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| Funds Availability Disclosure
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Availability of Funds
Our policy is to make funds from your deposits available to you immediately. At that time you may withdraw the funds in cash and we will use the funds to pay checks you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks returned to us unpaid and for any other problems involving your deposit.
The credit union reserves the right to delay the availability of some funds that you deposit in your account in accordance with the law. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. You will be advised of the reason and the length of any such delay at the time of your deposit. In the event a hold is placed upon your funds, the following rules are applicable to that delay.
DETERMINING THE AVAILABILITY OF A DEPOSIT
The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a business day that we are open, we will consider that day to be the day of your deposit.
The length of the delay varies on the type of deposit and is explained below.
In some cases, we will not make all of the funds that you deposit by check available to you immediately. Depending on the type of check you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $200.00 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 immediately, 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.
SAME DAY AVAILABILITY
Funds from electronic deposits to your account will be available on the day we receive the deposit. If you make a deposit in person to one of our employees, funds from the following deposits are available on the same business day that you make your deposit.
• U.S. Treasury Checks payable to you
• Wire Transfers
• Checks drawn on this institution
• Cash
• State and local government checks payable to you
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the first business day after the day of your deposit.
NEXT DAY AVAILABILITY
If you make the deposit in person to one of our employees, funds from the following deposits are available on the first business day after the day of your deposit: certified and teller's checks that are payable to you, Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day of your deposit.
OTHER CHECK DEPOSITS
The first $500.00 from a deposit will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a check of $700 on a Monday, $500 of the deposit will be available on Tuesday. The remaining $200 will be available on Wednesday.
Funds you deposit by check may be delayed for a longer period under the following circumstances:
• We have reason to believe a check you deposit will not be paid
• You deposit checks totaling more than $5,000 on any one day.
• You re-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 communication 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 the ninth 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 direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day's total deposits of cashier's, certified, teller's, travelers, 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 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 no later than ninth business days after the day of your deposit.
CASE BY CASE HOLDS
In some cases, the time when deposited funds are available may be extended. The credit union will notify you in writing if funds deposited in your account will not be available for withdrawal until later than the time periods stated in this policy. You should ask if you need to be sure about when a particular deposit will be available for withdrawal.
FOREIGN ITEMS
Deposited items that are drawn on financial institutions outside the U.S., and not payable at or through a U.S. branch or correspondent financial institution will not be made available to you until we receive notification of payment.
WIRE TRANSFERS
Funds to be sent as wire transfers may not be wired up to one business day following the day of the request.
DIVIDENDS PAYMENT POLICY
Funds deposited into a dividend bearing account will begin to accrue dividends on the day funds are deposited.
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