Expedited Funds Availability Act Policy
The following is our policy on availability of funds from checks deposited/credited to your share draft (checking) account.
It is the policy of Telco Triad Community Credit Union to make funds from member deposits available on the same business day the credit union receives the deposit. A member can withdraw the funds in cash and/or we will use the funds to pay checks the member has written.
For determining availability of deposits, every day is a business day except Saturdays, Sundays, and federal holidays. We will consider a deposit as being made on a business day if it is made in person to one of our employees. Deposits made at one of our night deposits will be considered deposited on the next business day we are open. Funds deposited at ATMs will be available the second business day after the day of deposit.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposits.
Longer Delays May Apply
In some cases, we will not make all funds that a member deposits by check available on the same business day as the day of deposit. However, the first $200 of a member’s deposit will be available on the day the deposit is made. If we are not going to make all the funds from a member’s deposit available at that time, we will inform the member when the deposit is made. We will also notify a member when the funds will be available. If a deposit is not made directly to one of our employees or if we decide to take this action after a member has left the premises, we will mail the notice to the member on the next business day after we receive the deposit. If a member will need the funds from a deposit right away, he/she should ask us when the funds will be available.
Funds deposited by check may be delayed for a longer period if:
- we believe a check deposited will not be paid;
- the checks total more than $5,000 on any one day;
- a member redeposits a check that has been returned unpaid;
- a member overdraws his/her account repeatedly within the previous six months;
- there is an emergency, such as failure of communications or computer equipment.
We will notify a member if his/her ability to withdraw funds is delayed by us for any of these reasons, and will tell that member when the funds will be available. They will generally be available no later than the ninth business day after the date of deposit.
Special Rules for New Accounts
When a member opens a new account, the following special rules will apply during the first thirty days the account is open.
- The first $5,000 from a deposit of U.S. Treasury checks will be available on the next business dayafter the day of a deposit. The amount over $5,000 will be available on the ninth business day after the day of a deposit. Funds from wire transfers into an account will be available on the next business day after the day we receive the transfer.
- Funds from a deposit of state or local government, tellers, cashiers, certified, and traveler’s checks will be available on the first business day after the day of a deposit if it meets certain conditions. For example, the checks must be payable to the member. The excess over $5,000 will be available on the ninth business day after the day of the deposit. If the deposit is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of the deposit. Funds from all other check deposits will be available on the fourteenth 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 provide a notice on all preprinted deposit slips a statement that deposits may not be available for immediate withdrawal.
The credit union will post in a conspicuous place at each 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.