EMERALD EMPIRE FEDERAL CREDIT UNION
FUNDS AVAILABILITY DISCLOSURE
General Statement of Availability
It is the policy of the Credit Union to make funds from member deposits available to them on the same business day on which their check is received at the CU office and placing holds on funds only on a case-by-case basis as needed. For savings accounts, we reserve the right to place reasonable holds on deposited funds to the extent permitted by law. For checking accounts, our general policy is to make funds from your deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and/or we will use them to pay items or transactions processing to your account.
Deposit Cut-Off Hours
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before 5:30 pm on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:30 pm or on a day that we are not open, we will consider that the deposit was made on the next business day we are open. If a deposit is left at the Credit Union after the 5:30 PM cut-off time, the deposit will be made on the next business day.
Reservation of Right to Hold
In some cases, we will not make all of the funds that you deposit by a 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 second business day after the day of your deposit. However, the first $275 of your deposit will be available on the first business day. If we are not going to make all 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. If you need the funds from a deposit right away, you should ask us when the funds will be available.
Holds Placed on Funds
- Deposited Checks
The Credit Union may place a hold on funds, regardless of reason but within guidelines of
Regulation CC. However, any time a hold is placed, a hold notice will be provided to the member identifying the amount, time-period of the fund’s delays and the reason for the hold. - 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 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
Foreign Checks
The Credit Union will place a hold on any funds deposited by a foreign check for the time it takes to collect the funds from the foreign financial institution. Members will be notified at the time of deposit of the amount and estimated time of the hold. However, an exact time for check clearing may not be available due to the unique time frame of foreign financial institutions.
Disclosure to Members
- Funds Availability Disclosure
The Credit Union will provide members with a copy of the Funds Availability Disclosure at the time they open a membership account with the Credit Union and a notice will be posted at each location where deposits are accepted including each desk and Drive-Up Window. - Longer Delays May Apply
|In some cases, we will not make all funds deposited by check available on the same business day that we receive the deposit. Depending on the type of check deposited, funds may not be available until the seventh (7) business day after the day of the deposit. However, the first $275 of the deposits will be made available on the same business day. If we are not going to make all funds from the deposit available on the same business day, we will notify the member with a Deposit Hold Notification at the time of deposit, indicating when the funds will be made available the deposit is not made directly to one of our employees, or if we decide to take this action after receiving a deposit after the member has left the premises, we will mail the notice by the next business day after we receive the deposit.
We may delay the ability to withdraw funds deposited by check into an 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 $6,725 on any one day.
- You deposit a check that has been returned unpaid.
- You have overdrawn the 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 the member if we delay the ability to withdraw funds for any of these reasons and inform the member when the funds will be available. They will generally be available no later than the seventh business day after the date of the deposit and based upon Regulation CC
3. Special Rules for New Accounts
For each new member, the following special rules will apply during the first 30 days of account opening.
Funds from electronic direct deposit to an account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $6,725 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 same business day after the day of the deposit if the deposit meets certain conditions. For example: the check(s) must be payable to you. The excess over $6,725 will be available on the ninth business day after the day of the deposit. If the deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $6,725 will not be available until the second (2nd) business day after the date of the deposit. Funds from all other check deposits will be available on the ninth (9th) business day after the day of the deposit
Deposits at ATMs
Nonproprietary ATMs
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) which we do not own or operate, may not be available until the second (2nd) business day after the date of the deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines. The first $550 of any deposit will be made available immediately with the balance of funds available within 72 hours (3 business days)
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.
Approved: May 27, 2025 / Effective: July 1, 2025