Notices





Funds Availability Act and Regulation CC
 
This disclosure describes your ability to withdraw funds at SCI Federal 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 described in this policy. Please ask us if you have a question about which accounts are affected by this policy. This policy is established in compliance with the Expedited Funds Availability Act and Regulation CC.
 
SCI Federal Credit Union
 
Your Ability to Withdraw Funds at SCI Federal Credit Union
 
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 to you the same day we receive the deposit. At that time, you may 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 close of business 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 close of business 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 day that we receive your deposit. Those funds may not be available until the second business day after the day of your deposit. However, the first $200.00 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 available to you on the date of deposit, we will notify you at the time we 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 the 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 your deposit right away, you should ask us when the funds will be available.
 
Holds on other funds
 
If we cash a check that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that you have on deposit in your account with us. Those funds will be available at the time those 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. Those funds in your 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.

Although funds may have been available to you and you may have withdrawn them, you are still responsible for problems with the deposit, such as checks that are deposited being returned unpaid.
 
Longer delays may apply
In some cases, we may delay your ability to withdraw funds that you deposit by check youíre your account an additional number of days for these reasons:
  • We believe a check you deposit will not be paid
  • You deposit checks totaling more than $5,000.00 in one (1) day.
  • You deposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the past six (6) months.
  • There is an emergency such as a failure of communications or equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons and we will tell you when these funds will be available. They will generally be available to you no later than the seventh business day after the day of your deposit.
 
Special rules for new accounts
If you are a new member, the following special rules will apply during the first 30 days your account is open.

Funds from electronic deposits will be available on the day we receive the deposit. The first $5,000.00 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,000.00 will be available on the ninth business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we received the transfer. Funds from deposits of cash and the first $5,000.00 of a dayís total deposits of cashierís, certified, tellerís, travelerís, and state and local government checks will be available on the same day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5000.00 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 $5,000.00 will not be available until the second business day after the day of your deposit. Funds from all other deposits will be available on the thirteenth calendar day after the day of your deposit.

 

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