July 1, 2018 New Regulation for Mobile Deposits
A new statute from the Federal Reserve, regarding mobile deposits, goes into effect on July 1st, 2018. Known as Regulation CC, this new policy allows financial institutions to protect themselves from check fraud associated with remote deposit capture (RDC), the technical term for depositing checks by taking a photo with your cellphone. Anyone taking advantage of this convenient service will be required to use new, specific language while endorsing their checks.
What Does It Mean For Me?
From now on, RiverTrace Federal members will be required to endorse all checks with the phrase "For MDC at RTFCU" or "For Mobile Deposit at RiverTrace Federal" in addition to their signature. Checks with incomplete endorsements may cause a delay in processing and will cause the deposit to be rejected in the future.