They will normally tell you when you make the deposit. In some case, they may hold it longer and will send you a notification. Fund availability is explained in the Depository Agreement and Disclosures (page 18 - 21).
Keep in mind no deposit is complete until the bank processes it and collects the funds.
What I don't understand is if their policy states that "funds availability" doesn't apply to those who uses FSBs @Mobile, @Home, or ACH...why are holds places on accounts up to 7 days? I'm having an issue now regarding that and its causing me to never use their USAA@Mobile app again. What is the point if I have to wait 7 days? USAA is suppose to be a bank, not a parent. I would take my business elsewhere.
There are three sentences in that paragraph that you have to read:
"The availability periods described in this section do not apply to funds submitted through FSB’s USAA
Deposit@Home, USAA Deposit@Mobile, USAA EasyDeposit, other remote check deposit or remote deposit
capture services, ACH debit transactions (where FSB drafts funds from (debits) a non-USAA account for
deposit into your FSB account), or other similar services."
This is telling us that those type of deposit are not covered under the Fund Availability section described further in the section.
"FSB will hold the funds for up to seven business days from the date of deposit."
This is telling us that the above type of deposit will be held for seven business days (basically allowing the deposit to clear and the funds to actually be received by the bank).
"In some instances, funds may be available sooner than seven business days based on such factors as credit worthiness, the length and extent of your relationship with FSB and its affiliates, transaction and experience history, and such other factors as FSB, in its sole discretion, deems relevant."
Lastly, this is telling us that they may at their discretion based on the various factors listed, release the hold sooner for those specified type of deposits.
Hopefully that helps you make sense of it.
If you will be depositing a lot of checks, it probably would be worthwhile to look for a bank/credit union where you can do the deposit in person. Different rules apply, though holds up to seven days can still occur under the "Longer Delays May Apply". Most Depository agreements can be found on line so do some research - much of the language is same. For example Navy Federal Credit Union's fund availability starts on page 5.
Hello Mrs. G,
I had this issue recently with USAA. The depository agreement does not state a cut off time, which is now apparently 9:00 pm, although the representatives at USAA never supply the time zone. When I made my deposit it gave me a notification that funds will be available immediately and would I like to continue and proceed to select yes. After I log out my account and immediately log back in, the deposit amount was reflected in my available funds balance. I discovered the next morning that funds were available the next day which caused a check that I written to be rejected. USAA enforce a 9:00 pm deadline with no official notification to their customers. They then proceed to try to fall back on their depository agreement which has a "generally" statement but if you give notice to your customer that states otherwise then that later notice applies. Which in this case was the "immediately availability" statement, will supersede the general policy statement in depository agreement. I see now that USAA has a long standing of deceptive and fraudulent practices. I am currently gathering information and looking for other customers whom have issues with USAA to begin a class action lawsuit. If you or anyone else is interested, you may contact me via email at email@example.com.
Moderator Note: For your privacy, this post has been edited.
@Toya08, I understand that you have concerns about the cutoff time for mobile deposits, as well as the notification displayed at the time of the deposit. I'm engaging a subject matter expert to review your concerns. We'll conduct a follow-up with you once the research has been completed. ~DC
HI Mrs G,
I would love to get you in contact with a specialist here who can further explain the depository agreement! I find the wording in the actual disclosure document a bit confusing at times. A member service representative can walk you through the reasoning and maybe offer some alternatives! Please give us a call at 1-800-531-8722 or you can send us a message here. Thank you for posting!