If you are looking to use the Chime to deposit your checks, you may wonder how long it takes to get the funds credited in your Chime account on such mobile check deposits. In this post, we will answer all questions on Chime Mobile Check Deposit Funds availability specifically addressing if the such Chime mobile check deposit is instant.
Online banking apps like Chime offer a mobile check deposit option only, where you need to snap a photo of the check and submit it using the app. The process is completely digital and you can do it from the comfort of your home.
It does require jumping through a few hoops like checking the check eligibility for mobile deposit, endorsing the check, taking photos of the front and back of the check, etc. You can find the details on the complete process in our Chime mobile check deposit guide.
And you can’t simply ask the teller or cashier when you can expect the check to be credited. Actually, the Chime mobile app does give you an estimate of the time you can expect.
So let’s get to the core question:
Chime Mobile Check Deposit Funds Availability? How long does Chime Mobile Deposit take
Chime will deposit a regular check on the next business day or even on the same business day if the check is received by Chime for processing within the cut-off time i.e. 5 PM EST on a business day. Chime has a maximum time limit of 5 business days for getting check funds credited in your account for mobile deposit.
However, the answer is not as straightforward as that. The time taken for clearing and ultimately the availability of funds depends upon several factors:
- Time and day when the check is deposited
- Amount of Check involved (larger amount of checks can take longer time and may be credited in installments)
- Type of Check (Treasury Checks usually clear faster, some checks are not eligible and will be rejected)
- Individual Account specific factors (if there are any risk factors relating to your account)
- Other reasons
Let’s go into further detail on how each of these factors has an impact on how soon you can get the credit for a mobile check deposit.
1. Time and day when the check is deposited
Chime has a cut-off time of 5 pm EST to receive the checks and this too applies only on regular business days (not being a Federal Holiday)
If you submit the check after the cut-off time OR if you deposit it on a weekend or a federal holiday, it will be treated as received only on the next business day.
So if you deposit a check on a Saturday or Sunday or a federal holiday, it is not the opportune time, and brace yourself up to wait for a longer period to see the funds in your account.
2. Amount of Check involved
The amount of checks can have a major implication on the check processing time and availability of funds.
Chime has a cap of $2,000 for non-US treasury checks. For US Treasury Checks, the limit is $5,000. Further, you can deposit a maximum of $10,000 per month. If a check exceeds the limits, it will be rejected.
Further, if you deposit a non-US treasury check above $225, it may be credited in installments.
The first $225 may be available on the same day or the next business day.
The balance amount may be subject to hold or paid on the same day at Chime’s sole discretion.
If Chime delays the availability of funds in excess of $225 for any reason, it will notify you at the time of your deposit, and when you can expect to see the funds will be available.
In any case, the funds will be available no later than nine business days after the deposit is processed.
3. Type of Check
The type of check involved can also have an impact on the time taken for processing.
Normally printed checks from payroll or US treasury where there is no name mismatch get cleared faster.
Chime also has its own list of prohibited checks that will be rejected. Chime does NOT accept a third-party check, cashier’s check, or check where there is a name mismatch.
As indicated above, under certain circumstances, a longer hold period may apply before funds deposited by check are available.
- Chime or the Bank believes a deposited check will not be paid.
- You redeposit a check that has been previously returned unpaid.
4. Individual Account Specific Factors
Your standing with Chime bank can also have an impact on how soon the check will be cleared.
If your Checking Account has had a negative balance anytime in the last six months, this may also lead to a delay or hold on the check credit.
5. Other Reasons
There are rare cases where Chime may not be able to clear a mobile check deposit, due to situations beyond its control.
This is one of the terms that Chime has listed, although rare to happen-
Chime or the Bank experiences an emergency, such as fire, flood, failure of communication, computer or other equipment, a suspension of payments by another bank, government or regulatory action, or other exigent condition beyond Chime’s or Bank’s control.
Is Chime Mobile Check Deposit Instant?
Chime mobile check deposit is not instant. However, if there are no issues with your check, you can expect to see the check deposit on the same business day or the next business day, assuming the check is deposited before the cut-off time of 5 PM EST on a regular business day (not being a Federal Holiday or weekend)
Do have a look at the factors above which can have an impact on when you can expect to see the funds being available in your Chime account.
In most cases, you can expect the Chime mobile deposit funds to be available on the same business day or the next business day. However, the factors we have covered in this post can impact this and you can expect delays accordingly.