It is the policy of the UFCW Local 1776 Federal Credit Union to make funds from your deposits available to you on the same business day we receive your deposit. All deposited checks must be payable to the member. The Credit Union will not accept third-party checks for deposit. For determining availability of your deposits, every day is a business day except for 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. Funds deposited at ATMs will be available the second business day after the day of deposit.
In some cases, we will not make all funds that you deposited by check available to you on the same business day of your deposit. Depending on the type of check deposited, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposit will be available on the day you make your deposit. For example, all local non-business check deposits of $100 or more will not be available until the second business day after the day of your deposit. In addition, all non-local non-business check deposits of $100 or more will not be available until the fifth business day after the day of your deposit. A local item is one that is drawn on a financial institution that is located in the same Federal Reserve check processing region as the Credit Union. A non-local item is one that is drawn on a bank that is located in a different check processing region.
If we are not going to make all the funds from your deposit available at that time, we will inform you when 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 the notice to you on the next business 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.
Funds you deposit may be delayed for a longer period if:
We believe a check you deposited will not be paid;
You deposit checks totaling more than $5,000 on any one day;
You redeposit a check that has been returned unpaid;
You have overdrawn your account repeatedly with the last six months;
If the Credit Union has reasonable cause to doubt the collectibility of an item – such as confidential information that a check will not be honored;
There is an emergency, such as failure of communications or computer equipment.
We will notify you if your ability to withdraw funds is delayed by us for any of these reasons, and will tell you when the funds will be available. They will generally be available no later than the ninth business day after the date of deposit.
If you open a new account, the following special rules will apply during the first thirty days your account is open.
Funds from wire transfers into your account will be available on the same business day we receive your deposit.
Payroll deductions or payroll checks will be available on the same business day we receive your deposit.
The first $5,000 from a deposit of U.S. Treasury checks will be available on the next business day after the day of your deposit. The amount over $5,000 will be available on the ninth business day after the day of your deposit.
Funds from a deposit of state or local government, teller’s, cashier’s certified, and traveler’s checks will be available on the first business day after the day of your deposit if it meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits of $500 or more will be available on the fourteenth business day after the day of deposit.
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