Funds Availability Policy

Important Notice

Our policy is to delay the availability of funds from certain check deposits to your account. 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.

This policy is intended to comply with applicable federal law and will be applied in a consistent and nondiscriminatory manner.

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 5:00 pm on a business day, we will consider that day to be the date of deposit. However, if the deposit is made after 5:00 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.

I. Availability

Funds from the following deposits will generally be available no later than the first business day following the banking day of deposit: 

  • Electronic direct deposits, wire transfers, and cash deposits made in person
  • U.S. Treasury checks 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 teller’s checks payable to you.
  • Federal Reserve Bank checks, Federal Home Loan Bank checks, pension checks and U.S. Postal Service money orders payable to you.

If deposits of the above items are not made in person (for example, deposits made at an ATM owned by Southland Credit Union), funds will generally be available no later than the second business day after the day of deposit. 

Deposits, cash or check, made at ATMs not owned by Southland Credit Union may be subject to longer delays and will generally be available no later than the fifth business day after the day of deposit.

II. Availability of Other Check Deposits

For all other check deposits:

  • The first $275 of the total deposit will be available no later than the first business day after the day of deposit
  • The remaining funds will generally be available no later than the second business day after the day of deposit 

For example, if you deposit a check for $700 on a Monday, $275 will be available on Tuesday, and the remaining $425 will generally be available on Wednesday.

III. Longer Delays May Apply

Southland Credit Union may delay the availability of funds deposited by check for a longer period under the following circumstances:

  1. We believe a check you deposited will not be paid.
  2. You deposited checks totaling more than $6,725 on any one (1) day.
  3.  You re-deposited a check that has been returned unpaid.
  4. You have overdrawn your account repeatedly in the last six (6) months.
  5. There is an emergency, such as failure of communications or computer systems.
  6. You deposited a check that must be sent for collection, including certain foreign checks
  7. The account is a new account as defined under Regulation CC

When we delay funds availability for any of these reasons, we will provide notice in accordance with applicable regulatory requirements and will inform you of the date when the funds will be available.

Funds subject to these longer delays will generally be available no later than the seventh business day after the day of deposit, unless a longer delay is permitted under applicable law.

Funds deposited at ATMs not owned or operated by Southland Credit Union will not be available until at least the fifth business day after the day of deposit.

IV. Special Rules for New Accounts

The following special rules apply during the first 30 days an account is open:

  • Funds from electronic direct deposits to the account will be available on the day the credit union receives the deposit. 
  • Funds from deposits of cash and wire transfers will be available no later than the first business day after the day of deposit

Funds from deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks payable to you will be available as follows:

  • The first $6,725 of a day’s total deposits will be available no later than the first business day after the day of deposit when deposited in person
  • The amount in excess of $6,725 will generally be available no later than the ninth business day after the day of deposit

If these deposits (other than U.S. Treasury checks) are not made in person, the first $6,725 will generally be available no later than the second business day after the day of deposit.

Funds from all other check deposits will generally be available no later than the ninth business day after the day of the deposit, unless a longer delay is permitted under applicable law.