1. General Policy.
For savings accounts, we reserve the right to place reasonable holds on all funds deposited up to eleven (11) business days. For checking accounts, our funds availability policy is set forth below.
Our policy is to make funds from your deposits available to you on the same business day that we receive your deposit. At that time, 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, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 2:00 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 2:00 PM or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Deposits not made on Credit Union premises will be deemed made on the next business day, if made after 12:00 Noon.
a. 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 of 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 $100 of your deposit to checking will be available at least by the first business day after your deposit is received, unless you have overdrawn your account repeatedly in the last six months.
If we are not going to make all of the funds from your deposit available on the same 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 next business day after we receive your deposit.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- You deposit checks totaling more than $5,000 on any one day.
- You deposit a check that has been returned unpaid.
- There is an emergency, such as failure of communications or computer equipment.
- We believe a check you deposit will not be paid.
- You have overdrawn your account repeatedly in the last six months.
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 eleventh business day after the day of your deposit.
2. 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 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.
3. Special Rules For New Accounts.
The following special rules may apply during the first thirty (30) days your account is open. Funds from 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 cashier's, certified, 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. The excess over $5,000 may not be available until 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 may not be available until the second business day after the day of your deposit. Funds from all other check deposits may not be available until the ninth business day after the day of your deposit.
4. Deposits At Automated Teller Machines (ATMs).
Funds from deposits at Credit Union ATMs in excess of $1,500 in one day may not be available until the second business day after the day of deposit. All ATMs that we own or operate are identified as our machines. Funds from 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.