Mobile remote deposit capture, and specifically, the ability for a fraudster or forgetful person to deposit a check by taking a picture using their smart phone, and then depositing the paper copy at a different financial institution or check-cashing business, was not taken into consideration by these two pieces of regulation.
However, the bank accepting the paper check is not protected if the original paper check has a restrictive endorsement consistent with the means of deposit… Earn loan discounts and more for being our loyal member!
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If you are using a screen reader or other assistive technology to access this site and you are experiencing a problem using this website, please call us at (202) 212-6400 for assistance. To ensure you receive timely information about your account, BFSFCU encourages you to enroll in Digital Banking and sign up for eStatements (paperless delivery). When submitting a check using the Mobile Check Deposit feature in the Digital Banking app, you will be required to include the phrase, “For BFSFCU Mobile Deposit Only” along with your signature on the back of the check. INTERNATIONAL MAIL DISRUPTION: BFSFCU mails statements, year-end tax forms and other account related information from the United States.Due to the pandemic, the US Postal Service is unable deliver mail to certain international destinations.
Regulation CC still doesn’t control when you make funds from mobile deposits available. Regulation CC In this Compliance Clip (video), Adam provides an overview of the new mobile deposit endorsement banking regulations implemented by the Federal Reserve. When submitting a check using the Mobile Check Deposit feature in the Digital Banking app, you will be required to include the phrase, “For BFSFCU Mobile Deposit Only” along with your signature on the back of the check. ©2020 Bank-Fund Staff Federal Credit Union.
This requirement is a result of changes in federal regulation intended to protect depository institutions and their customers from accidental or malicious deposit … International Toll-Free Telephone Numbers, enroll in Digital Banking and sign up for eStatements, Tel: (202) 212-6400 | Fax: (202) 683-2380.
Please note that check deposits that do not have this specific endorsement may be rejected after May 1, 2019. Share.
Effective July 1, 2018, the Federal Reserve Board made amendments to Regulation CC providing clarification on the requirements of mobile deposit endorsements and who has liability in the event of a duplicated check deposit.
After July 1, however, a Reg CC change allows you to protect yourself by making sure to obtain a “restrictive endorsement,” such as “For mobile deposit only at XYZ.” This endorsement is seen in the new regulatory language as an intent to deposit, which indemnifies the bank accepting the remote deposit from subsequent claims by the acceptor of the physical deposit.
Regulation CC and its Effect on Mobile Deposits. New Endorsement Requirement for Mobile Deposits.
This leaves financial institutions with a decision to make on whether or not to change the endorsement requirements for any mobile check deposits. Q I have a question about the remote deposit capture provisions of the newly revised Regulation CC. Our IMF HQ2 Branch is open from 9:00 AM to 4:00 PM and our Express Branch, ATM and Lending Center at 1725 I Street are also open to serve you in person from 8:30 AM to 4:00 PM, Mon - Fri. For the latest information about our operations and measures we are taking, please visit our COVID-19 Response page. Please visit USPS.com for more information. Adam gives an overview of these changes and describes how the new "restrictive endorsement" rules work.
Monitor your accounts and pay for your purchases with your smartphone.
Tuesday, Oct 2, 2018.
The last change affecting mobile-deposited checks created an indemnity by a depositary bank with a mobile deposit in favor of a depositary bank with a deposit of the original paper check when the paper check is returned unpaid because the check was paid in its mobile deposit form.
BFSFCU has established strategic relationships to offer our members insurance services for a variety of needs. This requirement is a result of changes in federal regulation intended to protect depository institutions and their customers from accidental or malicious deposit of the same check twice when certain restrictive conditions on endorsements are met.
Under revised §229.34 (f), a depositary bank that receives a remotely deposited check generally indemnifies a second depositary bank that has accepted the original paper check.
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