What is memberDeposit? |
 |
memberDEPOSIT is an online banking service that allows eligible Members to deposit checks online
up to an accumulative total of $1,500.00 which is then instantly deposited into your checking or savings account. Once you make the deposit you will then need to endorse ethe check(s) and mail the item(s) to First Source Federal Credit Union within 10 calendar days beginning from the day you make your memberDEPOSIT. Once the deposit arrives in the mail, we confirm the deposit correct and the transaction is complete.
Back to top
|
Am I eligible? |
|
As a Member of First Source Federal Credit Union
you have the opportunity to use a new and exciting, easy service!
In order to use memberDEPOSIT you have to meet a few simple
qualifications:
- At least one owner on the account is over the age of 18
- Your Account is in good standing
- no loans delinquent 30 days or more
- no charge-offs, bankruptcies, or warnings
- You have a checking account that has been opened for 60 days or more
- You have a ONE Check Card
- You have a combined 30 day average deposit balance of $1,500 or greater
-
And you are OR will need to sign up for memberONLINE
Back to top |
How does memberDEPOSIT work? |
|
- Select the memberDEPOSIT button in memberONLINE, and post your deposit. Your Deposit Session # is IMPORTANT!
- Record your Deposit Session # on the front of your pre-addressed envelope. Be careful to record the correct Deposit Session # on the envelope.
- Put all items from this deposit session in a memberDEPOSIT
pre-addressed envelope. You do not need to include a deposit
slip.
- Drop the memberDEPOSIT envelope in the mail.
- View your deposit details within memberONLINE.
Back to top
|
What is the memberDEPOSIT limit and why? |
|
$1,500 was selected as the default limit based on the deposit habits of our Members.
Back to top
|
How many deposits can I post at a time?
|
|
You can deposit multiple checks up to your available limit. Example: Since $1,500 is your available limit, you can deposit 3 checks for $500 each. Or, you could deposit 5 checks for $300. But you cannot deposit 5 checks for $350 each, as the total amount of those checks would exceed your limit (the minimum amout for a check is $1.00).
Back to top |
What does memberDEPOSIT cost? |
|
There is no cost to use memberDEPOSIT; however, online deposits not received by First Source Federal Credit Union within ten (10) calendar days may be reversed on your account. This may result in a negative balance, which may cause fees to be assessed.
Back to top |
What are unacceptable deposits? |
|
Deposits of the nature described below will result in the immediate reversal of the deposit from your accont and may result in the suspension of this service.
- Your Own First Source Check Drawn on this Same Account
Deposits of this nature will result in the immediate revocation of this service and may subject you to collection efforts.
- Foreign Checks & Money Orders...
A check or money order that is issued by a financial institution in another country (Canada, France, etc.).
- Altered Checks...
An altered check is any check that contains evidence of a change (correction fluid, crossed out amounts, etc.) to information on the face of the check. Members with altered checks MUST get a replacement check from the maker before First Source will accept the deposit.
- Incomplete Items...
An incomplete item is any item that does not contain signatures of the maker, endorsement signatures, or is missing any of the information required during key-entry in a Deposit Session.
- NonNegotiable Items...
The deposit of any item stamped with a "non-negotiable" watermark is PROHIBITED. Deposits of this nature will result in the immediate revocation of this service and may subject you to collection efforts.
- Stale Dated Checks...
Types of checks considered stale dated include (but not limited to): checks dated more than 5 months prior to the deposit date, instructions such as: "Void 90 days after issue date".
- Post Dated Checks...
Checks dated after the deposit date.
Back to top
|
What can be deposited through memberDEPOSIT? |
|
In addition to personal and corporate checks, the following items are acceptable for deposit through memberDEPOSIT: Money Orders, Travelers Checks & Rebate Checks.
As a general rule, the payee(s) should endorse all checks on the back only. Failure to deposit these items correctly may result in the deposit being reversed from your account. Money Orders must be made payable to you (not First Source or Cash) and all required signatures need to be completed on the front and back of the money order. Travelers Checks need to be made payable to you (not First Source or Cash) and signed properly. Rebate Checks must be endorsed.
You may substitute the serial number if the rebate check does not have a check number and you may substitute the current date if a date is not printed on the rebate check. Make sure First Source receives the rebate check before the expiration date. If you have any questions, please contact First Source at 315.735.8571.
Back to top
|
What is a session number?
|
| |
A session number is a number automatically assigned for each online deposit session. In exchange for the availability of funds using memberDEPOSIT, you must agree to record the assigned online deposit session number on your mailing envelope.
Back to top |
How should I endorse my checks? |
| |
First Source recommends you to endorse (sign
on the back) each check before you deposit the check. Endorsements
may be handwritten in ink, rubber-stamped, printed or typed and
must be made in the proper 1 1/2-inch space provided on the back
of the check. As a general rule, deposit items must be endorsed
by whoever is listed as a payee on the “Pay to the order” line
on the check. We also recommend you include “For Deposit
Only” following your endorsement signature as this is considered
a restrictive endorsement and protects you in the event your
check falls into the wrong hands.
More specifically, for a check made payable to
one Payee, sign the check exactly as your name is spelled. Checks
made payable to Two Payees, both parties have to endorse the
check if there is an “and” (i.e. John and Mary Public),
if there is an “or” then only one signature is required
(either John’s or Mary’s).Travelers checks must be
signed and countersigned on the signature line before deposit.
Money Orders must be signed on the “Purchasers Signature” line.
Special endorsement rules apply to insurance
checks and bill consolidation checks. Typically, these checks
are made payable to one person and a business and MUST be endorsed
by all payees listed on the front of the check. For example:
A Bill Consolidation check is made payable to “John Public
and ABC Co.”, John must sign the check AND obtain
a business endorsement from the ABC Co. before depositing the
check. If you have any questions, please contact First Source
Federal Credit Union at 735-8571.
Back to top |
What do I need to send you? |
|
Make sure to send all of the endorsed checks. You do not need
to include a deposit slip. Please mark your envelope with the
Session Number and the New Hartford address:
Session # _______________
First Source Federal Credit Union
4451 Commercial Drive
New Hartford, NY 13413-9917
Back to top |
How do I know you received my online Deposit? |
|
Once your deposit is received and reconciled, your Available Limit will be reset by that amount.
Back to top
|
Where do I mail my online deposit? |
|
The memberDEPOSIT mailing address is given to you on the screen with your Session Number. If you are mailing the deposit in a plain, white envelope, address your envelope to:
Session #____________
First Source Federal Credit Union
4451 Commercial Dr
New Hartford, NY 13413-9917
To order additional deposit envelopes, click on the “Order
Envelopes” button on the first memberDEPOSIT screen. Three pre-addressed envelopes will arrive at your address of record within about five business days.
Back to top
|
Can I order pre-addressed envelopes? |
|
Yes. You may order envelopes by clicking the “Order
Envelopes” button inside of memberDEPOSIT at no cost to you.
Back to top |
