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Funds Availability Disclosure

Resources » Disclosures » Funds Availability Disclosure

FUNDS AVAILABILITY DISCLOSURE
Important Revisions (sections underlined in bold italics)
Effective July 21, 2011

Our policy is to delay the availability of funds that you deposit in your account.  Once the funds are available, you can withdraw the funds in cash and we will use the funds to pay share drafts that you have written and electronic payments that you have authorized.

Determining the 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.  If you make a deposit before 3:00 PM on a business day we are open, we will consider that day to be the day of your deposit.  However, if you make a deposit after 3:00 PM, or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

The length of the delay varies depending on the type of deposit and is explained below.

Immediate Availability
Funds from the following deposits are available immediately on the day the bank receives the funds:

  • Cash
  • Deposits received through the Automated Clearing House Association (ACH), Electronic Funds Transfers (EFTS), Wire Transfers, including preauthorized credits, such as social security benefits and payroll payments.
  • ADP Inc. payroll checks that are payable to you.
  • Share drafts drawn on ADP Federal Credit Union
  • Share drafts drawn on ADP Federal Credit Union that are payable to you.

Next-Day Availability

Funds from the following are available on the first business day after the day of your deposit:

  • U.S. Treasury checks that are payable to you.
  • 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

The first $200 from a deposit of checks made to a transaction account will be available on 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 check for $700 on a Monday, $200 of the deposit is available to you on Tuesday. The remaining $500 is available on Wednesday.

Check Deposits
The delay for a check deposits is a two business day hold. The first $100 from the deposit will be available on 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.
Example: If you deposit a check for $700 on Monday, $100 of the deposit is available on Tuesday. The remaining $600 is available on Wednesday.

Large Check Deposits: $5,000 of the deposit will be available on the second business day after the day of your deposit. The remaining funds will be available on the seventh business day after the day of your deposit.

ATM Deposits

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the day of your deposit.

Holds on Other Funds – Check Cashing

If we cash a check for you that is payable to you and the check is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account.  Those funds will be available at the same time funds from the check we cashed would have been available if you had deposited it.

Holds on Other Funds

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.

Exception Holds - Longer Delays May Apply
Funds that you deposit by check may be delayed for a longer period of time under the following circumstances:

  • 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 in the last six months.
  • There is an emergency such as severe weather conditions, 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 these 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 $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks payable to you, will be available on the first business day after the day of your deposit.  The excess over $5,000 will be available on the ninth business day after the day of your deposit.
  • Funds from all other check deposits will be available on the ninth business day after the day of your deposit unless a longer delay applies.

Credit Union Service Center
Funds Availability Disclosure

  • Checking Account (transaction account)
    2 business days - local hold
    7 business days Exception Holds (see above list)

  • Savings Account (non transaction account)
    7 business days local hold
    12 business days Exception Holds (see above list)

  • New Account Hold (30 day period)
    7 business days local hold
    12 business days Exception Holds (see above list)

Note: Saturday, Sunday, and legal holidays are not considered business days.

 


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