What is Online
Deposits?
Online Deposits puts ultimate convenience at your fingertips
by allowing you to submit check deposits online 24/7 and
giving you instant access to those funds! No more waiting
to get to a Service Center or ATM. No more waiting for checks
to clear. No more waiting – period! Back
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How does Online
Deposits work?
Just make your deposit online and be sure we receive your
checks via mail within five (5) business days of your online
transaction. We’ll credit your account immediately,
so the funds will be available for you to pay your bills
online, write checks, withdraw as cash, or transfer to other
accounts the moment you complete your deposit. Plus, postage-paid
Online Deposits envelopes are available to save you the
cost of a stamp and help ensure that we receive your checks
on time. Back
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How much can
I deposit?
The maximum Available Deposit Amount for Online Deposits
varies by member and is determined by length of relationship, creditworthiness and other relationship factors. At any given time, you are able to deposit
this amount minus any pending Online Deposits. You will
see your Available Deposit Amount when you access the service
online. As we receive and process your checks toward pending
deposits, your Available Deposit Amount will replenish itself.
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How
many checks am I able to deposit at one time?
You may submit up to 10 checks per deposit, provided their
total does not exceed your Available Deposit Amount. There
is no limit to the number of deposits you can make, again,
provided you do not exceed your Available Deposit Amount.
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How many
days do I have to submit my checks after I complete my deposit
online?
We must receive your checks within five (5) business
days of the online transaction date.
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How do I access
Online Deposits?
Access is easy! Just log
in to Online Banking and look for the Online Deposits
tab on the left side panel under Account Access. Back
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Is Online
Deposits available to all members?
Some members may not qualify to use Online Deposits. For
instance, you must be a member for 30 days or more to be
eligible. For complete eligibility criteria see the Online
Deposits Terms
& Conditions. If you log into Online Banking and
the Online Deposits tab is not available under Account Access,
you are not eligible for the service. Eligibility may vary
from day to day. Back
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What do I need
in order to use Online Deposits?
You will need a valid e-mail address, which will be confirmed
when you register. You will also need to have Adobe Reader
installed on your computer and be connected to a printer.
(If you do not have Adobe Reader you can access a free download
at adobe.com.)
Once you complete your submission online, a Deposit Receipt
will be generated automatically. It is required that you
print this receipt and mail it to us along with your checks.
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Will
I be able to use Online Deposits immediately upon registering?
Yes. As soon as you accept the Terms
& Conditions and confirm your e-mail address you
will be able to use the service. Back
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Where
do I get postage-paid Online Deposits envelopes?
A starter supply of envelopes will be sent to you automatically
when you register. You may also order a supply of envelopes
right from Online Deposits with the click of a button, pick
some up at any QFCU Service Center or call (800) 874-5544.
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Can I use
the service if I don’t have an Online Deposits envelope?
It is highly recommended that you use our postage-paid envelopes
to ensure that your checks are received on time and processed
properly. However, if you need to send checks and do not
have an Online Deposits envelope, please address your envelope
exactly as follows:
QUORUM FEDERAL CREDIT UNION
DEPT D
2 MANHATTANVILLE RD STE 401
PURCHASE, NY 10577
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Which of my
accounts will accept Online Deposits?
- Savings accounts, including Money
Management and Holiday Club accounts
- MoneyBuilder Term accounts
- Checking Rewards, Regular Checking,
and Checking Plus accounts
- Club/Association checking accounts
- Mortgage Payment accounts
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How many accounts
(suffixes) can I deposit to at one time?
You may only deposit funds to one account (suffix) at a
time. Back
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What happens to
my account if the Credit Union does not receive my checks
on time?
Your account will be debited the amount of the deposit and
a late fee will be charged. Refer to the Fee
Schedule for current fee amounts. This adjustment will
also count as an infraction (see What
is an infraction?). Back
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What is
an adjustment?
An adjustment is a correction or reversal made to your account
when the checks received by the Credit Union do not match
what was entered into Online Deposits, and/or the checks
are late or are never received. If an adjustment is required,
your account will be charged a fee. Refer to the Fee
Schedule for current fee amounts.
The following examples would require
an adjustment to your account:
- You forget to include the check(s)
in your envelope
- The check amount does not match
the amount on your Deposit Receipt
- You send us extra checks or not
enough checks
- Check received is drawn on a foreign
institution
Note: Adjustments to your account
will incur an Online Deposits infraction. Back
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What
is an infraction?
An infraction is a penalty imposed for incorrect or inappropriate
usage of Online Deposits that necessitates an account adjustment
and/or delays the processing of your deposit.
In addition to the above adjustment examples, infractions
may also be incurred for:
- Failing to submit your Online Deposits
Receipt with your checks
- Failing to address your envelope
properly when a pre-printed Online Deposits envelope is
not used
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How
many infractions am I allowed before I am no longer able
to use Online Deposits?
If you accumulate three (3) infractions, you will no longer
be eligible for Online Deposits and the service will be
removed from your Account Access options. The Credit Union
also reserves the right to restrict you from using Online
Deposits at any time due to misuse of the service. See the
Online Deposits Terms
& Conditions for more information. Back
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Will I
receive notification if I incur an infraction?
You will receive an e-mail notification if an adjustment
is made to your account. The e-mail will refer you to Online
Banking to review your account for the adjustment information.
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Can
I submit my checks at a Service Center, ATM or QFCU kiosk
to ensure that my deposit is received within five business
days?
Online Deposits must be processed by the appropriate
department at our Administrative Headquarters, and should
be mailed as instructed. Attempting to deposit checks toward
your online deposit via Service Center, ATM or kiosk will
most likely result in one or more adjustments to your account,
infractions and subsequent fees.
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Can I deposit
third-party checks via Online Deposits?
Yes, but as always, all parties must properly endorse these
checks. Back
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Will Online Deposits
accept stale-dated or post-dated checks?
No. The check entry system will verify check dates. If a
date is more than six (6) months old or beyond the current
date, an error message will appear and you will be required
to edit the information or delete the check entry.
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If I have
two checks from two different makers that happen to have
the same check number and the same dollar amount, will the
Online Deposits system reject the entries?
No. The system will accept both checks without generating
an error. Back
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What do the
different Online Deposits statuses mean?
- PENDING – Your deposit
has been accepted and the credit has been posted to your
account. We have not yet received your checks.
- REVERSED – The deposit
amount has been reversed from your account because your
checks were not received within the five (5) business
day limit.
- RECONCILED – Your
checks were received and an adjustment to your account
was required. This adjustment means you have incurred
an Online Deposits infraction
and a fee
has been charged to your account.
- RECEIVED – Your checks
were received on time and your online transaction was
accurate, requiring no adjustments.
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Once I sign
up for Online Deposits, do I have to use it?
No. Online Deposits is an extension of our Convenience Services
developed to make it easier than ever to manage your Credit
Union accounts. You are not required to use it and there
are no dormant fees. Back
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Can I
opt out from Online Deposits?
No. There is no opt-out option for Online Deposits. However,
you are not required to use the service, even if you register.
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