Mobile deposits are NOT subject to the funds availability rules of Regulation CC (aka Subpart B), but they are subject to the check collection rules of Regulation CC (aka Subpart C).
Does Reg CC apply to RDC?
While not binding on credit unions, the letter is still a persuasive argument that Regulation CC does not apply to RDC deposits.
What are the limits for mobile deposit?
Mobile Deposit Limits – Online Banks
|Online bank||Mobile deposit limit(s)|
|Ally Bank||$50,000 per day or $250,000 in a 30-day period|
|Bank of Internet||$10,000 per day or $50,000 per 30-day period|
|TIAA Direct||$30,000 per day or up to 6 checks per day|
|PayPal||$5,000 per day or $10,000 per month|
Does Reg CC only apply to consumer accounts?
Regulation CC requires institutions to send change notices to holders of consumer accounts. So even though Reg. CC applies generally to commercial accounts, the change notice requirements only apply to consumer accounts.
What is Regulation CC?
Regulation CC requires that financial institutions provide customers who have a transaction account with disclosures stating when their funds will be available for withdrawal; many institutions use the model disclosure statements included in Regulation CC.
Are mobile deposits covered by Reg E?
Accordingly, Regulation E applies to any person-to-person (P2P) or mobile payment transactions that meet the definition of EFT, including debit card, ACH, prepaid account, and other electronic transfers to or from a consumer account.