Funds Availability Disclosure
1. General Policy
Our policy is to make funds from your account deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day the credit union receives the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, everyday the Credit Union is open to conduct business is a business day, except when the branch is closed on Saturdays, Sundays, and federal holidays. Deposits made through the Credit Union night depository will be deemed made on the next business day (excluding Saturdays) of the day of deposit if made after 8:00 a.m. Deposits received by the Credit Union prior to 5:30 p.m. will be considered made for that business day. If a deposit is left at the Credit Union after the 5:30 p.m. cut-off time, the deposit will be considered to be made on the next business day.
2. Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $200 of your deposit will be available on the first business day. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.
We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You deposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of communications or computer equipment.
- Deposits of checks for which we have reasonable cause to doubt collectability.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the date of your deposit.
3. Special Rules for New Accounts.
If you are a new member, the following special rules will apply during the first 30 days your account is open.
Funds from electronic direct deposit to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of cashier’s, traveler’s, certified, teller’s, U.S. Postal Service Money Orders, and federal, state, and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example: the checks must be payable to you. The excess over$5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the date of your deposit. Funds from all other check deposits will be available on the seventh business day after the day of your deposit.
4. Deposits at ATMs.
Nonproprietary ATMs. Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate may not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we or operate are identified as our machines.
Proprietary ATMs. Funds from any deposits (cash or local checks) made at ATMs we do own or operate will have the same hold placed as when received directly by one of our employees.
5. Foreign Checks.
A hold will be placed on any funds deposited by a foreign check for the time it takes to collect the funds from the foreign institution. Members will be notified at the time of deposit the estimated time of the hold. However, the exact time may not be available due to unique time frame of foreign check clearing.
6. Holds on Other Funds.
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make the funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.