This Disclosure describes your ability to
withdraw funds at Indianhead Credit Union.
1. General Policy. Our policy is to
make funds from your cash and check 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 they are available, you can withdraw the funds
in cash and we will use the funds 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. If you make a deposit before 4:00 p.m. on
a business day that we are open, we will consider that day
to be the day of your deposit. However, if you make a deposit
after 4:00 p.m. or on a day we are not open, we will consider
that the deposit was made on the next business day we are open.
2. Reservation of 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 you deposit, funds may not be available until the
fifth business day after the day of your deposit. However,
the first $100.00 of your deposit will be available on the
first business day after the day of your deposit. If we are
not going to make all of the funds from your deposit available
on the same business day, 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
next business 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.
3. 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.
4. Longer Delays May
Apply. We may delay your ability to withdraw funds deposited
by check into your account an additional number of days for
these reasons:
• We believe a check you deposit will
not be paid.
• You deposit checks totaling more
than $5,000 on any one day.
• You deposit a check that has been
returned unpaid.
• You have overdrawn your account
repeatedly in the last six (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. They will generally be
available no later than the eleventh business day after the
day of your deposit.
5. Special Rules
for New Accounts. If you are a new member, the following
special rules will apply during the first thirty (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
will be available on the next business day after the day of
your deposit if the deposit meets certain conditions. For example,
the checks must be payable to you. The excess over $5,000 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 ninth business day after
the day of your deposit.
6. Foreign Checks. Checks
drawn on financial institutions located outside the U.S. (foreign
checks) cannot be processed the same as checks drawn on U.S.
financial institutions. Foreign checks are exempt from the
policies outlined in this disclosure. Generally, 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
institutions upon which it is drawn.
ACCEPT | DECLINE
By selecting “Accept”, you acknowledge
having read,
and agree to, the provisions stated in this agreement.
