Remote Deposit Capture (RDC) is a service offered by financial institutions that allows a business to capture deposits in their office, thus eliminating the need for the business to transport their checks to the credit union.
Remote Deposit Capture saves time and money by decreasing the number of times a business would need to travel to a credit union branch to make deposits. Additionally, checks deposited through Remote Deposit Capture are processed without a hold, expediting the availability of funds, and are not included in the item count on your HVFCU business checking account.
Yes. An HVFCU business checking account is required to take advantage of Remote Deposit Capture.
There is a monthly maintenance / processing fee to use Remote Deposit Capture, based on the number of items to be processed each month. The monthly fee is shown in the chart below:
|Monthly Transactions||Up to 150||151-300||Unlimited|
Are there hardware / software requirements needed for a business member to utilize Remote Deposit Capture?
A business must either own or purchase a compatible single or multi feed scanner through HVFCU. In terms of software requirements, a small computer application installation will need to be done on the business’ computer where check images are sent.
You may visit any HVFCU branch location or speak with a Contact Center Specialist at 800.463.3011 for more information on hardware / software requirements pertaining to Remote Deposit Capture.
The process is very secure and all submitted data and information is encrypted. Businesses should employ their own security precautions with regards to the storage and disposal of their checks.
The cutoff time is 6:00 pm EST, Monday through Friday, to ensure same day posting.
Items scanned after 6:00 pm on Friday will post the following Monday, except if Monday is a Federal Holiday. If this occurs, those items will post on Tuesday.
If a business makes a given cutoff time (as described above), the deposit will post the same business day. If the cutoff time is missed, the transaction will be transmitted the following business day.
Business members need to retain the original checks for a period of 7 days, but not more than 45 days. Once the retention period has been reached the checks must be destroyed.
Members should call the Contact Center at 800.463.3011with questions about Remote Deposit Capture. A Contact Center Specialist will assist you with technical issues or redirect as needed to a Branch Manager.
You may visit any HVFCU branch location or speak with a Contact Center Specialist at 800.463.3011.