Funds Availability Policy
Regulation CC
Regulation CC was adopted by the Federal Reserve Board to implement the
Expedited Funds Availability Act passed into law in 1987 as part of the
Competitive Equality Banking Act. The intent of the legislation is to make
funds deposited into checking accounts available to the consumer in a timely
manner. There was also a section that changed the way all consumers and
businesses endorse their checks for deposit.
SFCU Check Hold Policy
Our policy is to allow you to withdraw funds deposited into your checking
account on the next business day after the day we receive your deposit. Every
day is defined as a business day except Saturday (even though we're open),
Sunday, a federal holiday and any other day we're closed. Your deposit will be
considered received, however, only on a day defined as a business day. For
example, if you made a deposit to your checking account on the Saturday
afternoon before Memorial Day, we would consider that deposit made on the next
business day (Tuesday) since we are not open for business on Memorial Day, and
available the next business day thereafter (Wednesday).
Returned Items
You will be responsible for any returned items that you have deposited to your
account even though funds were made available for your use before the item was
returned. Any returned item will be charged back against your account.
Longer Delays May Apply
In some cases SFCU may find it necessary to delay your ability to withdraw funds
deposited into your account by check beyond our next business day. When SFCU
does extend a delay, you may not withdraw (either in cash or by writing checks
to others) more than the first $100 of the deposit until our hold expires. The
length of the delay will vary with the type of check you are depositing. It may
last as long as five business days after the day of deposit (counting the
business day after the day of deposit as day one).
If we are not going to make all of the funds from your deposit available on the
first business day after we receive your deposit, 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 will mail
you the notice by the day after we receive your deposit.
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
-
A check you deposited was previously returned unpaid
-
You have overdrawn your account repeatedly in the last six months
-
The checks you deposited on this day exceed $5,000
-
An emergency, such as failure of communications or computer equipment, has
occurred
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 5th business day after the day of your
deposit.
If you should have any questions, please contact the Summit Federal Credit Union
office at (330) 376-3626 or (330) 332-8543 (Salem).
Special Rules for New Accounts
If you are a new member, the following special rules will apply during the first
30 days your account is open.
Funds from electronic direct deposits into your account 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 $5000 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.
ATM Funds Availability
Summit Federal Credit Union has one proprietary (privately owned) Automatic
Teller Machine through which you can make withdrawals, inquiries, and
transfers. The Credit Union also provides a "piggyback" ATM service for
qualifying members who have checking accounts with us. This service is for
withdrawals (Ohio & Nationwide) and deposits (Ohio only) to a member's
checking or savings account only. "Longer delays" will apply to all deposits
made at any of the ATM machines which are used on our networks. Please refer to
the LONGER DELAYS MAY APPLY section of this disclosure.
SFCU automatic teller machine users may access their SFCU checking and savings
funds using one of the following ATM network automatic teller machines:
If members deposit funds into their SFCU accounts at any of these ATM's, that
deposit, whether cash or check, may not be available until the fifth business
day following the day of deposit.
Check Endorsement Requirements
Regulation CC and the Funds Availability Act have changed the way checks are
processed through the Federal Reserve System. The law requires that all payee
signatures (endorsements) must appear within the first 1 1/2" on the left end
of the check. If anything is put outside of the 1 1/2" personal endorsement
area, other than financial institution stamps, that check may be returned and
thus not deposited to your account.
Fees
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Overdraft fee........................$25.00 per item
-
NSF fee..............................$25.00 per item