General Funds Availability Policy
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 after the 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 checks that have been written, electronic drafts, or other demands for payment. For check deposits, other than government checks, made at a shared branch facility of ours we will place a two-business day hold on the funds from such deposits. For determining the availability of your deposits, every day is a business day, except, Saturdays, Sundays and scheduled holidays. If you make a deposit before the close of business 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 the close of business 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.
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 (e.g. large checks or third-party check), funds may not be available until the second business day after the day of your deposit or later. However, the first $225 of your deposit will be available on the first business day. If we are not going to make all of 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.
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.
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:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You deposit 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.
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 seven (7) business days after the day of your deposit, but may be later.
Mobile Check Deposits
The first $225 of funds from Mobile Check Deposits will generally be available on the day after the deposit and the remaining funds available on the second business day after deposit. Additional requirements and holds will apply as set forth above. For purposes of the cut-off period and availability of Mobile Check Deposits, the day of deposit is the day the Credit Union receives the check image from you and converts the check data for transmission to the payor bank. You agree that the imaging and transmitting of checks alone does not constitute receipt by Credit Union. Also, acknowledgment of receipt or delivery does not constitute an acknowledgment by Credit Union that funds will be available.