6485 S. Transit Rd.
PO Box 830
Lockport, NY 14095-083
SnapDeposit Frequently Asked Questions,(FAQs):
Can I deposit any check with SnapDeposit?
You should only use SnapDeposit for domestic checks not drawn on your own account. Checks must be made payable to an owner of the share account and must have an endorsement on the back. Checks may be rejected if they are incomplete, post-dated or stale-dated, made payable to a third party, or stamped with a “non-negotiable” watermark. Be sure your checks have no evidence of alteration or contain a restrictive endorsement. Savings Bonds are not eligible for SnapDeposit.
Is there a limit on the number of checks or dollar amount deposited?
One check may be deposited at a time but there is no limit on the number of checks per day. Standard deposit limits are $5,000.00 per deposit, $10,000.00 per day and up to $50,000.00 over a 30 day period.
Should I endorse the back of the check?
Yes. If you don't endorse the back of the check, your SnapDeposit may be rejected. Your endorsement should include your signature, the words “SnapDeposit” and the account number to which you are making the deposit, including the share ID.
When will the deposit post to my account?
Many SnapDeposits will be accepted and post to your account immediately. When your deposit is accepted, you will receive an on-screen notification that your deposit was completed successfully. Some SnapDeposits will be submitted into a review queue. If your deposit is submitted for review, you will receive an on-screen notification and a follow-up e-mail message will be sentupon review letting you know if the deposit has been accepted.
Will the entire funds be available to me immediately?
Generally, accounts open for less than 60 days will have $500.00 available per day. Accounts open 60 days or more will have $1,500.00 available per day. Any remaining funds will be held up to two business days. The hold period will begin at the time that the deposit is accepted.
How long do deposits that are submitted into a review queue wait before they are reviewed and posted?
All deposits in the review queue are reviewed and posted as soon as possible provided that the deposit was made on a banking day (Mon-Fri, except holidays). The exact timing depends on the volume of deposits in the queue. All deposits in the review queue will be reviewed by the end of the banking day on which they were submitted.
What conditions cause a deposit to go to the review queue?
There is no single reason that a deposit will go to the review queue. Conditions include fields or characters on a check image that are difficult to read, a deposit that is outside your normal and historical pattern, exceeding your deposit limits, a missing or illegible endorsement, or a check image that is a suspected duplicate of a previously deposited check.
If my deposit was submitted, but is in the review queue, can I try to deposit it again?
No. A second attempt will, in most cases, add to the delay, could result in a fee and may result in a revocation of your SnapDeposit access.
How will I know when a deposit that was submitted to the review queue is posted to my account?
When the deposit is reviewed and released from the queue you will receive an e-mail message letting you know that it has posted to your account. Rarely, a deposit will be rejected and deleted after review. If your deposit is rejectedand deleted from the review queue, you will receive an e-mail telling you the reason your deposit was rejected and deleted.
I received an e-mail stating that my deposit was posted and I see it in my account. Should I destroy the check now?
Although most check images clear the account on which the check is drawn without any problem, we ask that you retain the check in a safe place for 7 business days after the deposit has posted. After 7 days, be sure to mark it as “VOID” or in a manner to prevent it from being inadvertently re-deposited by you or someone else in your household.
Will images of checks deposited through SnapDeposit be available for viewing in OASIS?
Once the deposit is posted to your account, it will show in your account history. However, specific check images will not be available for viewing in OASIS.
What if I’ve made an error or need to speak with someone about my SnapDeposit?
You can contact us about your SnapDeposit by e-mailing us at r calling us at 716-434-2290 or 800-488-6481.
Effective:September 2014
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