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GENERAL POLICY STATEMENT
The Credit Union offers same day or next day availability for most funds deposited with the Credit Union. The first $200 of your deposit will be available on the first business day after the day of deposit.
GUIDELINES
The Credit Union will inform members of its funds availability by providing:
- Disclosures Upon Request. The Credit Union will provide a copy of its funds availability policy to any member who requests a copy
- Initial Disclosures. When a member opens a new account, the Credit Union will provide the members with written disclosures that clearly explain the Credit Union office.
- Notice. The Credit Union will post its availability policy at the Credit Union office.
- Internet Disclosure. The Credit Union will post its availability notice on its Website.
- Change-in-Policy Notice. If the Credit Union changes its funds availability policy, it will notify all members of the change at least 30 days before implementation.
SAME-DAY AVAILABILITY The Credit Union offers same-day availability for cash deposits and electronic fund transfers.
NEXT-DAY AVAILABILITY The Credit Union offers next business day availability for the following funds deposited in person at the Credit Union.
- Government Checks: U.S. Treasury checks, U.S. Postal Service money orders, checks drawn by the State or any agency of the State.
- Depository Checks: Travelers Checques, cashier’s checks, certified checks, and money orders.
TWO-DAY AVAILABILITY. Funds deposited by mail or ATM will be available within 2 (two) business days following the banking day of deposit.
SPECIFIC EXCEPTION HOLDS. The Credit Union may place a specific exception hold where the transaction involves reasonable belief that the check is uncollectible, repeated overdrafts; new accounts; large deposits; redeposited items and emergency conditions.
- Uncollectible Checks
- Stale dated (over six months old)
- Improper endorsement
- Evidence of check kiting
- Repeated Overdrafts. (Accounts overdrawn more than 5 time or overdrawn by $5.000 in the last six months.
- New Accounts (Account with the Credit Union for less than 30 days)
- Hold does not apply to cash deposits and electronic transfers
- May not apply to government checks or depository checks over $5,000.
- Deposits Exceeding $5,000. The Credit Union may apply this exception to aggregated deposits in multiple accounts that exceed $5,000 in one day.
- Re-deposited Items. Items previously returned by the paying institution for non-technical reasons (missing endorsements or the check is post-dated.)
- Emergency Conditions. Conditions such as war, earthquake, fire, flood, power or equipment failure, suspension of payments from another financial condition or any other emergency. A hold will be placed on the funds for a reasonable time after the emergency has passed.
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