Funds Availability Policy
(Revised June 2020)
Please review this document carefully and download or print a copy for your reference. You can access a PDF version of this document that you can download or print by clicking here.
Generally, our policy is to make funds from your cash deposits available to you immediately and from check deposits available to you on the 1st business day after the day we receive your deposit. Electronic deposits will be available on the day we receive the deposit. Once funds 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, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 5:00 p.m. 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 5:00 p.m. 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
In some cases, we will not make all of the funds that you deposit by check available to you on the 1st business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the 5th business day after the day of your deposit. The first $225 of your deposits, however, may be available on the 1st business day.
If we are not going to make all of the funds from your deposit available on the 1st business 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 decide to take this action after you have left the premises, we may mail or email the notice to you by the 1st business day after we receive your deposit. We may also call you to alert you to about the delay.
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 $5,000 or more 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 2nd business day after the day of your deposit, unless the check is to be drawn on an account not located within our local check processing region.
Special Rules for New Accounts
An account is considered a new account during the first 30 calendar days after the account is established. An account is established when we accept the first deposit. An account is not considered a new account if each customer on the account has had, within 30 calendar days before the account is established, another account at the Credit Union for least 30 calendar days. If you have a new account, the following special rules will apply during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 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 $5,525 will be available on the 9th 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 $5,525 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits may be held until the ninth business day after the day of your deposit.
If you hold shares upon which dividends may be paid when declared by the NCDFCU Board of Directors, dividends will begin to accrue on cash deposits as of the day on which the deposit is made, and dividends will begin to accrue on non-cash deposits (e.g., checks and electronic transfers) on the business day on which we receive credit for the funds.