It is the policy of First Federal Credit Union (“Credit Union”) to make funds from your cash and check deposits available to you immediately. At that time, members can withdraw the funds in cash and we will use the funds to pay checks that the member may have written.
Ability to Withdraw Funds
For determining the availability of deposits, every day is a business day. If a member makes a deposit in a branch office before closing on a business day that we are open, we will consider that day to be the day of the deposit.
If we cash a check for a member that is drawn on another bank, 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 bank, we may make funds from the deposit available for withdrawal immediately but delay the availability to withdraw a corresponding amount of funds that the member may 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
In some cases, we will not make all of the funds that are deposited by check immediately available. Depending on the type of check that is deposited, funds may not be available until the third business day after the day of the deposit. The first $225 of the deposit, however, will be available immediately.
If we are not going to make all of the funds from a deposit available immediately, we will notify the member at the time the deposit is made. We will also tell the member 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 the member has left the premises, we will mail the notice by the day after we receive the deposit.
In addition, funds that are deposited by check may be delayed for a longer period under the following circumstances:
- We believe a check deposited will not be paid.
- Checks totaling more than $5,000 on any one day.
- A check redeposited has been returned unpaid.
- The member has overdrawn repeatedly in the last six months.
- There is an emergency, such as failure of computer or communications equipment.
Members will be notified if we delay the ability to withdraw funds for any of these reasons, and we will tell the member when the funds will be available. They will generally be available no later than the seventh business day after the day of the deposit
Deposits at Automated Teller Machines (ATMs)
If a deposit is made at an ATM we will consider that day to be the day of your deposit. However, if a deposit is made at an ATM after 10:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) will not be available until the third business day after the day of your deposit.
Items deposited into a new checking account less than 30 days old may be held as protection against new account fraud.
- The first $5,000.00 from a deposit of U.S. Treasury checks will be available on the first business day after the day of deposit. The excess over $5,000.00 will be available no later than the ninth business day after the day of deposit. Funds from wire transfer into an account will be available on the first business day after the day received.
- Funds from deposits of cash and 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 of deposit if the deposit meets certain conditions. The checks must be payable to the member. The excess over $5,000.00 will be available no later than the ninth business day after the day of deposit. If the deposit is not made in person directly to a Credit Union employee the first $5,000.00 will be available no later than the eleventh business day after the day of deposit.
- Members will be provided a clear and conspicuous notice, in writing, of the Credit Union’s funds availability policies. Such notice will be provided prior to account opening and contain all information as required by Regulation CC.
- The Credit Union will post in a conspicuous place at each location where deposits are accepted, a funds availability notice that describes the time periods applicable to the availability of funds.
- A notice will be posted at each of the Credit Union’s ATM locations indicating that funds deposited in the ATM may not be available for immediate withdrawal.
- The Credit Union will send a clear and conspicuous notice to members at least 30 days in advance of a change in terms, other than a change that expedites funds availability. If the change expedites the availability of funds, then the disclosure will be made no later than 30 days after implementation of the change.