FUNDS AVAILABILITY
Disclosure
Introduction
Our policy is to delay the availability of funds that you deposit in your account. This policy is designed to give you quality service, meet regulatory requirements, and protect both you and us from a loss. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay share drafts that you have written.
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 the 1:00 p.m. Eastern Time 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 1:00 p.m. Eastern 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. The length of the delay varies depending on the type of deposit and is explained below.
Same-Day Availability
Funds from the following deposits are available on the day we receive your deposit:
- Electronic direct deposits to your account.
- U.S. treasury checks that are payable to you.
- Wire transfers.
- Cash.
- State and local government checks that are payable to you.
- Cashier's, certified, and teller's checks that are payable to you.
- Payroll checks.
- Raytheon long-term disability insurance checks.
If you deposit through an ATM, funds from these deposits will be available on the first business day after the day of your deposit.
Other Check Deposits
The delay for other check deposits depends on whether a check is a local or non-local check. A check is local if it is drawn on a financial institution located in Massachusetts, New Hampshire, Maine, Vermont, Connecticut, Rhode Island or Tennessee. A check is non-local if it is drawn on a financial institution located in a state outside the New England region or Tennessee.
Our policy is to make funds from local and non-local checks available as follows:
1. Local Checks into Share and Checking Accounts
The first $500 from a deposit of local checks will be available immediately. 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 to your share or checking account on a Monday, $500 is available that day, and the remaining funds are available on Wednesday.
2. Non-local Checks into Share and Checking Accounts
The first $500 from a deposit of non-local checks will be available immediately. The remaining funds will be available on the fourth business day after the day of your deposit. For example, if you deposit a $700 non-local check to your share or checking account on a Monday, $500 of the deposit is available on that day. The remaining funds are available on Friday.
If you deposit both categories of checks into your checking account, $500 from the checks will be available immediately, not $500 from each category of check.
If you deposit through an ATM, funds from these deposits will be available as stated above.
Longer Delays May Apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
1. Large Deposits: Large deposits of checks on any one banking day in excess of $10,000 are subject to longer delays in availability. These funds are not available until the seventh business day after the day of deposit.
2. Redeposited Checks: Neither next-day availability nor the credit union's availability schedule apply to a check that has been returned unpaid and redeposited by you to your account. These funds are not available until the seventh business day after the day of deposit.
3. Repeated Overdrafts: If you repeatedly overdraw any of your accounts with the credit union, the availability schedules do not apply for six months from your last overdraft. The credit union considers your account repeatedly overdrawn if: (1) on six or more business days within the preceding six months the account balance is negative or would have become negative if checks or other charges to the account had been paid, or (2) on two or more banking days within the preceding six months, the account balance is negative or the account balance would have become negative in the amount of $5,000 or more if checks or other charges had been paid.
4. 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.
5. Holds on Other Funds (Other Account): If we accept for de posit 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.
6. Reasonable Cause to Doubt Collectibility: If we believe that there is reasonable cause to doubt the collectibility of a check accepted for deposit to your account, we may delay the availability of these funds until the seventh business day after the day of deposit.
7. Emergency Conditions: The availability schedules do not apply to funds you deposit by check in the credit union in the case of: an interruption in communications or computer or other equipment facilities, a suspension of payments by another financial institution, a war, or an emergency condition beyond the control of the credit union.
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.
New Accounts
An Account is considered "new" during the first thirty (30) calendar days after the Account is established. For new Accounts, aggregate funds from all local and nonlocal check deposits in excess of $5,000.00 will be available not later than four (4) business days following the business day of deposit. For other types of deposits, the general rules in this Policy shall applyLonger Delays May Apply On a Case-By-Case Basis
The availability of funds you deposit by check in the credit union may be extended in some cases. The credit union will notify you if the availability of funds differs from its specific policy. If you need to know when a particular deposit will be available for withdrawal, you should ask a credit union representative at the time of deposit,.