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Truth-In-Savings Disclosure |
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Disclosure of Delayed Availability of Deposited Funds |
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Our policy is to make funds from your deposit available to you on the same day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw the funds in cash or we will use the funds to pay checks or preauthorized debits. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.
If you make a deposit at a Branch office before closing on a business day that we are open, we will consider that the deposit was made that day;
If you make a deposit after 12:00 Midnight at one of our ATMs, we will consider that the deposit was made on the next business day that we are open;
If you make a deposit at a CO-OP ATM after 3:00 p.m., we will consider that the deposit was made on the next business day that we are open;
If you leave a deposit in one of our Lobby Express Boxes after 2 p.m., we will consider that the deposit was made on the next business day that we are open;
Mail deposits are considered made on the business day that we receive them. All times are considered to be Pacific Standard Time. |
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Holds on Other Funds |
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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. If we accept a check for deposit 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.
Longer Delays May Apply
In some cases, we may not make all of the funds that you deposit by check available to you on the same day of your deposit. Depending on the type of check that you deposit to your account, funds may not be available until the fifth business day after the day of your deposit. However, the first $100.00 of your deposit may be available on the first business day. If we are not going to make all of the funds from your deposit available on the same banking 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 decided to take this action after you have left the premises, we will mail you the notice by the 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 would be available. |
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Safeguard Exceptions |
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In addition, funds you deposit by check may be delayed for a long period under the following circumstances:
- We believe a check you deposit will not be paid.
- You or we redeposit a check that has been returned unpaid.
- You deposit checks totaling more than $5,000 on any one day at the ATM.
- You deposit any single check for more than $5,000 at any time.
- 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 11th business day after the day of your deposit.
Items accepted for collection
The Credit Union reserves the right to refuse any item submitted for deposit. We will, at the member's request, accept for collection certain items such as an insurance draft, an item drawn on a foreign financial institution, or a noncash item. We may also handle as a collection item, any check where the signatures, printing, or other information is in the area reserved for the Credit Union's endorsement. There may be a fee assessed for this service. |
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