Revised February 14, 2020
Financial institutions give immediate credit for certain deposited or cashed checks on the same day the check is presented. They place "holds" on other deposits to allow time for the check to clear or, in other words, to verify the availability of cash in the check writer's account.
Federal rules and/or Avestar Credit Union policies govern the length of a "hold" on the latter items. This statement discloses those policies and their effect on your transactions.
1. Same-Day Availability
For most checks and similar instruments, you present for deposit or cash, we will give you immediate availability and provide cash back on the same day the check is presented. Funds from the following deposit or checks are available immediately:
* Your payroll check. Proof of employment may be required.
* Wire transfers and preauthorized credits, such as social security benefits and direct deposit payrolls.
* Federal, state and local government or agency checks made payable to you. Local government or agency must be located in Wisconsin.
* Federal Reserve Bank Checks, Federal Home Loan Bank Checks.
* Insurance drafts made payable to you and are properly endorsed.
* Loan payments made to Avestar Credit Union.
2. Delayed Availability (Holds)
For checks and deposit instruments including those listed above in #1. We may delay the availability of funds for specific reasons, for a specified number of "business days" to assure that the check "clears" the check writer's account.
Under the following circumstances a "hold" may be placed on the check you are depositing to your account:
a. We believe a check you deposit will not be paid.
b. You deposit checks totaling more than $5,525 on any one day.
c. You redeposit a check that has been previously returned unpaid.
d. You have overdrawn your account repeatedly in the last 6 months.
e. There is an emergency, such as failure of communications or computer equipment.
f. Suspicion of fraud.
g. Suspicion of Counterfeit Items.
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. The length of the delay (hold) is counted in "business days" from the day of your deposit. Every weekday (Monday through Friday) except for federal holidays is a business day. Saturdays and Sundays are not business days under this policy. The maximum hold would be eleven (11) business days.
The "day of deposit" is established as follows:
a. In-Person Deposits: If you make an in-person deposit before 5:00 P.M. during our regular office hours, we treat that day as the day of your deposit.
b. Mail Deposits are considered received as of the day they are received at ACU.
c. Night Depository Deposits will be considered made on the next business day.
3. New Accounts less than 6 months old
Accounts will be subject to holds on all personal or business checks (excluding your payroll check) deposited or cashed. Check holds are as listed under #2.
U.S. Treasury Checks and On Us Checks must generally receive next business day availability.
Even if there is delayed funds availability on a check deposit, generally the first $225 from a check deposit will need to be available the next business day. Exceptions to this are deposits made at non-proprietary ATMs, new account deposits, hold due to repeated overdrafts, reasonable cause to doubt collectability, and emergency conditions.
This Credit Union will provide members a clear and conspicuous notice, in writing, of the Credit Union's funds availability policies. Such notice will be provided prior to account opening or on request from a member.
The Credit Union will post, in a conspicuous place at each location where deposits are accepted, a notice that describes the general availability time frames applicable to deposited funds.
The Credit Union will provide on all preprinted deposit slips a notice that deposits may not be available for immediate withdrawal.
The Credit Union will send a clear and conspicuous notice to members at least 30 days in advance of a change in terms, other than a change that expedites funds availability. If the change expedites the availability of funds, then the disclosure will be made no later than 30 days after implementation of the change.