CPM eDeposit FAQ 


What is CPM eDeposit?

CPM Federal Credit Union eDeposit is a secure, online service that allows you to deposit checks into eligible CPM accounts anytime, anywhere. A check can be deposited by using a camera feature on a smartphone device. Then the images and associated deposit information are delivered to CPM electronically. This convenient 24/7 service saves you time by eliminating the trip to an ATM or branch.

Who is eligible for CPM eDeposit?

Most CPM members with a checking or savings account in good standing* are eligible for CPM eDeposit based on having a recent credit score of 690 or higher or having been a member for at least 6 months. Essentials accountholders are not eligible. Members with a credit score below 550 are not automatically eligible but may request a review of their account which may result in eligibility. Other restrictions apply. To learn more, refer to our Terms and Conditions.

What mobile platforms are supported by CPM eDeposit?

Mobile Deposit is currently available on iOS 6.0 and above (iPod Touch 4th generation, iPhone® 3GS and above, and above) and AndroidTM OS 2.2 and above.

How does eDeposit work?

With CPM eDeposit, you can safely deposit checks from anywhere you have access to your mobile device with a camera and a connection to the Internet.

1. Download our free CPM Mobile Banking app (available for AndroidTM and iPhone®).
2. Open the CPM app mobile app icon.
3. Select the "Deposits" feature on the menu page.
4. Select the account you wish to deposit funds to and enter the deposit amount of the check.
5. Take pictures of the front and back of the check. Be sure to sign and endorse the back of the check and below your signature include "For eDeposit Only to CPM"
6. Review and approve the images of the check and submit for deposit. We will take it from there.
7. 
When we receive good images and agree to try to clear checks we will post Deposit Approval Notifications which may be viewed through the app. Deposits are normally posted on the same day as Deposit                                           Approval Notifications.
8. Your funds are normally available for withdrawal two business days after we post deposits.  

Will I be notified when my check is deposited?

The app will not automatically send you a notice however you may enroll in our text or email alert service and set up an automated alert to notify you of all deposits. If you do not enroll for our alert service you may confirm your deposit by accessing CPM Mobile Banking or CPM Anytime Online Banking, or by calling our automated phone system PAL.

Are there fees associated with eDeposit?

Nope! CPM eDeposit service is FREE to CPM Federal Credit Union members making deposits to their eligible CPM accounts(s). Charges for returned deposit items and other transactions are outlined in CPM Federal Credit Union most recent Fee Schedule.

Is my financial information safe with eDeposit?

YES! Our eDeposit service is offered through Account Access, which requires you to provide a unique access number and password each time you log in. To prevent unauthorized access to your account, be sure to log out of Account Access once your online account activities have been completed.

How does eDeposit identify and prevent fraud?

We require each item to be endorsed with the signature of the payee and "For eDeposit Only , CPM Account." This way, checks deposited through eDeposit cannot be deposited again at a CPM branch or another financial institution. The eDeposit approval process also includes a review of each deposited item, and automatically detects duplicate deposits.

So, I don't need to take deposits to my branch and longer?

There are still times you will want to make your deposit at your branch. eDeposit is designed to help you conveniently and remotely deposit small checks payable to you when you do not need immediate funds availability. You will still need to take large deposits to the branch, as well as checks where you request immediate availability. Checks submitted through eDeposit must go through the steps to be accepted and deposited, and then all checks are subject to a hold of 2 business days from the date of deposit.

When will deposit funds be available in my account?

You must receive a Deposit Approval Notification by 4:00pm EST for a deposit to be considered that business day. Deposits received after 4:00 will be reviewed and processed the following business day. The funds will be available two business days from day of approval.

If you deposit a check on a holiday, a Saturday, or a Sunday, the day of approval will normally be our next business day and funds will be available two business days from day of approval.

What are the deposit and transaction limits?

There is a maximum of $3,000.00 per business day and a $6,000.00 monthly deposit limit.

What are the deposit and transaction limits?

CPM accepts any check which is defined as a negotiable item as defined in our Terms and Conditions. This includes:

  • Personal checks
  • Cashier's checks
  • Government checks

What types of checks CANNOT be deposited with eDeposit?

The following items are not eligible for eDeposit:

  • Checks payable to any person or entity other than the person or entity that owns the account that the check is being deposited into
  • Checks containing an alteration on the front of the check or item, or which you know or suspect, are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn
  • Checks payable jointly with the payees separated by “and”, unless deposited into an account in the name of all payees
  • Checks previously converted to a substitute check, as defined in Reg CC
  • Checks drawn on a financial institution located outside of the United States
  • Checks that are remotely created checks, as defined in Reg CC
  • Check not payable in United States currency
  •  Checks dated more than 6 months prior to the date of deposit
  • Checks or items prohibited by Credit Union’s current procedures relating to the Services or which are otherwise not acceptable under the terms of your Credit Union account
  • Checks payable on sight or payable through Drafts, as defined in Reg CC
  • Checks with any endorsement on the back other than that specified in our Terms and Conditions
  • Checks that have previously been submitted through the Service or through a remote deposit capture service offered at any other financial institution
  • Checks that are prohibited by the Credit Union’s current Membership Agreement with CPM
  • Checks that are in violation of any federal or state law, rule or regulation
  • Checks that are credit card advance or other loan advance instruments
  • Any check requiring an additional signature and/or additional identification

How long should I retain my original check? What happens if I discard the check and an issue arises?

For your protection, retain the original check for 14 days AFTER receiving confirmation that it has posted to your account. When you are ready to discard it, mark it "VOID" and dispose of it in a way that prevents it from being presented for payment again. 

Why must the check be endorsed with the words "For eDeposit Only to CPM?

This specific endorsement ensures that checks deposited through eDeposit will not be deposited again at a CPM Federal Credit Union branch or at another financial institution. It is one of many security measures we have put in place to protect our member accounts from theft and fraud. Checks that are not endorsed as specified may be rejected by CPM.

What should I do if I need help using eDeposit?

The eDeposit service is designed to be an easy to use, self-service product. We have developed an easy to follow “How-To” for your reference, click here to access. If you still have questions after reviewing our “How-To”, do not hesitate to contact us at 800.255.1513.

What steps should I take if my item is declined?

If your deposit item is declined, please log into CPM Mobile Banking to find out the reason your item was declined. If you still have questions, contact us 800.255.1513. Reasons that deposit items may be declined include:

  • Ineligible check
  • Non-negotiable
  • Missing signature
  • Missing endorsement
  • Stale dated
  • Post-dated
  • Duplicate check
  • Poor image quality
  • Daily deposit dollar amount exceeded
  • Unacceptable item
  • Other

What login credentials do I use for eDeposit?

CPM Anytime Online Banking login is used to access the eDeposit feature.

 


*Eligibility and Qualification Requirements

1. All of your accounts with us must be in good standing
2. You must have a minimum credit score of 690 to be eligible for immediate use of this service. Members with a score of 550 to 689 will be eligible for use after 6 months of membership
3. Saving only members must have a reoccurring direct deposit or a recurring payroll allotment within the last 30 days and of $300.00 or more.
4. You may not have any loans which are delinquent more than 60 days nor any past charge-off accounts.
5. You may not have any overdrawn/negative accounts beyond the limit of any overdraft line or courtesy pay limit we may grant you.
6. Your account must not be in bankruptcy, deceased, dormant/inactive, bad address or dormant/inactive status.