Funds Availability
This disclosure describes your ability to withdraw funds at Destinations Credit Union. It only applies to the availability of funds in transaction accounts. The credit union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy.
General Policy. 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 at a branch 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 3:00 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.
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 same business day that we receive your deposit. Depending on the type of check that you deposit, and where you make your deposit, funds may not be available up to the 11th business day. However, the first $225.00 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 will need the funds from a deposit right away, you should ask when the funds will be available.
Deposits at Shared Branching: If you make a check deposit at a staffed Shared Branch the funds from your check may not be available up to five (5) business days.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. 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 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 not be available for withdrawal until the time periods that are described elsewhere in the disclosure for the type of check you deposited.
Deposits Made At Non Proprietary ATMs: 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 the next section). Checks deposited at Proprietary ATMs may have a hold up to two business days if deposited by 3:00 p.m. on a business day . Any ATM located on our premises operated by us is considered a Proprietary ATM. The first $225 may be made available on the next business day after the business day of deposit.
Longer Holds May Apply. We may delay your ability to withdraw funds deposited by check into your account for additional days for the reasons listed below:
- Large deposits
- Redeposited checks
- Repeated overdrafts
- Reasonable cause to doubt collectability
- Emergency conditions
Checks that are held for the reasons above may not be available for an additional five business days and additional six business days for checks deposited at non proprietary ATMs. A large deposit is a deposit aggregating to more than $5,525 in one or more accounts to which you are a party on any one day.
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.
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 $5,525 of a day’s total deposit of cashier’s, certified, teller’s traveler’s 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 and deposited into an account with your name. The excess over $5,525 will be available on the ninth (9th) business day after the day of your deposit. If your deposit of these checks (other than 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 checks will be available on the ninth (9th) business day after the day of your deposit, providing a longer delay does not apply which the funds may not be available up to the ninth (9th) business day.
