Funds Availability Policy

Funds Availability Policy

This disclosure describes your ability to withdraw funds at Antioch Community Federal Credit Union. It only applies to the availability of funds in transaction accounts. The credit union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy.

GENERAL POLICY

Our policy is to make funds from your deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks or drafts that you have written. 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 close of business 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 after close of business or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

RESERVATION OF RIGHT TO HOLD

In some cases, we will not make all of the funds that you deposit by check or draft available to you on the same business day that we receive your deposit. Funds may not be available until the second (2nd) business day after the day of your deposit. However, the first $225.00 of your deposit will be available on the first (1st) business day. If we are not going to make all of the funds from your deposit available on the first (1st) business day, we will notify you at the time 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 you the notice by the day after we receive your deposit.

LONGER DELAYS MAY APPLY

We may delay your ability to withdraw funds deposited by check or draft into your account an additional number of days for these reasons:
  • We believe a check or draft you deposit will not be paid.
  • You deposit checks or drafts totaling more than $5,525 on any one day.
  • You deposit a check or draft that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months.
  • There is an emergency, 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 (7th) 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 thirty (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 or drafts will be available on the first (1st) business day after the day of your deposit if the deposit meets certain conditions. For example, the checks or drafts must be payable to you. The excess over $5,525 will be available on the ninth (9th) business day after the day of your deposit. If your deposit of these checks or draft s (other than a U.S. Treasury check or draft) is not made in person to one of our employees, the first $5,525 will not be available until the second (2nd) business day after the day of your deposit. Funds from all other check or draft deposits will be available on the ninth (9th) business day after the day of your deposit.

      FOREIGN CHECKS OR DRAFTS

      We do not accept Foreign Checks or Drafts.

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