(Applies only to transaction accounts.)
Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. At that time, you can withdraw the funds in cash and/or we will use the funds to pay checks that you have written or transactions you have authorized. Even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before 5:30 PM. on a business day that the credit union is open, we will consider that day to be the day of your deposit.
LONGER DELAYS MAY APPLY: In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day that you make the deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 of your deposit will be available to you on the first business day. 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 you the notice by the 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. In addition, the funds you deposit by check may be delayed for a longer period under the following circumstances: • We believe a check you deposited will not be paid • You deposited checks totaling more than $5,000 on any one day • You redeposited a check that has been returned unpaid • You have overdrawn your account repeatedly in the last six months • There are other circumstances, such as failure of communications or computer 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 DEPOSITS LEFT IN A NIGHT DROP: If you leave a deposit in a WEOKIE Federal Credit Union night drop before 2 PM. on a business day we are open, we will consider that day as the day of deposit. However, if you make a deposit after 2 PM., or on a day we are not open, we will consider the deposit made on the next business day we are open.
SPECIAL RULES FOR NEW ACCOUNTS: If you are a NEW account holder, the following special rules will apply during the first 30 days your account is open. Funds from wire transfers, electronic direct deposits, deposits of cash and the first $5,000 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 $5,000 will be available on the ninth 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 $5,000 will not be available until the second business day after the day of your deposit. Depending on the type of check you deposit, funds may not be available until the ninth business day after the day of your deposit.
DEPOSITS AT AUTOMATED TELLER MACHINES (“ATM”): Funds from deposits made at an ATM we do not own or operate may not be available until the second business day after you make your deposit.
HOLDS ON OTHER FUNDS: 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. 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 we 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 previously in this disclosure for the type of check that you deposited.