Through Clip’s digital, mobile first approach, we will have a complete record of the deposit at each stage from when it was first staged in the app, when the bag was scanned, and when the bag was scanned then inserted into the ClipDrop box.
Within one business day, provisional credit will be provided to customers with the stated amount of the deposit.
Clip will validate the amount and denominations input in the Clip app when the deposit was first staged.
CIT partner will have funds counted by two individuals that will confirm the deposit amount in each bag.
If there is a discrepancy, Clip will notify the customer that there was a variance (either more or less) in their deposit. This amount will be either deducted or credited from their account within 24 hours after the notification to the customer was made to reconcile the delta between the credit received and the actual cash counted.
Notes:
Clip does not have the ability to freeze bank accounts while a discrepancy investigation is pending.
For nominal amounts (i.e., less than a couple hundred dollars), customers will be able to continue to deposit with Clip while an investigation is taking place. They will also have access to the funds they deposited and received provisional credit for.
For significant amounts (i.e., $1,000 discrepancy), Clip will prevent additional deposits from being made via Clip due to Federal banking rules around fraud prevention and investigating suspicious activity. However, customers will still be able to make deposits via their bank directly.
The typical investigation will take several days or more. This contrasts to a bank’s process which may take several weeks or more to resolve.
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