Funds Availability Act and Regulation CC
This policy is established in compliance with the Expedited Funds Availability Act and Regulation CC.
Federal Credit Union
Your Ability to Withdraw Funds at SCI Federal Credit Union
Our policy is to make funds from your deposits available to you on the same business day as the deposit is made. 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 3:45 p.m. 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 3:45 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.
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. For example, if we cash a $100.00 local check for you, $100.00 of funds already in your account will not be avail-able until the third business day after the day we cashed the check.
If we accept for deposit a check that is drawn on another bank, 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.
Although funds may have been available to you and you may have withdrawn them, you are still responsible for problems with the deposit, such as checks that are deposited being returned unpaid.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 will not make all of the funds that you deposit by check available to you on the same business day you make your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100.00 of your deposits will be made available on the first business day.
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.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We believe a check you deposit will not be paid.
You deposit checks totaling more than $5,000.00 on any one day.
You redeposit 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 fifth 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.
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 first business day after the 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 you do not make the deposit 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 fifth business day after the day of your deposit.