![]() “Account” or “Accounts” shall mean the individual checking, savings share(s) deposited with Credit Union through the Mobile Source Capture program.“You”, “Your”, and “Member” shall mean the account holder authorized by Credit Union to use the Mobile Source Capture, and any user authorized to exercise control over funds deposited in member’s account through the Mobile Source Capture program.“We”, “Our”, “Us”, and “Credit Union” shall mean the Credit Union, its employees, directors, officers, representatives, and agents.The Bank Secrecy Act (BSA), and laws administered by the United States of America which are in existence as of the date of this agreement and as amended from time to time.ĭefinitions: In addition to all the other terms defined herein, the following terms shall have the following meanings: These rules include but are not limited to Regulation CC “Expedited Funds Availability Act”, its Subparts B, C and D (Subpart D implements the Check Clearing for the 21st Century Act (Check 21 Act). You agree to abide by and comply with all local, state, and federal rules, laws, and regulations. ![]() ![]() Other agreements you have entered with Credit Union, including your Membership Agreement as amended from time to time, are incorporated by reference and made a part of this Agreement. This agreement establishes the rules that govern the processing of deposited checks through member’s account(s) at the Credit Union using Mobile Source Capture. SECNY Federal Credit Union (“Credit Union” hereafter), and “Member” as defined below, hereby enter into, as of the date the Credit Union grants access to the Services (the “effective date”), this Mobile Source Capture Agreement (“agreement”). Cashier's, teller's, or certified checksĨ.Agreement and Disclosure for SECNY Federal Credit Union MOBILE SOURCE CAPTURE (REMOTE DEPOSIT) SERVICE ![]() Federal Reserve and Federal Home Loan Bank checksħ. The financial institution may increase the hold times for large deposits or for any number of factors causing it reasonable concern.The deposits described in the following list must be made available for withdrawal on the first business day after deposit except that items 3 through 7 can be made available on the second day after being deposited if the deposit is to one of the financial institution's own ATM machines, or on the fifth day after deposit if made to any other ATM machine:ĥ. Other than the deposits described in the following list,checks drawn on local institutions must be credited on the second business day after deposit, and checks drawn on nonlocal institutions must be credited on the fifth day after deposit.A local institution is one in the same check processing region. ![]() People commonly think funds must be available immediately if checks are drawn on local financial institutions, but that is not true.Large checks, such as are often received for real estate transactions, may have a hold time as long as 7 days for local checks, except that the first $5,000 must be made available on the first business day. A federal banking regulation regarding the availability of funds and collection of checks,Reg CC sets limits for the length of time a financial institution may place a hold on the use of funds after a check has been deposited to an account. ![]()
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