Vystar Credit Union offers a convenient way for its members to deposit checks through its mobile app. The mobile deposit feature allows members to deposit checks without having to visit a branch or ATM.
However, one of the concerns that members may have is when the funds will be available in their account after making a mobile deposit.
To address this concern, Vystar Credit Union has a policy on mobile deposit funds availability. The policy outlines the maximum hold period for mobile deposits, which is two business days.
This means that after making a mobile deposit, members can expect the funds to be available in their account within two business days, provided that the deposit meets certain criteria. It is important for members to understand the criteria and limitations of the policy to avoid any delays in fund availability.
Does Vystar Credit Union Cash Checks?
Vystar Credit Union does cash checks for their members. Members can cash checks at any Vystar Credit Union branch location during normal business hours. However, non-members cannot cash checks at Vystar Credit Union.
To cash a check at Vystar Credit Union, members must present a valid photo ID, such as a driver’s license or passport. The check must also be made payable to the member or endorsed by the member.
Vystar Credit Union may place a hold on the funds of a cashed check, depending on the amount and type of check. The hold period can range from one to ten business days.
Members can check the availability of their funds by contacting Vystar Credit Union’s customer service or by logging into their account online.
In addition to cashing checks, Vystar Credit Union also offers mobile deposit for their members. With mobile deposit, members can deposit checks using their smartphone or tablet.
However, the availability of funds for mobile deposits may also be subject to a hold period. Members can check the availability of their mobile deposit funds in the same way as cashed checks.
Overall, Vystar Credit Union offers check cashing services for their members, but non-members are not eligible. Members should be aware of the potential hold periods for cashed checks and mobile deposits.
Vystar Credit Union Mobile Deposit
How to Use Mobile Deposit
Vystar Credit Union members can deposit checks using their mobile device by following these steps:
- Log in to the Vystar Credit Union mobile banking app.
- Select “Deposit” from the menu.
- Follow the prompts to take a picture of the front and back of the check.
- Enter the amount of the check and select the account to deposit the funds into.
- Submit the deposit.
Requirements for Mobile Deposit
To use Vystar Credit Union’s mobile deposit feature, members must meet the following requirements:
- Must be enrolled in online banking and have a Vystar Credit Union account.
- Must have a mobile device with a camera and the Vystar Credit Union mobile banking app installed.
- Must have a good internet connection.
Limits for Mobile Deposit
Vystar Credit Union has the following limits for mobile deposits:
- Daily limit: $5,000 per day
- Monthly limit: $10,000 per month
It is important to note that funds deposited through mobile deposit may not be immediately available for use. Vystar Credit Union has a funds availability policy that outlines when deposited funds will be available for use. Members should refer to this policy for more information.
Overall, Vystar Credit Union’s mobile deposit feature provides a convenient way for members to deposit checks from the comfort of their own homes.
Funds Availability Policy
Overview of Policy
Vystar Credit Union’s Funds Availability Policy is designed to ensure that members have timely access to funds deposited into their accounts. The policy outlines the time frames for when funds from different types of deposits will be available for withdrawal or use.
Types of Deposits
The policy covers various types of deposits, including:
- Cash deposits
- Checks
- Electronic deposits
- Wire transfers
- Mobile deposits
Each type of deposit has its own specific time frame for when funds will be available.
Why is Funds Availability Important?
Having timely access to funds is crucial for members to manage their finances effectively. Vystar Credit Union understands this and strives to make funds available as soon as possible. The policy also helps to protect the credit union from potential losses due to fraud or insufficient funds.
Factors Affecting Funds Availability
Several factors can affect the availability of funds, including:
- The type of deposit
- The amount of the deposit
- The member’s account history
- The credit union’s collection experience
Vystar Credit Union may place a hold on funds for a certain period of time to ensure that the deposit is valid and to protect against potential losses.
In summary, Vystar Credit Union’s Funds Availability Policy is designed to provide members with timely access to their funds while also protecting the credit union from potential losses. The policy covers various types of deposits and takes into account several factors that can affect the availability of funds.
Exceptions and Holds
Types of Exceptions and Holds
Vystar Credit Union implements exceptions and holds on mobile deposits to ensure the safety and security of the funds. The types of exceptions and holds that may be placed on mobile deposits include:
- New Account Hold: Deposits made to a new account may be subject to a hold of up to 10 business days.
- Large Deposit Hold: Deposits over a certain amount may be subject to a hold of up to 7 business days.
- Exception Hold: Deposits that are flagged as potentially fraudulent or suspicious may be subject to an exception hold.
Reasons for Exceptions and Holds
The reasons for exceptions and holds on mobile deposits are designed to protect the credit union and its members. These reasons may include:
- Insufficient funds in the account from which the deposit is being made.
- A history of overdrafts or returned checks.
- Deposits made from accounts with a history of fraudulent activity.
- Deposits made outside of normal business hours or on weekends or holidays.
Duration of Exceptions and Holds
The duration of exceptions and holds on mobile deposits varies depending on the type of hold and the circumstances surrounding the deposit.
The hold may be released sooner if the deposit is made from a verified source or if the funds are needed to cover outstanding checks or other debits. Members can check the status of their mobile deposits through the Vystar Credit Union mobile app or by contacting customer service.
In summary, Vystar Credit Union implements exceptions and holds on mobile deposits to protect the credit union and its members. The types of holds and their durations vary depending on the circumstances surrounding the deposit.
Members can check the status of their mobile deposits through the Vystar Credit Union mobile app or by contacting customer service.
READ MORE: Does Venmo cash handwritten checks?
