What You Need to Know About Mobile Deposits

  1. Member Eligibility - Mobile Banking Deposit is a privilege granted at the discretion of the Credit Union.  The Credit Union has the right at any time to limit accessibility.  All new account holders must wait 30 days before mobile deposit can be activated.
  2. Limits - The following limits are in place:
    1. Check Amount Limit $5,000
    2. Daily Deposit Limit $5,000
    3. All deposits may take two banking days to process. 
  3. Unacceptable Items - The following items will not be accepted via MDC:
    1. Any third party check, i.e., any item that is made payable to another party then endorsed
    2. Any item that contains evidence of alteration to the information on the check
    3. Any items issued to the member by a financial institution in a foreign country
    4. Checks payable jointly, unless deposited into an account in the name of all payees
    5. Checks previously converted to a substitute check, as defined in Regulation CC
    6. A remotely created check, as defined in Regulation CC
    7. Stale dated check - checks dated more than 90 days prior to the date of deposit
    8. Checks that are post-dated or expired
    9. Checks payable of sight or payable through Draft, as defined in Regulation CC
    10. Checks with any endorsement on the back other than that specified in the agreement
    11. Checks that have been previously been submitted through the MDC service or other remote deposit capture service at another financial institution
    12. Cash
    13. Savings Bonds
    14. Any item that is non-negotiable (whether stamped in print or as a watermark
  4. Revoking Services -
    1. The MDC service for any member who submits checks that do not fit the Credit Union parameters on two occasions will be shut down for six months.  The member will need to contact the Credit Union to reapply for service.
    2. The MDC service for any member who has more than 2 return checks due to insufficient funds in a 30 day period will be shut down for three months.  The member will need to contact the Credit Union to reapply for service.
  5. Endorsement Requirement - Any image of a check that is transmitted to us must accurately and legibly provide all of the information on the front and back of the check at the time of presentment to you by the drawer.  The submitted check must be endorsed with "Mobile Deposit at ACECEFCU"
  6. Receipt of Items - The Credit Union reserves the right to reject any item submitted through mobile deposit, at their discretion, without liability to the member.  We are not responsible for items not received or for images that are dropped during transmission.  An image of an item shall be deemed received when the member receives confirmation from the Credit Union. 
  7. Availability of Funds - Funds deposited using Mobile Deposit will generally be made available within two (2) business days.  Extended holds may be placed in some cases.
  8. Retention and Disposal of Transmitted Items - the following will apply:
    1. The member will receive the recommendation via the Mobile Deposit system to hold their check until their deposit is showing in the system.  They are then instructed to destroy the check by marking it VOID and shredding it.
    2. Credit Union will keep all reports on file for the required record retention period.