Are deposits made through a customer's mobile phone (remote deposit capture) subject to Regulation CC?
No. Checks deposited through a mobile device such as a phone (remote deposit capture) are not subject to the funds availability requirements of Regulation CC. A check deposited through a mobile device is not a check as defined in Regulation CC. Regulation CC - 1029.2(k)(1) defines a "check" as "a negotiable demand draft drawn on or payable through or at an office of a bank." A picture of a check transmitted to the bank using the customer's mobile device is not "negotiable" and therefore not a check under Regulation CC's definition of the term. These types of deposits also do not fit in the ACH or wire definition for Reg CC purposes.
That being said, many banks apply the bank’s funds availability policy to these types of deposits. Keep in mind, the bank should disclose their funds availability policy with regard to checks deposited through a mobile device, because customers might presume that such items would be subject to the normal check availability schedule, unless they are specifically advised otherwise, and then rely on that expectation. Many banks explain the funds availability of these items in the bank’s mobile banking agreement where customers might be more likely to notice the policy.
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