FUNDS AVAILABILITY POLICY

FUNDS AVAILABILITY POLICY

Our policy is to make the first $200 of you deposit available to you on the first business day following the day of the deposit. Cash, electronic payments, and wire transfers will be available on the day we receive the deposit. As a guideline, payroll checks issued to our members will have immediate availability. Once funds are available, you can withdraw them in cash or we will use the funds to pay checks that you have written.

 

DETERMINING THE AVAILABILITY OF YOUR DEPOSIT

For determining the availability of your deposits, every day is a business day except Saturday, Sunday and Holidays. If you make your deposit on a business day we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after business hours or on Saturday, Sunday or Holiday, we will consider that deposit was made on the next business day we are open. A banking day is any business day that the credit union is open for substantially all of its banking activities.

Depending on the type of item you deposit, we may delay the availability of funds. The length of the delay in availability varies based on the type of deposit made. When we delay your ability to withdraw funds from a deposit, you may not withdraw the funds and we will not pay checks you write on your account using the funds.

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 or a notice will be mailed to you not later than the first business day after the banking day on which the deposit is made.

 

LONGER DELAYS MAY APPLY

Funds you deposit by check may be delayed for a longer period of time under the following circumstances:

  • We believe a check you deposited will not be paid
  • You deposit checks totaling more than $5,000 on any one day
  • You have overdrawn your account repeatedly in the last 6 months

a)      On six or more banking days during the previous six months, the account had a negative balance, or would have had a negative balance had checks and charges been paid, or

b)      On two or more banking days during the previous six months, the account balance was negative in the amount of $5,000 or would have been had the checks and charges been paid.

  • There is an emergency, such as failure of communication on computer equipment
  • Deposits into accounts of new members – open for 30 days or less (see SPECIAL RULES FOR NEW ACCOUNTS)

If the credit union employs a delay, the first $200 of your deposit will be available on the first business day after the day of deposit unless the credit union has reasonable doubt about funds availability. If we are not going to make all of the funds from your deposit available on the day of your deposit, we will notify you at the time you make your deposit or on the next business day by US mail. This notice will include the date the funds will be made available to you.        

 

NEXT DAY AVAILABILITY

All types of deposits will be available to you on the day you make your deposit:

  1. The credit union reserves the right to hold ALL deposits on account that are 30 days old or newer.
  2. The credit union reserves the right to hold any deposits that we believe may not be honored for ANY reason. (See Longer Delays.)

 

SPECIAL RULES FOR NEW ACCOUNTS

If you are a new member, and the check is deposited in person with our employee, is made payable to you, and it is deposited to an account held in your name, the following special rules will apply during the first 30 days your account is open:

  1. Funds from cash, electronic deposit, wire transfers and checks drawn on us will be available same day the deposit is made.
  2. US Treasury Checks will be available the first business day after the day of deposit.
  3. Funds from the first $5,000 for a day’s total deposit of cashier’s checks, certified checks, teller checks, US postal service money orders and federal and Minnesota state & local government checks will be available on the first business day after the day of your deposit.
  4. Funds from all other deposits will be available on the tenth business day after the day of your deposit.