Funds Availability Policy
In compliance with Federal Regulation CC, Southland Credit Union adopts the following Funds Availability Policy.
Our policy is to delay the availability of funds from checks that you deposit in your account at Southland Credit Union. During the delay, you may not withdraw the funds in cash, and we will not use the funds to pay share drafts or other withdrawals that you have authorized.
Determining the Availability of a Deposit
The length of the delay is counted in business days from the day of your deposit. Every day is a business day, except Saturdays, Sundays, and Credit Union holidays. If a deposit is made before 6:00 pm on a business day, we will consider that day to be the date of deposit. However, if the deposit is made after 6:00 pm, or on a day the Credit Union is not open, we will consider the deposit was made on the next business day that we are open.
Funds from the following deposits may be held up to the 1st business day following the banking day of deposit:
- Electronic Direct Deposit, Wire Transfers, Cash and U.S. Treasury checks that are payable to you.
- Share drafts drawn on Southland Credit Union, state and local government checks and payroll checks that are payable to you.
- Cashier's, Certified, and Treasurers Drafts that are payable to you.
- Federal Reserve bank checks, Federal Home Loan Bank checks, pension checks and US Postal Money Orders that are payable to you.
When deposits of the above types of checks are not made in person (for example, when they are made at one of Southland Credit Union ATMs) the funds may be held up to the 2nd business day. Deposits, cash or check, made at an ATM not owned by Southland Credit Union may be held up to the 5th business day.
II. Availability of Other Check Deposits
The first $200 from a deposit of other checks will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day after the day of your deposit. For example, if you deposit a local check of $700 on a Monday, $200 of the deposit will be available by Tuesday. The remaining $500 will be available by Wednesday.
III. Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you immediately. Instead, funds may not be available until the second business day after the day of your deposit. The first $200 of your deposits, however, may be available immediately. If we are not going to make all of the funds from your deposit available at the ordinary time, 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.
- You presented a foreign check that must be sent for collection.
- You are a new member (first 30 days).
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 seventh business day after the day of your deposit.
Funds from any deposits (cash or checks) made at an automated teller machine (ATM) we do not own or operate may not be available until the fifth business day after the day of the deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.
IV. Special Rules for New Accounts
The following special rules will apply to new members during the first 30 days an account is open:
Funds from electronic direct deposits to the account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 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 first business day after the day of deposit if the deposit meets certain conditions. For example, the checks must be made payable to the member. The excess over $5,000 will be available on the ninth business day after the day of the deposit. If the deposit of these checks (other than US Treasury checks) is not made in person to one of our associates, the first $5,000 will not be available until the second business day after the day of the deposit.
Funds from all other check deposits will be available no later than the 30th business day after the day of the deposit.