Golden one credit union mobile deposit funds availability

How do I deposit a check using the Credit Union ONE Mobile Banking App?

1. Open the CUONE Mobile Banking App.
2. Locate and tap the "Deposit Check" icon in the bottom navigation bar.
3. Tap "Select an Account" and choose account
4. Input amount of check deposit
5. Properly endorse back of check
6. Tap "Check Front" and take picture
7. Tap "Check Back" and take picture
8. Tap "Deposit Check" to complete deposit

How do I endorse a check for Mobile Check Deposit?

On the back of the check in the endorsement area, sign your name as it is listed on your Credit Union ONE account. Under your signature, print the words “For Mobile Deposit at Credit Union ONE”.

If Mobile Check Deposit will not accept your check, please bring it to the Credit Union ONE branch nearest you to make your deposit.

What are some tips for taking a good photo of my check?

• Before taking the picture of the check, review the check to ensure all check information is clearly visible on the check in dark ink: Amount, Payee, Signature of the check drawer, Date, Check number, MICR line, routing and transit numbers.
• Sign the back of the check and write “For Mobile Deposit at Credit Union ONE” under the signature in the endorsement area. Checks deposited through Mobile Deposit will be rejected if it is not endorsed.
• Smooth out the check so that it is free of wrinkles or curved-up edges
• Place check on a dark flat surface
• Hold the phone directly over the check – this will avoid blurred areas common with photos taken at an angle
• Take photo in a well-lit area, preferably without the use of flash

Who is eligible to use Mobile Check Deposit?

Mobile Check Deposit is available to Credit Union ONE members who have/are:

• A Checking Account or a loan and Savings Account,
• An account open over 30 days,
• Active accounts, with no negative history on the account,
• At least 18 years of age,
• Enrolled in Online Banking

Is there a fee to use Mobile Check Deposit?

No. There is not a fee for this service, however, mobile carrier fees may apply.

What devices can I use to deposit checks?

Mobile deposits are available with Credit Union ONE’s mobile app using Android smartphones and Apple devices with rear-facing cameras.

What accounts can I deposit funds into using Mobile Check Deposit?

You can deposit funds into your Credit Union ONE personal checking or savings accounts.

Can I make loan payments using Mobile Check Deposit?

While you cannot apply a check deposited through a mobile device directly to a loan, you can use Credit Union ONE’s online or mobile banking to transfer available funds to the loan balance once the check has been posted to your checking or savings account.

Will I have funds available immediately after depositing a check through Mobile Check Deposit?

Yes – up to $200 is available immediately, and remaining funds are usually available in two business days after the deposit. Please refer to Credit Union ONE’s Funds Availability Disclosure Policy for full details.

What checks are ineligible for deposit?

Credit Union ONE reviews each item deposited through Mobile Check Deposit, and may return the check if there are issues with the deposit. Examples of ineligible checks include:

• Checks not payable to the account owner
• Torn or damaged checks
• Altered or suspect checks
• Incomplete checks
• Checks drawn on banks located outside the United States
• Checks drawn in foreign currencies
• Checks dated more than six months prior to the date of deposit
• Checks dates in the future of the date of deposit
• Items previously processed
• Checks with unreadable MICR information

Please refer to Credit Union ONE’s Mobile Deposit Terms of Service for further information.

What do I do with the check after I make the mobile deposit?

Credit Union ONE recommends that once you confirm your deposit has posted (via your Online Banking account history or monthly statement), keep the check in a secure place for 180 days from check posting date. After 180 days, it is safe to destroy the check.

You deposited your check -- but when will that money become accessible to you?

Fund availability policies at banks and credit unions can vary depending on the type of transaction and the time of the deposit.

These factors will determine when the money you deposited will become available for use or withdraw.

Read on to find out the deposit availability times at the top ten credit unions, as well as reasons why your funds might be delayed.

When You Can Use Your Deposited Funds

Knowing when you will have access of your money can be helpful since you can plan to do things like pay bills on a certain date.

Many times, check deposits can leave the recipient worried about when the money will become fully accessible, and at times, both parties are confused about when the transaction will become finalized.

Some credit unions offer funds immediately after the deposit has been made, while others make you wait until the next business day.

Use the following table to compare how long it takes for your deposits to become available at the top 10 credit unions.

Fund Availability Policies at Top Credit Unions

Fund availability policy at the top 10 credit unions

Ideally, all deposits will be available as the chart indicates above, but unfortunately, this is not always the case.

