REMOTE DEPOSIT CAPTURE FUNDAMENTALS
updated 08/19/14 10:54 AM
Timing, Regs, and Risk Management
Remote deposit capture in home banking and mobile banking is quickly becoming a must-have feature. Although credit unions have many options for how to provide this service, questions abound regarding availability of funds and risk management.
Timing of Deposit Receipt
Credit unions are recommended to include in their service agreement a provision addressing when the imaged check will be deemed “received.” Your credit union should be clear in determining this criteria.
Generally, credit unions should ensure they have obtained the necessary information and documentation to proceed with processing the deposit item. This may include the following: