New Remote Deposit Capture Endorsement Requirements – Effective 7/1/18

Beginning Sunday, July 1, the Federal Reserve has new endorsement requirements under Regulation CC that will affect deposits made via HOPE’s mobile app. As of that date, in addition to the payee’s signature, members using the remote deposit feature must also write the following on the back of the check below the signature: For Remote Deposit Only HOPE FCU.

This affects all financial institutions, and any checks that do not carry the signature and endorsement will be rejected.

If a check presented through the electronic deposit feature is not endorsed according to these rules, the check can be returned by the bank on which the check is drawn and the deposit will not be credited to your account. Additionally, failure to submit a properly endorsed check can lead to fees being charged to your account if the check is presented multiple times in the check clearing process.