FUNDS AVAILABILITY DISCLOSURE

This policy statement applies to all deposit accounts.
           
Our policy is to make funds from your deposits available to you 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 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks and non-cash items you deposit that are returned to us unpaid and for any other problems involving your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 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.  However, if you make a deposit after closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If we cash a check for you 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 your availability to withdraw a corresponding amount of funds that you 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 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 fifth business day after the day of your deposit.  However, the first $100 of your deposits will be available on the first business day after we receive your deposit.

If we are not going to make all of the funds from your deposit available on the first business day after we receive your deposit, 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.

New Account Rules

For the purposes of this policy and as defined by Reg CC, a new account is a member’s transaction account that has been in existence with this credit union for less than thirty (30) days.  The following conditions apply during the first thirty (30) days to transaction accounts that meet this definition:

• Funds from deposits of cash and electronic payments will still be made available on the same business day.

• Funds from deposits through wire transfers and the first $5,000 of a day’s total deposits of cashiers, certified, traveler’s, and federal, state, and local government checks will be available on the first business day after the day of deposit.  The excess over $5,000 will be made available on the ninth business day after the day of deposit.

• Funds from all other check deposits will be available on the eleventh business day after the day of deposit.

If you have any questions please e-mail us!