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Disclosure of Funds Availability Policy

Our general policy is to make funds from your check deposits available to you on the second business day after the day we receive your deposit, with the first $200 available on the first business day after the day of your deposit. Electronic direct deposits will be available on the day we receive the deposit.  Cash, wire transfers, and U.S. Treasury checks payable to you will also be available to you on the first business day after the day of our 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.

If you make the deposit in person to one of our employees, funds from the following check deposits are available on the first business day after the day of your deposit:

  • State and local government checks that are payable to you.

  • Cashier’s, certified, and teller’s checks that are payable to you.

  • Federal Reserve Bank checks, Federal Home Loan Bank checks, postal money orders, if these items are payable to you.

If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day we receive your deposit. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit on a day we are not open, we will consider that the deposit was made on the next business day we are open.

OTHER CHECK DEPOSITS SUBJECT TO SECOND DAY AVAILABILITY

The first $200 from a deposit of other checks will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a check of $1,000 on a Monday, $200 of the deposit is available on Tuesday. The remaining $800 of the deposit is available on Wednesday.

 If we cash a check for you that is drawn on another bank, 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. If we accept for deposit a check that is drawn on another bank, 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.

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 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 fifth 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 first business day, we will notify you at the time you make your deposit and also inform you of the date they 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 end of the business day after we receive your deposit.

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 seventh business day after the day of your deposit. In some cases, we may place a hold for uncollected funds on an item you deposit. This could delay your ability to withdraw such funds.

For purposes of computing the amount of dividends with respect to an account, the Credit Union will not delay computing dividends on funds deposited by check or similar instrument to your account. Eagle CU may accept for deposit items drawn on non-U.S., financial institutions or items payable in non-U.S. dollars on an exception basis. If accepted, such items will be processed on a collection basis only. Eagle Community Credit Union, at our discretion, may refuse to accept a check presented for cash or deposit.

DEPOSITS AT AUTOMATED TELLER MACHINES

The first $200 of your total check deposits each business day at an Eagle Community Credit Union automated teller machine (ATM) will be available the next business day. The remaining funds will generally be available according to the Availability Schedule, unless a longer delay is applied as outlined in the Longer Delays May Apply section or the Special Rules for New Accounts section.

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. For example, the checks must be payable to you. The excess over $5,000 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 $5,000 will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available on the tenth business day.

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