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Funds Availability

This disclosure describes your ability to withdraw funds at Destinations Credit Union. It only applies to the availability of funds in your transaction accounts (e.g., checking accounts). Transaction accounts are accounts that do not limit the number or types of withdrawals or transfers you may make. We reserve the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those outlined in this disclosure. Please ask us if you have a question about which accounts are affected by our availability policy. Please ask us if you have a question about which accounts are affected by this policy.

For purposes of this disclosure, the terms “you” or “your” mean the member, and the terms “our,” “we,” ”DCU,” or “us” mean

Destinations Credit Union. The term “check” means check or share draft, as applicable.

  1. YOUR ABILITY TO WITHDRAW FUNDS – Our policy is to make funds from your cash and check deposits available to you on the same business day that 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. 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 3:00 p.m. with staff on a business day that we are open or before 3:00 p.m. at am ATM that we own or operate 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 3 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

  1. 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 we receive your deposit. Funds may not be available until the second business day after the day of your deposit. Depending on the type of check that you deposit and where you make your deposit, funds may not be available up until the 7th business day. However, the first $275.00 of your deposit will be available generally on the first (1st) 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 next business day after we receive your deposit. If you need the funds from a deposit right away, you should ask when the funds will be available, but further review of the deposit after we receive it may still result in delayed availability.

In addition, funds you deposit may be delayed for a longer period under the following circumstances: •         Reasonable Cause to Doubt Collectability – Used when we believe a check you deposit will not be paid.

  • Large deposits – Used when you deposit check(s) with an aggregate total of more than $6,725 on any (1) day to one or more accounts to which you are a party on.
  • Re-deposited checks – Used when you redeposit a check that has been returned unpaid.
  • Repeated overdrafts – Used when you have overdrawn your account repeatedly in the last six (6) months.
  • Emergency conditions – Used when there is an emergency, such as failure of computer equipment or communications.

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.

  1. HOLDS ON OTHER FUNDS FOR CHECK CASHING – 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. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
  2. HOLDS ON OTHER FUNDS IN ANOTHER ACCOUNT – 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 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.
  3. DEPOSITS MADE AT DCU AUTOMATED TELLER MACHINES (ATMs) AND NON-PROPRIETARY ATMS – We may delay the

availability of funds from deposits at ATMs as follows:

  1. Proprietary ATMs. Funds from deposits (cash or checks) made at an ATM that we own or operate will be available by the second business day after the day of your deposit. However, the first $275.00 of the deposit, as well as funds from checks drawn on DCU and deposited at an ATM located at one of our branch offices and funds from U.S. Treasury checks that are payable to you, 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.
  2. Nonproprietary ATMs. Funds from cash deposited will be made available immediately. A check deposited at a

non-proprietary ATM will generally be available not later than the fifth business day following the banking day on which the funds are deposited unless a longer hold applies (see section 2. LONGER DELAYS MAY APPLY).

  1. 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.

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Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash made prior to 3:00 p.m. will be available the same business day it is deposited. Funds from wire transfers and the first $6,725 of a day’s total deposit of cashier’s, official, certified, teller’s, traveler’ s checks, federal, state, local government, DCU checks, and payroll 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 and deposited into a membership with your name. The excess over $6,725 will be available on the seventh (7th) 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 $6,725 will not be available until the second business day after the day of your deposit. Funds from all other checks will be available on the seventh (7th) business day after the day of your deposit, providing a longer delay does not apply.