In fact, the credit union may hold your money for an extended period of time for various reasons.

Hold Times

To control the hold period on deposits, the Expedited Funds Availability Act was passed in 1987, which regulates how deposit hold policies are carried out at all banks and credit unions in the U.S.

This means that banks may be able to hold your funds for a longer amount of time, depending on the situation or circumstance. Often times, this hold time is referred to as an exception.

Exceptions, as detailed in the act, may allow banks, credit unions, savings associations, etc., to exceed the "maximum hold periods" specified in the availability schedule.

The exceptions are considered "safeguards" to the banks, since they are ways the banks can lessen, and hopefully avoid, any kind of risk or fraud. 

Your Case May Vary

The policies set forth above by credit unions, when it comes to posting deposits, are general rules that apply to the majority of deposit transactions.

As always, you may have deposits that take longer to clear and post to your account.

It may not be available in the same day or the next business day.

There are many reasons that could explain why your credit union chose to put a longer hold on a specific deposit transactions.

6 Reasons Your Funds Are Delayed

There are ultimately six (6) categories that the cause of delayed funds may fall into:

1. The credit union suspects a fraudulent transaction, or any other reason to cause doubt in collectability.

This exception may be applied to all checks, and in order to trigger the doubt, credit unions must disclose the reason to the banking consumer.

The basis for reasonable cause of doubt can be any number of reasons, but some of the more common reasons may be:

• A stop-payment order has been placed on the check
• There are insufficient funds in the account to cover the check
• The check will be returned unpaid
• The check was deposited six months after the date of the check (stale date), or the check was post-dated (future date)
• The depositary institution believes the depositor is engaging in some kind of fraudulent behavior 

Regardless of what the exact exception might be, the credit union or bank must disclose the reason to the depositor, and indicate that the check may not be paid.

2. The size of the deposit is very large (e.g., more than $5,000).

Your credit union may place a hold on the check if the deposit amount is larger than what is usual for a typical business day -- generally this amount is $5,000 or more.

It's important to note that your credit union may combine deposits made to multiple accounts, held by the same depositor, even if the depositor is not the sole or main accountholder.

3. Your account was opened recently.

A person's "account" is considered new for the first 30 calendars it is open, beginning the first day it was established. 

An account is not considered new if a banking consumer has had another account, within 30 calendar days, at the same bank they are opening a new account at. 

Your bank or credit union may hold on to the funds for an extended amount of time if your relationship to the establishment is in its early stages.

4. Previous history of deposits to accounts that been repeatedly overdrawn.

If you have, or had, an account that has been repeatedly overdrawn in the previous six months, the bank or credit union may place a hold on the check your are trying to deposit.

Banking institutions define "repeatedly overdrawn" in two (2) ways:

• If the account was overdrawn, or would have been overdrawn had a check or other charges been paid, for six (6) or more banking days during the preceding six months, or
• Customers who incurred overdrafts on two (2) banking days within the preceding six-month period if the negative balance in the account(s) at that time was $5,000 or more

The bank or credit union may also consider this exception if the account would have been overdrawn by $5,000 or more, had the check or other charges been paid.

5. Checks that have been returned unpaid and are being redeposited.

If a bank or credit union is suspicious of a check that has been redeposited multiple times, they may delay the time in which you receive your funds.

This exception does not apply to checks that were returned unpaid simply because of a missing signature or incorrect date.

6. There is some kind of emergency condition.

Your credit union may delay your deposited funds under any one of the following specified emergency conditions:

• An interruption of communications, computer, or other equipment facilities
• Suspension of payments by another bank
• War
• Any emergency condition beyond the control of the depositary bank or credit union

Therefore, don't be surprised when the deposit doesn't post on the same day.

Know When Your Check Deposit Has Cleared

Another important thing to keep in mind is that even though the amount was posted to your account and accessible to you, it does not mean that the check has cleared.

There is no set time frame on how long it takes a check to clear at credit unions and cannot be determined before the check is first submitted for deposit.

The actual transaction is a multistep process -- heavily dependent on the paying institution -- with several factors (like type of transaction and amount of deposit) that could possibly delay your bank from receiving the funds.

Generally if there are no issues, your credit union should receive the funds within five (5) business days, after which the check will clear.

Usually, you'll be notified on the deposit receipt when your specific transaction is being held for an extended review.

If not, you should contact your credit union to find out why your deposit is taking longer than usual to clear.

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