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Funds Availability Policy
Policy updated 7/1/2020
Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay share drafts or checks that you have written.
Determining Availability Of A Deposit
The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. We have different deposit dropbox cutoff hours for different deposit locations. If you make a deposit to our dropbox before our cutoff time on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit to our dropbox after our cutoff time or on a day we are not open, we will consider that the deposit was made on the next business day we are open. Our cutoff hours are available at the Credit Union. The earliest cutoff time that may apply is 9:30 am. The length of the delay varies depending on the type of deposit and is explained below.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from cash deposits will be available on the same business day after we receive your deposit.
Funds from the following deposits are available on or before the first business day after the day of your deposit:
- U.S. Treasury checks that are payable to you.
- Wire transfers.
- Checks drawn on Syracuse Cooperative Federal Credit Union.
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:
- State and local government checks that are payable to you.
- Cashier's, certified, and teller's checks that are payable to you.
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
Other Check Deposits
All other checks. The first $225 from a deposit of a check will be available on or before the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a local check of $700 in person on a Monday, $225 of the deposit is available on or before Tuesday. The remaining $475 is available on Wednesday. If you deposit a local check of $700 on a Monday in the dropbox after 10:00 am, $225 of the deposit is available on or before Wednesday. The remaining $475 is available on Thursday.
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 checks totaling more than $5,525 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of computer or communications 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 seventh business day after the day of your deposit.
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 day 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 seventh business day after the day of your deposit. If your deposit of these checks (other than a U.S. 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 seventh business day after the day of your deposit.
Holds on Other Funds (Other Account)
If we accept for deposit a check that is drawn on another financial institution, 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.
Holds on Other Funds (Check Cashing)
If we cash a check for you that is drawn on another financial institution, 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.
Cash Withdrawal Limitation
We place certain limitations on withdrawals in cash. In general, of a member's funds available for withdrawal on a given day, a maximum of $2,500 is available for cash withdrawal per day. Any remaining funds available for withdrawal may be withdrawn by check, or will be available in cash on the following business day up to the $2,500 limit, and so on.
When funds from a deposit are made available to you and are withdrawn, you are responsible for any problems with the deposit, such as checks that were deposited being returned unpaid.
We welcome any further questions that you may have regarding the availability of your deposited funds. You may reach us by phone at (315) 473-0220 if you have a question about a deposit.
Important Information About Draft Checking Accounts
Your Draft Checking Account is federally insured by the NCUA, up to $250,000. per account. NCUA insurance is backed by “the full faith and credit” of the United States. The credit union is committed to keeping fees as low as we are able. Your Draft Checking Account does not earn dividends. Members with these accounts will be notified of any adverse changes in fees in writing 30 days in advance.
Statutory Lien Notice: If you are in default on a financial obligation to us, federal law gives us the right to apply the balance of shares and dividends in your account(s) at the time of default to satisfy that obligation. Once you are in default, we may exercise this right without further notice to you.
C-5 - Holds to Statutory Limits on All Deposits.