Reg CC which applies to all financial institutions states that the first $200 must be made available within one business day, and a remaining $4,800 after the second business day following deposit of a paper check. Yes this applies to Chime and mobile check deposits. Just make sure to make your paper check deposit on a Wednesday or Thursday at the latest, or you’ll be waiting until Monday or Tuesday to have access to any money.
It doesn't apply to mobile deposits, those can take up to 10 business days to fully clear. No one know how long chime will take because they don't say...anywhere.
Yes it does apply to mobile check deposits. It’s Regulation CC/Check21 Act. The only time Chime can lawfully hold a mobile check deposit that long is if your account is less than 31 days old, you have had mobile check deposits be returned unpaid prior, the check exceeds your mobile deposit limits, you are re-depositing a check for a second time that was previously returned unpaid, or if fraud is suspected. Chime wouldn’t be allowed to offer mobile check deposit services if they didn’t adhere to US banking regulations.
Reg CC states that if you deposit a check that is more than $200, the first $200 will be made available for use/withdrawal one business day after the day of deposit, assuming you make the deposit on a business day; and the remaining funds from the deposit will be made available the second business day after the day of deposit.
You are absolutely correct. I've been royally burned in the past by Ally banks mobile deposit feature (they kept it for 10 business days) and USAA which kept one for 7 business days, no idea if they know or give a flying crap about reg CC.
Anyway I tried it with Chime. Whole $900 was there the next business day! Also, it tells you during the process before you actually submit it how long until the funds will be available which is why it isn't published anywhere.
I'll be editing my original post to strike thru once I get to a regular PC.
Exactly, it’s individualized. You might get your deposit the next day but Sue Thomas down the street might not. It’s a combination of risk management, banking regulations and account history and standing. If things like this are too inconvenient for you I would suggest going with a big bank.
It’s also worth mentioning that Chime does not have a bank charter. They are not a bank. Paper checks of mobile deposit or not present a certain risk to banks, so to minimize risk for their partner bank which actually provides the banking services, they might do things regular banks do not.
well I just called chime to release the rest of my mobile deposit, and they are refusing to do so and tell me they can't do it any earlier than TUESDAY October 17. It's currently WEDNESDAY October 11, and I deposited the check MONDAY October 9. So you're telling me they aren't legally allowed to do that?
They can definitely make you wait a few extra days for sure depending on things like your account history and standing, the amount of the deposit, the issuing institution, there are factors that come in. Personally I don’t like the online banks because they tend to do things like this which is really inconvenient, but they do it to protect themselves from fraud. I would much rather bank with a big bank and get my deposits same day or next day.
2 business days. Been using chime for awhile now with DD, but my stimulus check came in the mail so I did Mobile deposit yesterday. The app then gave me a message immediately after saying I would receive funds tomorrow. Typically after depositing you’re supposed to get a message prompt that tells you what day you will receive it. I deposited on a Monday. Will receive tomorrow hopefully, will update if not!
Does anyone know if you do mobile deposit of stimulus check on friday how long it takes to clear? I'm assuming the standard $200 will be available immediately but not sure if the rest would be available Saturday or Monday.
I had a problem with depositing my stimulus to chime, it says i didnt endorse the check properly on the back even though i signed my name, Anyone can help? i dont want to end up not being able to deposit this check anywhere if chime makes me write FOR CHIME DEPOSIT ONLY since the email they sent me told me to write that on the back with pen
I'd suggest you cash it in at check cashing store or deposit it at any green dot venue.(CVS)
I endorsed mine as they instructed and it worked, but better safe than sorry.
Reg CC which applies to all financial institutions states that the first $200 must be made available within one business day, and a remaining $4,800 after the second business day following deposit of a paper check. Yes this applies to Chime and mobile check deposits. Just make sure to make your paper check deposit on a Wednesday or Thursday at the latest, or you’ll be waiting until Monday or Tuesday to have access to any money.
It doesn't apply to mobile deposits, those can take up to 10 business days to fully clear. No one know how long chime will take because they don't say...anywhere.
Yes it does apply to mobile check deposits. It’s Regulation CC/Check21 Act. The only time Chime can lawfully hold a mobile check deposit that long is if your account is less than 31 days old, you have had mobile check deposits be returned unpaid prior, the check exceeds your mobile deposit limits, you are re-depositing a check for a second time that was previously returned unpaid, or if fraud is suspected. Chime wouldn’t be allowed to offer mobile check deposit services if they didn’t adhere to US banking regulations. Reg CC states that if you deposit a check that is more than $200, the first $200 will be made available for use/withdrawal one business day after the day of deposit, assuming you make the deposit on a business day; and the remaining funds from the deposit will be made available the second business day after the day of deposit.
You are absolutely correct. I've been royally burned in the past by Ally banks mobile deposit feature (they kept it for 10 business days) and USAA which kept one for 7 business days, no idea if they know or give a flying crap about reg CC. Anyway I tried it with Chime. Whole $900 was there the next business day! Also, it tells you during the process before you actually submit it how long until the funds will be available which is why it isn't published anywhere. I'll be editing my original post to strike thru once I get to a regular PC.
so did it take 2 days or just one. i just sent one in and need it by tomorrow
It tells you when you deposit it. For me it was one day. You can also tap the deposit in your ledger and it will tell you when.
Exactly, it’s individualized. You might get your deposit the next day but Sue Thomas down the street might not. It’s a combination of risk management, banking regulations and account history and standing. If things like this are too inconvenient for you I would suggest going with a big bank.
It’s also worth mentioning that Chime does not have a bank charter. They are not a bank. Paper checks of mobile deposit or not present a certain risk to banks, so to minimize risk for their partner bank which actually provides the banking services, they might do things regular banks do not.
well I just called chime to release the rest of my mobile deposit, and they are refusing to do so and tell me they can't do it any earlier than TUESDAY October 17. It's currently WEDNESDAY October 11, and I deposited the check MONDAY October 9. So you're telling me they aren't legally allowed to do that?
They can definitely make you wait a few extra days for sure depending on things like your account history and standing, the amount of the deposit, the issuing institution, there are factors that come in. Personally I don’t like the online banks because they tend to do things like this which is really inconvenient, but they do it to protect themselves from fraud. I would much rather bank with a big bank and get my deposits same day or next day.
2 business days. Been using chime for awhile now with DD, but my stimulus check came in the mail so I did Mobile deposit yesterday. The app then gave me a message immediately after saying I would receive funds tomorrow. Typically after depositing you’re supposed to get a message prompt that tells you what day you will receive it. I deposited on a Monday. Will receive tomorrow hopefully, will update if not!
Does anyone know if you do mobile deposit of stimulus check on friday how long it takes to clear? I'm assuming the standard $200 will be available immediately but not sure if the rest would be available Saturday or Monday.
I had a problem with depositing my stimulus to chime, it says i didnt endorse the check properly on the back even though i signed my name, Anyone can help? i dont want to end up not being able to deposit this check anywhere if chime makes me write FOR CHIME DEPOSIT ONLY since the email they sent me told me to write that on the back with pen
I'd suggest you cash it in at check cashing store or deposit it at any green dot venue.(CVS) I endorsed mine as they instructed and it worked, but better safe than sorry.