This policy statement applies to “transaction” accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Share Draft (checking) accounts are the most common transaction accounts.
Our policy is to make funds from your deposits available to you on the first business day after the day we received 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.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and Federal holidays. If you made 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.
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 first business day after the day of 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 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.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposited will not be paid.
- You deposit checks totaling more that $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- You have repeatedly deposited non sufficient fund (NSF) checks.
- 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 we will 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 or the ninth day after the day of your deposit if your account is new.
Remote Deposits will typically have a five day special hold placed on deposit totals in excess of $2,500 per day.
DEPOSITS AT AUTOMATED TELLER MACHINES (ATMs)
Funds from any deposits (cash or checks) made at ATMs will be available no later than the fifth business day after the day of your deposit. You may be charged a fee by the owner of the ATM terminal. This fee, called a surcharge, will be disclosed to you by the ATM-owning institution before you complete your transaction. You may cancel the transaction at that time. If you agree to complete the transaction, the amount of your transaction plus the ATM owner’s fee will be deducted from your account. These rules do not apply to ATMs owned or operated by the Credit Union.
NOTICE FOR NIGHT DROP
Deposits made in the night drop box after 3:00 PM will be credited to your account the following business day.
SPECIAL RULES FOR NEW ACCOUNTS
If you are a new member, the following special rules may apply during the first 30 days your account is open.
The first $5,000 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,000 will be available on the seventh business day after the day of your deposit. Funds from wire transfers into your account will be available the first business day after the day we receive the transfer.
Funds from deposits of cash and the first $5,000 of a day’s total deposits of cashier's, certified, teller's, traveler's and 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 will be available on the seventh business day after the day of your deposit. If you do not make the deposit 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 seventh business day after the day of your deposit.