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Funds Availability

Introduction

Selfreliance Federal Credit Union’s (SFCU) normal practice shall be to provide same day availability on a majority of items presented for deposit. Nevertheless, SFCU reserves the right to delay the availability of deposited funds under certain conditions, outlined herein. During the delay, the member may not withdraw the funds in cash and the funds may not be used to pay the member’s checks. Items presented for payment may be returned.

Notice of Delayed Availability

Selfreliance Federal Credit Union’s (SFCU) normal practice shall be to provide same day availability on a majority of items presented for deposit. Nevertheless, SFCU reserves the right to delay the availability of deposited funds under certain conditions, outlined herein. During the delay, the member may not withdraw the funds in cash and the funds may not be used to pay the member’s checks. Items presented for payment may be returned.

Availability of Funds

Funds from the following deposits are available on the same day of your deposit made in person to one of our employees:

  • Cash
  • US Treasury, Escrow, State and Local government, Cashier’s, Certified, Federal Reserve Bank, Federal Home Loan checks, and U.S. Postal Money Orders payable to the account holder.
  • Wire transfers
  • Electronic direct deposits, such as Social Security benefits and payroll payments
  • Checks or share-drafts drawn on Selfreliance FCU

Availability of Other Check Deposits

Other than those given availability referenced above, check deposits may require an additional hold. The first $225.00 from a deposit of other checks will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day after the day of your deposit. For example, if you deposit a local check of $700.00 on a Monday, $225.00 of the deposit will be available by Tuesday. The remaining $475.00 will be available by Wednesday.

Exception/Reasonable Cause to Doubt Collectability Holds

Under some conditions, funds deposited by a check may be delayed for longer periods. These are considered “exceptional” conditions and should be directed to or authorized by a supervisor.

Exception Holds

Below is a list of reasons why an exception hold of up to a maximum of 7 business days would be utilized:

  • An account has been repeatedly overdrawn in the last six (6) months.
  • The item(s) being deposited on this day exceeds $5,525.
  • An emergency, such as a natural disaster, communication malfunctions, or other situations.
  • The account is new and has been opened for less than 30 days.*
  • We received notice that the check is being returned "unpaid".
  • We believe the check deposited will not be paid for one or more of the following reasons (reasonable cause to doubt collectability):
    • We are unable to verify the endorsement of a joint payee.
    • Some of the information on the check is not consistent with other information on the check.
    • There are erasures or other apparent alterations on the checks.
    • The routing number of the paying bank is not a current routing number.
    • We have been notified that the check has been lost or damaged in collection.

* 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. 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 $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. 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 (other than a US Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the 11th business day after the day of your deposit.

Deposits at Nonproprietary ATM's

Funds from any deposits (cash or checks) made at automated teller machines (ATM’s) we do not own or operate will not be made available until the fifth business day after the date of your deposit. This rule does not apply at ATM’s that we own or operate. All ATM’s that we own or operate are identified as our machines.

Holds on Other Funds (Other Account)

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.

Foreign Checks

Checks drawn on financial institutions located outside the U.S. cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. The funds availability for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.

Availability of Funds for Credit Card Convenience Checks

Credit Card Convenience Checks cannot be processed in the same manner as checks drawn on U.S. Financial Institutions. These type of checks are exempt from the policies outlined in this disclosure. Credit Card Convenience Checks can only be accepted for deposit into a savings account for a 15 business day hold period and the availability of the funds will be delayed for that time.

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