Funds Availability Policy

General Policy.

Our policy is to generally 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 they are available, you can withdraw the funds in cash and we will use the funds to pay checks you have written. For determining the availability of your deposits, every day is a business day, except Sundays and federal holidays. Excluded are deposits made at any Automated Teller Machines (ATMs) and our night depositories on Saturdays.  If you make a deposit directly with Credit Union staff before the close of business on a business day that we are open, we will consider that day to be the day of the deposit. However, if you make the deposit after the close of business on a day that we are open or make the deposit on a day that we are not open, we will consider that the deposit was made on the next business day we are open. Deposits placed in one of our night depositories after 8:00 am on a business day are not considered available until the following business day, unless in accordance with the provisions outlined in other sections of this policy an additional hold is deemed necessary.

Reservation of Right to Hold.

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 second business day after the day of your deposit. However, the first $200.00 of the aggregate amount of your deposit(s) will be available on the same day as your deposit(s). If we are not going to make all of the funds from your deposit available on the same business day as your deposit, we will usually 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.

The first $200.00 of the aggregate amount of your deposit(s) (cash or checks) made at ATMs will be available on the same day as your deposit(s). The remaining funds will be available on the second business day following the deposit, unless in accordance with the provisions outlined in other sections of this policy an additional hold is deemed necessary.

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 are met.

Longer Delays May Apply.

We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

1.         We believe a check you deposit will not be paid.
2.         You deposit checks totaling more than $5,000 on any one day.
3.         You deposit a check that has been returned unpaid.
4.         You have overdrawn your account repeatedly in the last six months.
5.         There is an emergency, such as a failure of communications or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and 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 electronic deposits, cash, and wire transfers into your account will be available on the day we receive the deposit. The first $5,000 of a day's total deposits of cashiers, certified, teller's, traveler's, and federal, state, and local government checks will be available on the next business day after the day of your deposit, if the check is 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 day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit.

Deposits at Nonproprietary ATMs.

Funds from any deposits (cash or checks) made at ATMs that 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 to ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

Foreign Checks. 

Checks and items drawn on financial institutions (including U.S. branches in foreign countries) and deposited to your account will be given provisional credit, but may be delayed until collected and all processing fees are paid by you.

9-21-2012

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