The policy of the Credit Union is to make funds available to members whenever the type of or the amount of the deposit does not represent a significant risk to the Credit Union and its members. In accordance with the following policies, the Credit Union will delay the availability of certain funds that are deposited into or cashed against an account. During the delay, the member cannot withdraw the funds in cash or check or to pay share drafts that have been written.
The length of the delay will be counted in business days from the day of the deposit. Every day is a business day except Saturdays, Sundays and federal holidays. If a deposit is made before 3:00 p.m. at the Reston Office, or 4:00 p.m. at the 1849 C Street office (Main Interior Office) on a business day that the credit union is open, that day will be considered the day of the deposit. However, if a deposit is made after those hours or on a day that the Credit Union is not open, the deposit is considered made on the next business day.
The length of the delay will vary based upon the type and amount of deposit and is as follows:
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Same Day Availability:
If the following type of deposit is made in person to a Credit Union employee, or through the type of electronic deposits listed below, funds deposited into or cashed against a member's account will be available on the day the Credit Union receives the deposit:
Electronic deposit;
Cash;
Wire transfers received before 3:00 p.m.;
US Treasury checks payable to the member;
State and Local government checks payable to the member;
Clearly identified corporate payroll checks payable to the member;
Checks drawn on the Department of the Interior Federal Credit Union;
Cashiers, Certified and Tellers checks payable to the member;
Travelers Checks signed in the presence of the Credit Union staff;
Federal Reserve Bank checks and Federal Home Loan Bank Checks payable to the member and
Money Orders payable to the member.
If the above types of deposit are not made in person through a Credit Union employee (for example mailed to the Credit Union) funds will be available on the date the Credit Union receives the deposit.
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Delayed Availability:
Availability of funds for types of deposits not listed above in Section A will depend upon whether the check or similar type of deposit is local or non-local. The routing number on the bottom of the check will determine if it is considered a local or non-local check. Routing numbers are established by the Federal Reserve Banking system and are made available to all Credit union staff and upon request, to members. If a check is marked "payable through" the first four digits of the nine digit routing number will be used to determine if it is local or non-local based on the same Federal Reserve Banking System routing numbers.
If the Credit Union is not going to make all funds available on the day of deposit, it will notify the member at the time of deposit. If a member needs the funds from the deposit immediately, a member may request accelerated availability. If the check or instrument is drawn on another bank or credit union, the Credit Union may make funds available immediately, but withhold a corresponding amount of funds that are already available upon deposit in the member's accounts with the Credit Union. Withheld funds will be available at the time the funds from the check or instrument would have been available.
The availability of funds deposited by check, drafts, travelers check or similar types of deposits not set forth or complying with the conditions of Section A shall be delayed in accordance with the following schedule:
- Local Checks for Less Than $5,000. The first $100 from a deposit of local checks will be available on the first business day after the day of the deposit. The remaining funds will be available on the second business day after the day of deposit.
- Non-local Checks for Less Than $5000. The first $100 from a deposit of a non-local check will be available on the first business day after day of deposit. Remaining funds will become available on the fifth business day after the day of deposit.
- Large deposits. Funds from checks or similar types of deposits which total more than $5000 on any one day, except for the types of deposits identified in section A will be made available on the fifth business day after deposit. Checks and similar types of deposits, except for those types of deposits set forth in section A which total more than $10,000 may be held up to eleven days. Each member will be notified if the funds will not be available on the fifth business day, In calculating the total deposited to determine the large dollar thresholds, the types of deposits set forth in Section A are excluded.
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Unusual Circumstances.
Availability of funds deposited by check or similar types of deposits (except for those set forth in Section A) will be delayed whenever:
- The Credit Union believes a check deposited by the member will not be paid.
- A check is re-deposited that has been returned unpaid.
- An account is overdrawn or has been overdrawn repeatedly during the last six months.
- There is an unforeseen emergency, such as failure of communications or computer equipment.
- Any other factors or circumstances which may cause the Credit Union to believe that availability in accordance with the schedules established in Section B.1,2 and 3 may result in loss to the Credit Union and its members.
Each member will be notified if the Credit Union delays the availability of funds due to unusual circumstance, the reasons for the delay, and when the funds will be available. The delay in availability will not exceed 11 business days after the day of deposit.
- Special rules for new accounts.
The following special rules will apply during the first 30 days an account is open.
Funds from electronic direct deposits, cash, wire transfers and the first $5,000 of the days total deposits of Cashier's, Certified, Teller's, Traveler's and federal, State and local government checks will be available on the day of the deposit if the check is payable to the members. The excess over $5000 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 employees, the first $5000 will be available on the second business day of the member's deposit.
Funds from all other checks deposited will be available on the fifth business day after the day of the deposit.
- Holds on other funds (check cashing).
If we cash a check for a member that is drawn on another bank except as in Item 1(A), we will 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 to the member if the funds had been deposited.
The above policy will apply to apply to both the saving account and the share draft account of members.