Pursuant to this authority, the Board adopted rules to speed the return of unpaid checks. The EFAA also gave the Board the authority to regulate the nation's check-clearing system more generally. BUSINESS ACCOUNTS ARE NOT ELIGIBLE FOR MOBILE DEPOSIT.Ģ$500 daily transfer limit to external accounts. The Board's Regulation CC (12 CFR part 229) implements the funds-availability and disclosure provisions of the EFAA in Subpart B of the regulation.Currency, either United States Currency or any other foreign currency, is not acceptable as a scan item.Checks that have previously been submitted through the Service or through a Mobile Deposit Service offered at any other financial institution, or otherwise previously converted to a substitute check, as defined by Reg.Checks with any endorsement on the back other than that specified in this Agreement.Checks payable on sight or payable through Drafts (as defined in Reg.Checks or items prohibited by the Smart Financial Credit Union's current procedures relating to the Service.Checks dated more than six (6) months prior to the date of deposit.Checks not payable in United States currency.Checks that are remotely created checks (as defined in Reg.Checks drawn on a financial institution located outside the United States.Checks payable jointly, unless deposited into an account in the name of all the payees.Checks containing an alteration on the front of the check or item, or which you know or suspect, or should know or suspect, are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn.WHAT CANNOT BE DEPOSITED? Prohibited transactions included but are not all inclusive: Checks payable to any person or entity other than the person or entity that owns the account that the check is being deposited into HOW SHOULD I ENDORSE MY CHECK? All checks are to be endorsed “For Mobile deposit Only at Smart Financial Credit Union.” Failure to use this specific endorsement will cause the check to reject back to you. In some cases, extended holds up to 7 business days will be placed on items. Deposits made after these times will generally be available within two business days. In place of a signature, a remotely created check generally bears a statement that the customer authorized the check or bears the customer's printed or typed name. All checks deposit through the mobile app are not made available immediately.įunds availability: Deposits made before 6 pm are generally available the next business day. The Federal Reserve Board on Tuesday requested public comment on a proposal to amend its Regulation CC to set forth rules governing remotely created checks. Your account must be open at least 60 days and maintain a positive balance. There are restrictions and qualifications in order to be eligible for this service. 1 WHO IS ELIGIBLE FOR MOBILE DEPOSIT? This service is available through our Mobile application.
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