Expedited Funds Availability Act
For determining the availability of your deposits, every day is a business day, except Saturday, Sunday and Federal and Credit Union holidays. If you make a deposit on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Immediate Credit – No Holds
Cash, Electronic Direct Deposits (ACH), Bank Wires, Western Unions, Federal Reserve Bank and Federal Home Loan Bank checks*, U.S. Treasury checks*, U.S. Postal Service Money Orders** deposited in person to one of our employees and held into an account by a payee of the check, State or Local government checks deposited into an account held by a payee of the check, if your institution is in the same state as the payer of the check and we have a direct settlement with the bank, Teller’s Checks issued by RelyOn, and “on us” check will be available on the day we receive the deposit. Certified Checks, Cashier’s Checks, and U.S. Postal Money orders deposited in person to one of our employees and held into an account by a payee of the check.**
*The Federal Government, for the most part has ceased issuing checks, and now remits through the ACH Network.
**Due to the high level of fraud on these items we will call to verify that the item will be honored.
Our “delayed” funds availability policy is first business day availability for local checks and fifth business day availability for nonlocal checks. Local check deposits will have the first $300 available the next business day. In the case of a nonlocal check(s) the first $300 will be available on the business day following the deposit, with the remaining funds to become available on the fifth business day.
Local and nonlocal checks. If you deposit both categories of checks, $300 from the checks will be available on the first business day after the day of your deposit, not $300 from each category of check.”
[The “first $300 rule” applies to the “aggregate amount” deposited by checks not subject to required next-day availability — Treasury checks, etc. See 12 CFR 229.10(c)(vii).]
Remember, even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
Longer Delays May Apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposit will not be paid.
- You deposit a check or checks totaling more than $5,525 on any one day.
- Any item that you are not the original payee named on the check. We don’t accept third-party checks.
- The item is a “Payable Through”, meaning that the item will not be presented to the paying bank first, but will go to another financial institution or processing center first.
- We redeposit or you redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly or have had excessive returned checks in the last six months.
- If the check is older than 6 (six) months, unless there is verbiage stating the item will not be honored after an earlier date. If the item discloses that it must be transacted within a specified time frame and that time frame has passed, we will not accept the item.
- We have reason to believe that there is a situation where the credit union may incur a loss.
- Reasonable cause to doubt the collectability of a check – the general criterion for doubting collectability is “the existence of facts that would cause a well-grounded belief in the mind of a reasonable person”.
- There is an emergency, such as 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 11th business day after the day of your deposit.
We do not accept items drawn on a financial institution outside of the United States.
Special Rules For New Accounts
If you are a new member, the following special rules will apply during the first 30 days your account is open.
Electronic Direct Deposits, Bank Wires, Western Unions, cash deposits are considered collected funds and will be available immediately. If regular checks that are payable to you a longer hold can apply. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks is not made in person to one of our employees, the first $300 will not be available until the second business day after the day of your deposit.
Holds On Other Funds
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(s) that were deposited.