GEICO FCU FAQ
Q: What is Mobile Remote Deposit?
A: Web deposit is a revolutionary service that allows you to deposit checks directly into your account from your mobile phone! With Mobile Deposit, depositing a check is a simple as a photo. Using the GEICO FCU Mobile App, Simply snap photos of the front and back of your check with your iPhone or Android device and make deposits into your GEICO FCU account.
Q: Am I eligible to use Remote Deposit?
A: Certain qualifications for becoming a Remote Depositor must be met.
- Member of the Credit Union;
- An individual account holder ;
- Neither primary or joint on account has declared bankruptcy;
- Has not caused the Credit Union a loss/NSF (Non-Sufficient Funds)
- Is in good standing
- Passes ChexSystems (eFunds) verification and has not been removed from RDA program
- No age restrictions
Q: What accounts can accept RDA deposits?
A: GEICO FCU’s Savings, Checking, Money Market and Student Account only
Q: Is there a fee to using Remote Deposit?
A: There is no fee to use GEICO FCU Mobile Remote Deposit App. However, standard wireless carrier data and charges apply; so please make sure you understand the terms of your mobile agreement before using the Mobile Remote Deposit App.
Q: How do I enroll or Remote Deposit?
A: To qualify for GEICO FCU’s Mobile Deposit, members must be in good standing, have an active GEICO FCU share savings, checking, money market and student account and have activated Online Banking.
Q: How Do I get started?
A: All you will need to do is make sure you have the latest version of the GEICO FCU app, which can be verified by checking your app store (Android and iPhone only).
Q: What steps are involved in using Remote Deposit?
A: Just type in the amount on the check and pick which account you would like to deposit the check. You will be prompted to write For Mobile Deposit at GEICO FCU along with your signature. Then just take a clear, well lit picture of the front and the back of the check!
Q: Is my Deposit secure?
A: Yes, by signing into Online Banking with your unique username and password, you are entering a secure and encrypted site.
Q: Is there a limit or any restrictions on what can be deposited remotely?
- GEICO FCU daily Remote Deposit daily limit is $5000
- Monthly total may not exceed $10,000
Q: Do I still need to endorse the checks I’m depositing?
A: Yes. The checks must be endorsed “For Mobile Deposit to GEICO FCU and bear the member’s signature.
Q: What types of checks can be accepted for Remote Deposit?
A: Only single-party domestic checks made payable to the owner(s) of the account may be scanned for deposit with Remote Deposit. The following list of unacceptable items that may not be scanned and deposited with Remote deposit:
- GEICO FCU – drawn by you or any other person on any of your accounts or any account on which you are an authorized signer or joint account holder
- Third Party Checks – checks made payable to someone else, endorsed and signed over to you. Checks payable to you and another party who is not a joint owner on the account.
- Incomplete Items – Checks that do not contain signatures of the maker, endorsement signatures, or that are missing any required information.
- Non-Negotiable Items – Any item stamped with a “non-negotiable” watermark is PROHIBITED.
- Returned Checks – Any check that you deposit that is returned to us not payable as a result of insufficient funds, stop payment, or other related reasons.
- Altered Checks – Any check that contains evidence of a change (correction fluid, cross out amount, etc.) so information on the face of the check.
- Foreign Checks – Any check that is issued to you and drawn on a financial institution in another country (Canada, France, etc.)
- Stale Dated Checks – Certain checks contain instructions such as “Void 90 days after issue date.” If no instructions are contained, then the check is stale 6 months after the issue date.
- Checks previously converted to substitute checks, as defined in Regulation CC.
- Money Orders, Savings Bond, Mutilated Checks, Starter Checks, Lottery or Prize Winning Checks, and Cash
Q: What is the cut-off time for processing the checks?
A: Checks may be deposited at any time; however, if you would like them to be processed with today’s work date; they must be submitted by 2:00 p.m. Eastern Standard Time. If your deposit is made after 2:00 p.m. Eastern Standard Time, the check will be processed next business day.
Q: What types of holds will the system place on the check?
A: All checks deposited are subject to GEICO FCU funds availability policy.
Q: Can additional holds be applied to my check?
A: Yes, in some circumstances additional holds may be applied to the check you deposited.
Q: Will I have an option not to accept the hold?
A: Yes, you can cancel your deposit prior to submission.
Q: Can loan payments be made with my Deposit?
A: Loan payment can only be made when funds are made available after deposit is credited to your account.
Q: What should I do if my check is rejected in Mobile Deposit?
A: Double check the following:
- Your check photos are clear and legible. Be sure there are no shadows, on the check, the check is not wrinkled excessively, the image is not blurry from “camera shake” and the writing is contained within the relevant spaces on the check.
- You have positioned the check against a dark or contrasting background.
- The MICR line (bottom portion of the check that includes your account number and the institution’s routing number) is fully visible (be sure the corners of the checks are not covering the line).
- There is a space between the MICR line and the edge of the image
- The check number, payee, endorsement, character (numeric) amount, legal (written) amount, and MICR line are all readable
If the check continues to be rejected, you may deposit it at the ATM or the branches.
Q: What should I do with the check once I’ve taken picture and made my deposit?
A: When a check is scanned using Remote Deposit you must store your check(s) in a safe place for 90 days (“Check Retention Period”) from the date of your deposit. During the Check Retention Period, you agree to take appropriate measures to ensure that only authorized persons will have access to the check. After 90 days, promptly destroy the check using a secure data destruction method (i.e. shredding) or mark it “VOID”. In the event of a deposit dispute, GEICO FCU may at any time request the original, copy or image of the original check to settle the dispute.