile deposit. Instead, they should visit a branch or ATM to deposit the check. Deposits made at a branch or ATM are credited to the customer's account immediately, so the funds are available right away.
Conclusion
Mobile deposit is a convenient and easy way for customers of Logix Federal Credit Union to deposit checks. However, there are some things that customers need to be aware of regarding the availability of funds when using this service. Deposits made before 5:00 PM Pacific Time on a business day will be credited to the customer's account on the same day. Deposits made after 5:00 PM Pacific Time or on weekends or holidays will be credited to the customer's account on the next business day. For deposits of $5,000 or less, the first $200 will be available on the same day the deposit is made. The remaining funds will be available on the next business day. For deposits over $5,000, the first $5,000 will follow the same availability schedule as deposits of $5,000 or less. The remaining funds will be available on the second business day after the deposit is made. If customers need the funds right away, they should not use mobile deposit and should visit a branch or ATM instead.