FUNDS AVAILABILITY POLICY DISCLOSURE
Disclosure describes your ability to
withdraw funds at Laredo Fire Department 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 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 next business day after 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 close of business on a business day that we are open,
that day to be the day of your deposit. However,
if you make a deposit after the close of business or on a business day we are not
open, we will consider that the deposit was made on the next business day we are open.
RIGHT TO HOLD -In some cases, we will not make all of the funds that you
deposit by check available to you on the next
business day that we receive your deposit. 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 from your
deposit available on the next 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 us when the funds will be available.
HOLDS ON OTHER FUNDS
a check for
you that is drawn on
another financial institution,
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. 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
LONGER DELAYS MAY APPLY
- We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
-We believe a check you
deposit will not be paid.
deposit checks totaling more than $5,000.00 on anyone(1)day.
-You deposit a check that has been returned unpaid.
-You have overdrawn
your account repeatedly in the last six (6)
-There is an emergency,
such as failure of communications or computer equipment.
We will notify you if
your ability to
withdraw funds for
any of these reasons and
we will tell you
funds will be available. They will generally be available no later than the
sixth 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.
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 $5,000.00 of
a day's total deposits 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. The excess over $5,000.00 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
not be available until the second business day after the day of your deposit. Funds from all other check
deposits will be
available on the tenth
business day after the day of your deposit.
CASH WITHDRAWAL LIMITATION- We place
certain limitations on
withdrawals in cash. In
general, $200.00 of a deposit is available for withdrawal in
cash by the first business day after the day of deposit. In addition, a total of $400.00 of other funds
becoming available on a given day will be available
for withdrawal in cash at or after 2:00 p.m. that day. Any remaining funds will be available
for withdrawal in cash by the following business day.