Funds Availability Change in Terms Notice
Important Regulation CC (Availability of Funds and Collection of Checks) Changes in bold Effective July 1, 2025.
FUNDS AVAILABILITY POLICY DISCLOSURE
(Applies to deposits made to transactional accounts only)
YOUR ABILITY TO WITHDRAW FUNDS
Our general policy is to make funds from cash and check deposits available on the first business day after the day 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 that you have authorized. Even if we make funds available to you, you are responsible for and must repay us for any checks you deposit that are returned to us unpaid for any reason.
For determining the availability of deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before our posted closing time Monday - Friday on a business day that we are open, we will consider that day to be the day of the deposit. However, if you make a deposit outside of our posted business hours Monday – Friday or in a manner other than directly to a credit union employee, 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 first business day after the day of deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of the deposit. The first $275 of your deposits, however, 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 of deposit. We will also tell you when the funds will be available. If the 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 send you by mail a notice no later than the day after we receive the deposit. If you need the funds from a deposit right away, you should ask us when the funds will be available.
LONGER DELAYS MAY APPLY
In addition, funds you deposit by check may be delayed for a longer exception period under the following circumstances:
· We believe a check you deposit will not be paid.
· You deposit checks totaling more than $6,725 on any one day (either for the same payee or the same account).
· A check that has been returned unpaid is re-deposited on your behalf.
· Your account has been repeatedly overdrawn in the last six months.
· There is an emergency, such as failure of computer or communications 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 be available no later than the seventh business day after the day of the deposit.
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SPECIAL RULES FOR NEW ACCOUNTS
If you are a new account holder, or you have added a new joint owner who has no prior credit union relationship, the following special rules will apply during the first 30 days your account is open or your new joint owner is authorized.
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 $6,725 of today’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 deposit if the deposit meets certain conditions. For example, the checks must be payable directly to you with no alterations or evidence of fraud. The excess over $6,725 will be available on the ninth business day after the day of 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 $6,725 will not be available until the second business day after the day of the deposit.
Funds from all other check deposits will be available no later than the ninth business day after the day of the deposit as determined by an authorized credit union employee.
ATM DEPOSITS
Funds from any deposits (cash or checks) you make at automated teller machines (ATMs) will be made available to you by the second business day after the day of deposit. The first
$275 of each deposit, however, will be available on the first business day. If a check hold is determined to be warranted after your ATM deposit envelope has been opened, credit union staff will place the hold and mail you a notice of delayed availability no later than the following business day after the deposit was removed from the machine.
SPECIAL HANDLING FOR FOREIGN CHECKS
Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions and are exempt from Regulation CC requirements. Generally, funds resulting from a foreign check will not be credited to your account until we collect the funds from the financial institution upon which it is drawn. Once funds are received from the paying institution, the credit union will make them available to you.
DEPOSITS TO NON-TRANSACTIONAL ACCOUNTS
Deposits to non-transactional accounts (such as the Insured Money Market Account) are not governed by Regulation CC and may be subject to longer, case- by-case holds.