Availability of Funds Disclosure
Our policy is to make funds from your deposits available to you as set below. When you make a deposit at the Credit Union, you can withdraw some or all of the funds in cash and we will use the funds to pay checks that you have written or debits/withdrawals you have made.
When you make a deposit at one of our ATM card locations, the funds will generally be made available to you on the first business day after the day we receive your deposit. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays and federal holidays. If you make a deposit at one of our ATMs between 8 a.m. and 12 a.m., we consider that day to be the day of your deposit. If you make a deposit between 12 a.m. and 8 a.m., we will consider the previous day to be the day of your deposit.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you as described above. Funds may be put on hold and not be available until the second business day after the day of your deposit or later in certain cases. However, the first $200 of your deposits will be available immediately if you make a deposit to one of our employees, or on the first business day after the day of your deposit if you make a deposit at an ATM.
If we are not going to make all of the funds from your deposit available as described above, 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 no later than the first business day following the day the facts become known or your deposit is received, whichever is later.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
• We believe a check you deposit will not be paid.
• You deposit checks totaling more than $5,000 on any one day.
• You redeposit 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.
• You have a new account.
We will notify you if we delay your ability to withdraw funds for any of these reasons above or for a later period than two business days, 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 day of your deposit.
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 deposits of cash, payroll, cashier’s checks, certified checks and electronic direct deposits will be available on the day we receive the deposit. Funds from deposits of wire transfers, and the first $5,000 of a day’s total deposits of teller’s, traveler’s, 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 (and you may have to use a special deposit slip). The excess over $5,000 will generally 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 day of your deposit.
Funds from all other check deposits will generally be available on the eleventh business day after the day of your deposit.
Applicable for All Accounts
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit, including overdraft fees if applicable.