FUNDS AVAILABILITY DISCLOSURE
P.O. Box 556, Montrose CA 91021 w1800 Broadview Dr. Glendale CA 91208
WHEN YOUR FUNDS ARE AVAILABLE FOR WITHDRAWAL
Our policy is to make funds from your deposits (of cash and ordinary Check/share draft) available to you on the same business day that we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay Checks you have written.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal and state holidays.
Longer Delays May Apply
In some cases, we will not make all of the funds you deposit by Check available on the same day as the day of your deposit. Depending on the type of Check you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 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 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.
Holds on Other Funds
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 a Check for deposit that is drawn on another financial institution, 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
We may delay your ability to withdraw funds deposited by Check into your account an additional number of days for the following reasons:
- We believe a Check you deposit will not be paid.
- You deposit Checks totaling more than $5,000 on any one day.
- You deposit 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.
Special Rules for New Accounts
If you are a new customer, 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 $5,000 of a day’s total deposits of cashier’s, certified, teller’s, 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 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 seventh business day after the day of your deposit.
Deposits at Automated Teller Machines and At Shared Branches
Funds from any deposits (cash or Checks) made at automated teller machines (ATMs) we do not own or operate may not be available until the fifth business day after the day of your deposit.
Funds from any deposits (cash or Checks) made at automated teller machines (ATMs) we own and operate will not be available until the second business day after the date of your deposit.
Foreign Checks. Checks drawn on financial institutions located outside the U.S. (foreign Checks) cannot be processed the same as Checks drawn on U.S. financial institutions. Foreign Checks are exempt from the policies outlined in this disclosure. 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 it is drawn. Foreign Checks with no routing numbers and payable in foreign currency are not accepted for deposit. These items must be sent as a collection item. Only foreign Checks payable through a U.S. bank with routing numbers and payable in U.S. dollars will be available the next day.
*Special Rules for Time Period Adjustment for Withdrawals by Cash or Similar Means.
The Credit Union reserves the right to extend by one business day the time that funds deposited will be available for withdrawal by cash or similar means. However, an additional $400.00 will be available for withdrawal by cash or similar means on the date funds are otherwise available for withdrawal under this policy.
January 1, 2015