Privacy & Disclosures
Funds Availability Policy
General Policy Our policy is to make funds from cash and check deposits available the same business day that we receive a deposit. Electronic direct deposits will be available on the day we receive the deposit. Once funds are available, they can be withdrawn in cash and will be used to pay checks that have been written. For determining the availability of deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If a deposit is made during business hours on a business day that we are open, we will consider that day to be the day of deposit. If a deposit is made after we are closed or on a day we are not open, we will consider that the deposit was made on the next business day that we are open.
The credit union has the right to accept or reject any check for deposit and to charge-back a member’s account for returned checks.
Delayed Availability In some cases, we will not make all of the funds that are deposited by check available on the same business day that the deposit is received. Depending on the type of check that is deposited, funds may not be available until the fifth business day after the day of deposit. However, the first $200.00 of the deposit may be available on the first business day after the day of deposit. If we are not going to make all of the funds from the deposit available on the same business day, we will normally notify the member at the time the deposit is made, and advise when the funds will be available. If the deposit is not made directly to one of our employees, or if we decide to take action after the member has left the premises, we will mail the notice by the next business day after we receive the deposit.
Longer Delays May Apply We may delay the ability to withdraw funds deposited by check an additional number of days for these reasons:
- When there is reasonable belief that a check is uncollectible.
- When checks totaling more than $5,000.00 are deposited on any one day.
- When a deposited check has previously been returned unpaid.
- When the account has been overdrawn repeatedly.
- When there is an emergency, such as failure of communications or computer equipment.
Funds with delayed availability for any of these reasons will generally be available no later than the seventh business day after the date of deposit.
Special Rules for New Accounts The following special rules may apply during the first thirty days an account is open.
Funds from cash, wire transfers, and electronic deposits will be available on the day we receive the deposit. Funds from deposits of the first $5,000.00 of a day’s total deposits of cashiers, certified, tellers, travelers, and federal, state, and local government checks will be available on the next business day after the date of deposit if the deposited items meet certain conditions. The excess over $5,000 will be available on the ninth business day after the date of deposit. If the check deposit (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000.00 will not be available until the second business day after the date of deposit. Funds from all other check deposits will be available on the seventh business day after the date of deposit.
Foreign Checks Checks drawn on financial institutions located outside the U.S. (foreign checks) must be processed differently than checks drawn on U.S. financial institutions and are exempt from the outlined policies. Generally the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institution upon which it is drawn.
Holds on Other Funds (Check Cashing) If we cash a check that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in the account. Those funds will be available at the time funds from the check we cashed would have been available had it been deposited.
Holds on Other Funds (Other Account) 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 the availability of a corresponding amount of funds that are on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods described elsewhere in this policy for the type of check that was deposited.
Deposits at Automated Teller Machines (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 day of your deposit.
Payment of Dividends If applicable, the credit union will begin paying dividends on deposits the same business day that the deposit was received.
Notices Members will be provided a clear and conspicuous notice, in writing, of the credit union’s funds availability policies. Such notice will be provided prior to account opening and contain all information as required by Regulation CC.
The credit union will provide a notice on all preprinted deposit slips a statement that deposits may not be available for immediate withdrawal.
The credit union will post in a conspicuous place at each location where deposits are accepted, a funds availability notice that describes the time periods applicable to the availability of funds.
A notice will be posted at each of the credit union’s ATM locations indicating that funds deposited in the ATM may not be available for immediate withdrawal.
The credit union will send a clear and conspicuous notice to members at least 30 days in advance of a change in terms, other than a change that expedites funds availability. If the change expedites the availability of funds, then the disclosure will be made no later than 30 days after implementation of the change.
Approval Date: August 23, 2016