Promise Deposit is a new product that allows you to promise a deposit of a check, but receive the funds immediately. In order to use this product, you’ll need to enroll and be approved. This can be done through your online baking portal. Hover over the heading in the upper left-hand side that says “My Accounts.” A large menu will pop up, and you will see “Promise Deposits” under the “Manage” heading. You will see the stipulations for promise deposit, which are also outlined below. It is then as simple as clicking the “Enroll Me” button. You will have to wait to be approved. You can also call HCCU or request enrollment when you’re at the teller window. No matter how you enroll, you will still have to be approved. It is also possible to have your Promise Deposit privileges revoked if you no longer meet the eligibility requirements.
As is to be expected, there are stipulations involved in using Promise Deposit. There can only be a maximum of 10 outstanding checks at any given time. The sum of all outstanding checks cannot exceed $1,000, and there is a $500 daily deposit limit. Once you promise a deposit, you have 4 calendar days to get the check to HCCU, whether that is in person, by mail, or by night deposit. There is a $2.50 fee for each check submitted via promise deposit. The fee is waived for Platinum level SunDrops members.
I've told you how to enroll and the stipulations, but I haven’t even gotten to the best part: actually using Promise Deposit! There are three steps when creating a new deposit. The first step requires you to fill out a form with all of the information on the check. To make it easier, the online form looks just like a check. For example, the box for the check number is in the same place as a check number on a normal check. Below the check form is a drop down menu that allows you to select the account you wish to deposit the check in. Once you have completed all of that information and selected your account, you must press the button that says “Add this check to my deposit” to continue. A window will pop up with the check number, amount, who the check is from, and where it will be deposited to. If you see any errors, this is your opportunity to fix them. Otherwise, you can continue. You will then be taken to the second step. You can review your deposits and remove them if you wish. You are also given the option to start over completely. The third step simply involves pushing the button that says “Complete this Deposit.” Once you have completed those steps, you are halfway done!
Halfway done, you say? Yep-Don’t forget that you have to get the checks to us. If you fail to send the check, the amount that you promised will be removed from your account and you put yourself at risk to lose Promise Deposit privileges or incur overdraft fees. After you have completed the steps listed in the previous paragraph and created a deposit, you will be taken to a page that will guide you on the mailing requirements. You must sign the back of all of your checks with your signature and the tracking number you are given. You will also need to print the Promise Deposit Certificate and mail it with your checks. At the bottom of the web page, you will be provided with our P.O. Box and your due date.
Even though we love to see your smiling face at our branches, we understand that some people have difficulty getting there. The frustration of check depositing can be a thing of the past for you. Enroll in Promise Deposit today!
Post by: Breanna B
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