Funds Availability Policy

This disclosure describes your ability to withdraw funds at Educational Community Alliance 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 any questions about which accounts are affected by this policy.

Your Ability To Withdraw Funds
Our policy is to make funds from you cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash, and we will use the funds to pay checks that you have written. For determining availability of you deposits, every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a business day that we are opened, we will consider that day to be the day of your deposit. However, if you make a deposit after closing or a day that we are not open, we will consider that the deposit was made on the next business day we are open.

Same Day Availability
Fund from electronic direct deposits to your account as well as funds from the following deposits will be available on the same business day that we receive the deposit: •

  • US Treasury checks that are payable to you •
  • Wire Transfers •
  • Checks drawn on Educational Community Alliance Credit Union

If you do not make your deposit in person to one of our employees (for example, if you mail in the deposit, use our Remote Deposit Capture feature, or utilize our Shared Branching option) funds from these deposits will be available by the second business day after the day we receive your deposit.

Longer Delays May Apply
Case-by-case delays: In some cases, we will not make the funds that you deposit by check available to you in the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second (2nd) business day after the day of your deposit. The first $275 of your deposit, however, may be available on the first business day.

If we are not going to make all the funds from you deposit available on the first 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 does not go 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 the day 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.

Safeguard Exceptions: In addition, funds 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 $6725 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 a 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 (7th) business day after the day of your deposit.

Deposits at Nonproprietary ATMs

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 fourth (4th) 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 deposit of cash, wire transfers, and the first $6725 of a day’s total deposits of cashier’s, certified, teller’s, and federal, state, or local government check will be available on the first business day after the day of your deposit if the deposit meets certain conditions. The excess of $6725 will be available on the seventh (7th) business day after he day of your deposit. If your deposit of these checks (other than US Treasury checks) is not made in person to one of our employees, the first $6725 will not be available until the second (2nd) business day after the day of your deposit. If you deposit “other” checks (other than those that meet above conditions) the funds will be made available on the seventh (7th) business day after the day of your deposit.

Foreign Checks

Checks drawn on financial institutions located outside of the US (foreign checks) cannot be processed the same as checks drawn on US financial institutions. Foreign checks are exempt from the polices outlined in this disclosure. Generally, the availability of funds of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.