Revised March 26, 2018
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 pre-authorized 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, U.S. Postal Service money orders if these items are payable to you.
- Cashier’s checks, certified checks, teller’s checks and money orders that are payable to you.
- Insurance drafts made payable to you and are properly endorsed.
- Loan payments made payable to Avestar Credit Union
2. Delayed Availability (Holds)
For checks and deposit instruments other than those listed above in #1. We, like other financial institutions, will delay the availability of funds 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:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5000.00 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last 6 months.
- There is an emergency, such as 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. 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:
- 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.
- Mail Deposits are considered received as of the day they are received at ACU.
- Night Depository Deposits will be considered made on the next day we are open for business.
3. New Accounts less than 30 days old
New Accounts will be subject to holds on all personal or business checks deposited or cashed. Check holds are as listed under #2. We will not place a hold on those items listed in #1.