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FUNDS AVAILABILITY POLICY DISCLOSURE

 

This  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. 

 

1.     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, we will consider 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. 

 

2.     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 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. 

 

3.     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 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 deposited. 

 

4.     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.

-You 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) 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 sixth business day after the day of your deposit. 

 

5.     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 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 

$5,000.00 will 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. 

 

6.     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. 

  

Debit Card Program

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Lobby Hours..

Monday - Friday
9:00 am to 5:00 pm
5002 Tesoro Plaza
Laredo, TX 78041        
Tel:  (956) 722-7841
Fax:  (956) 725-9643
  lfdfcu@bizlaredo.rr.com

 

 

Policies & Reports

2016 Annual Report

2015 Annual Report

2014 Scholarship Winners

2013 Scholarship Winners

2012 Scholarship Winners