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Kellogg Community Credit Union
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funds availability

your ability to withdraw funds

Our general policy is to make funds from your cash and check or draft deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use them 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. We have different deposit cut-off hours for different deposit locations, being the daily closing time of the branch. If you make a deposit before our cut-off time on a business day we are open, we will consider that day to be the day of deposit. However, if you make a deposit after our cut-off time or on a day we are not open, we will consider that the deposit was made on the next business day we are open. Our branch closing hours are available at the credit union.

reservation of the right to hold

In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that was deposited, funds may not be available until the 1st business day after the day of your deposit. However, the first $200 of your deposit will be available on the first business day after the day of your deposit.

holds on other funds

If we cash a check or draft 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 or draft we cashed would have been available if you had deposited it. If we accept for deposit a check or draft that is drawn on another financial institution, we may make the funds from the deposit available for withdrawal immediately but delay your ability 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 described elsewhere in this notice for the type of check or draft you have deposited.

longer delays may apply

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 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 7th business day after the day of your deposit.

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 to 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 or drafts will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks or drafts must be payable to you. The excess over $5,000 will not be available until the 9th business day after the day of your deposit. If your deposit of these checks or drafts (other than a U.S. Treasury check or draft) is not made in person to one of our employees, the first $5,000 will not be available until the 2nd business day after the day of your deposit. Funds from all other check of draft deposits will be available on the 14th business day after the day of your deposit.

Nov 2016