Funds Availability Policy
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 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 them to pay checks 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 5 p.m. (or before 6 p.m. at our Automated Teller Machines) on a regular business day that we are open, the Credit Union will consider that day to be the day of your deposit. However, if you make a deposit after these cut-off times, or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Same Day Availability
Funds from the following deposits consisting of items payable to you, endorsed by you and deposited with one of our tellers are available on the day of your deposit:
- U.S. Treasury checks, U.S. Government Agency checks, California State, county, city or public agency checks that are payable to you.
- Wire transfers.
- Cashier’s checks, counter checks, teller checks payable to you.
- Checks drawn on Educational Employees Credit Union.
- The first $200 from a deposit of any other checks deposited in person or to an EECU ATM.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that you make your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $200 of your deposits, however, may be available on the first business day. If we are not going to make all of the funds from your deposit available on the same 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. 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 deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposit 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 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 second business day after the day of your deposit.
Deposits at Automated Teller Machines: Funds from any deposit (cash or checks) made at Automated Teller Machines (ATMs) we do not own or operate may not be available until the fifth business day of your deposit. This rule does not apply at ATMs we own or operate.
Foreign Checks: Checks drawn on financial institutions outside of the United States (foreign checks) cannot be processed the same as checks drawn on United States financial institutions. Foreign checks are exempt from the policies outlined in this policy. Generally, the availability of funds for deposit of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which they are drawn.
Special Rules for New Accounts
If you are a new member, the following 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, tellers, traveler’s, 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 criteria conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth (9th) business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available no later than the ninth (9th) business day after the day of your deposit. Accounts opened by new members will be subject to all other rules for funds availability mentioned in the other sections of this disclosure in addition to those stated in this section.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.