(Updated - 07/01/20)
Our policy is to delay the availability of funds that you deposit in your account. During the delay you may not withdraw the funds in cash and we will not use the funds to pay checks that you may have written.
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 federal holidays. If you make a deposit before 4:00pm on a business day that we are open, or on a Saturday, we will consider that day to be the day of your deposit. However, if you make a deposit after 4:00pm or on a day we are not open, we will consider that the deposit was made on the next business day we are open. The length of the delay varies depending on the type of deposit and is explained below.
Same-Day Availability
Funds from cash, electronic direct deposit and wire transfers will be available on the day we receive the deposit.
Next-Day Availability
Funds from the following deposits are available on the 1st business day after the day of your deposit:
- U.S. Treasury checks that are payable to you and deposited to your account
- State and city government checks that are payable to you and issued in New York or New Jersey
- Cashier's, certified, and teller's checks that are payable to you
- Federal Reserve Bank checks, Federal Home Loan Bank checks and Postal Money Orders, if these items are payable to you
- Checks drawn on Ukrainian National Federal Credit Union
- Availability of Other Check Deposits
- Funds from other check deposits will not be available until the 2nd business day after the day of your deposit.
Accounts open more than 30 days, the first $225 of your deposit will be made available on the first business day after the day of your deposit.
Multiple endorsements: The Credit Union will reserve the right to refuse to accept a check of any kind. Checks will be accepted on a collection basis.
Longer Delays May Apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
- You deposit checks totaling more than $5,525 on any one day
- You redeposit a check that has been returned unpaid
- You have overdrawn your account repeatedly in the last six months
- We believe a check you deposit will not be paid
- There is an emergency, such as a failure of communications or computer 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 7th business day after the day of deposit.
Special Rules for New Accounts
If you are a new member, the following rules will apply during the first 30 days your account is open:
- Funds from cash, wire transfers and electronic direct deposit are available the day we receive the deposit
- The first $5,525 from a deposit of U.S. Treasury checks, U.S. Postal money orders, Federal Reserve Bank checks, and Federal Home Loan Bank checks, payable to you, will be available on the 1st business day after the day of deposit. The excess over $5,525 will be available on the 9th business day after the day of deposit
- Funds from the deposit of the first $5,525 of a day’s total deposits of cashier’ certified, tellers, travelers, and state and local government checks will be available on the 1st business day after the day of deposit, if the deposit meets certain conditions. For example, the check must be payable to you. The excess over $5,525 will be available on the 9th business day after the day of deposit. If the deposit is not made in person to one of our employees, the first $5,525 will not be available until the 2nd business day after the day of deposit
- Funds from all other deposits will be available no later than the 11th business day after the day of deposit
Holds on Other Funds
If we cash a check for you that is drawn on another financial institution, we may 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 if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Special Rules for Deposits Made at ATM
If you make a deposit at an ATM we own before 3:00 pm on a business day that we are open, we will consider that day to be the day of deposit. If the deposit is made after 3:00 pm or on a day we are not open, we will consider the deposit made on the next business day that we are open. All deposits are subject to verification. Funds deposited (either cash or check) may not be immediately available for withdrawal.
Foreign Checks
Checks drawn on financial institutions located outside the United States cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. The availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institution upon which it is drawn.