Availability of Funds Policy (Check Hold Policy)
Our policy is to make funds from your cash and check deposits available to you on the second business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Wire transfers received before 3:00 pm, 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 Interior Federal Credit Union, Cashiers, Certified and Teller checks payable to the member, travelers checks signed in the presence of Credit Union staff, Federal Reserve Bank checks and Federal Home Loan Bank checks payable to the member and money orders payable to the member will all have same day availability. 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, everyday is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before 3:00 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 3:00 or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply
Funds your 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 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 computer or communications 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 seventh business day after the day of your deposit.
Special Rules for New Accounts
If you are a new customer, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your accounts 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 your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 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 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 fifth business day after the day of your deposit.
Holds on Other Funds (Check Cashing)
If we cash a check for a member that is drawn on another bank, 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 the share draft accounts.