Funds To Be Available Sooner
A new one-stop shop for check processing means quicker access to funds. The Federal Reserve plans to consolidate its processing facilities into one location in early 2010, eliminating “non-local” checks. With just a few exceptions, funds from a check you deposit will be available within two business days. Here are important details you need to know:
- A business day is every day, except Saturday, Sunday and federal holidays. If you make a deposit after we are closed for the 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.
- Deposits to your account are not allowed at an ATM.
Under certain circumstances, it may take longer to access the funds. In order to ensure we are safeguarding the money entrusted to us, funds from certain checks may not be available for up to seven business days. These exceptions include:
- situations where we believe a check you deposit will not be paid
- you are redepositing a check that has been returned unpaid
- you have overdrawn your account repeatedly
in the past six months - you deposit checks totaling more than $5,000 on any one day
- there’s an emergency such as a computer or communications equipment failure
Note that even though you have access to the funds, you will still be responsible for checks returned to us unpaid or for any other problems involving your deposit. Tell us if you need the money from a deposit right away. We can work with you to cover at least a portion of it from funds you may have on account. For our complete funds availability policy, please contact the credit union.
