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 your 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 your 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.
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 $200 of your deposit, however, may be available on the first business day. If we are not going to make all the funds from your 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.
In addition, funds you deposits by check may be delayed for a longer period 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 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 eleventh (11th) 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 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 will be available on the first business day after the day of your deposit if the deposit meets certain conditions. The excess over $5,000 will be available on the seventh (7th) business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury checks) is not made in person to one of our employees, the first $5,000 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.