ATM Deposits and Funds Availability – Frequently Asked Questions
This Disclosure describes our general policy about your ability to withdraw funds from your accounts at Educational Employees Credit Union, except for funds deposited to certificate accounts. Refer to your certificate account Truth-in-Savings disclosure for information about your ability to withdraw funds deposited to certificates.
We may, as a courtesy, make funds available sooner than outlined in this general policy depending on factors we may lawfully consider such as your account history with us, but we are not obligated to do so even if we have previously accommodated you in this way.
- General Policy
Our general policy is to make funds from your cash and check deposits available to you on the next business day after 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 that you have written and other payment transactions such as debit card payments and online banking payments.
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 closing at a staffed facility 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 closing or on a day we are not open, we will consider that the deposit was made on the next business day.
- Reservation of Right to Hold
In some cases, we will not make all of the funds that you deposit by check available to you on the next business day after we receive 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. However, the first $225 of your deposit will be available on the first business day after the day of your deposit.
If we are not going to make all of the funds from your deposit available on the next 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 (excluding ATM deposits which are addressed in section 6) or if we decide to take this action after you have left the premises, we will mail you the notice by the next business 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.
- Longer Delays May Apply
We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,525 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 a 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 fifth 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 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, travelers, and federal, state, and local government checks will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the ninth 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 $5,525 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits will be available on the ninth business day after the day of your deposit.
- Holds on Other Funds
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 or another account you have with us. Those funds will be available at the time the funds from the check we cashed would have been available if you had deposited it.
If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately, but hold 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.
- Deposits at Automated Teller Machines (ATMs)
We may delay the availability of funds from deposits at ATMs as follows:
Proprietary ATMs - Funds from deposits (cash or checks) made at ATMs that we own or operate will generally be available for withdrawal on the second business day after the date of your deposit. However, the first $225 of the deposit, as well as funds from checks drawn on the credit union (on-us checks) and deposited at an ATM we own or operate and funds from U.S. Treasury checks deposited to the account of the named payee, will be available on the first business day following the day we receive your deposit. All ATMs that we own or operate are identified as our machines.
If you make a deposit at an ATM after 8:00 p.m. on a business day or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Nonproprietary ATMs - Funds from any deposits (cash or checks) made at an ATM that we do not own or operate, will generally not be available until the fifth business day after the date of your deposit.
- Foreign Checks
Availability of funds from checks drawn on financial institutions located outside the United States will be delayed for the time it takes us to collect the funds from the financial institution upon which it is drawn.
- Your Liability
Note 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.
