Funds Availability
Funds Availability Policy
The Ability to Withdraw Funds
Our policy is to make funds from your deposits available to you according to the schedule explained below. Once the funds become available, you can withdraw the funds in cash or request a credit union check for all or a part of the funds, and we will use the funds to pay checks or VISA Debit Card transactions that you have written or made.
For determining the availability of a deposit, every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit through a Family First FCU teller, Family First FCU ATM or the deposit arrives by US mail, on a business day we are open during business hours, we will consider that day to be the day of your deposit. However, if you make a deposit on a day that is not a business day or after our business hours, we will consider that the deposit was made on the next business day that we are open.
Deposits made on a business day through a Family First FCU Depository after 8:00 am may be processed on the next business day.
Same Day Availability
In most cases, funds from the following deposits are available immediately:
- Cash
- Electronic direct deposits to your account
- Wire transfers
- Checks drawn on Family First Federal Credit Union that are payable to you
- U.S. Treasury checks, Federal Home Loan Bank checks, Federal Reserve Bank checks, Travelers Cheques, and postal money orders that are payable to you
- State and local government checks that are payable to you
- Cashiers, certified and teller checks that are payable to you
- Most payroll checks that are payable to you
Funds from the types of deposits included in the “Same-Day Availability” list when made at Family First FCU owned or operated ATMs may not be available until the second business day after the day of deposit; except that U.S. Treasury checks deposited at a Family First FCU owned or operated ATM will be available on the first business day after the day of deposit. Family First FCU owned and operated ATMs have a Family First sign and indication of ownership.
Other Check Deposits:
Depending upon the type of check that you deposit and how it is deposited, funds may not be available until the second business day after the day of your deposit. However, $225 of the total check deposit for that day will be available immediately. We will not accept any checks that are not payable to you.
Funds Availability of other Check Deposits:
To determine when funds from check deposits not included in the “Same-Day Availability” list will be available, please refer to the chart below. In all cases, $225 of the total deposit will be made immediately available to you.
| Check Amount or Total Deposit | Number of Days Before Availability | If deposit is made on Monday prior to 2:00 p.m. funds will be available… | If deposit is made on Monday after 2:00 p.m., funds will be available… |
|---|---|---|---|
| Over $225 | $225 available at time of depositRemaining funds on second business day after deposit | MondayWednesday | MondayThursday |
Funds Availability of other Check Deposits:
To determine when funds from check deposits not included in the “Same-Day Availability” list will be available, please refer to the following information. If the check amount or total deposit is over $225, then $225 will be available at the time of deposit, while the remaining funds will be available the second business day after deposit. If the deposit is made on Monday prior to 2:00 p.m., $225 will be available on Monday, and the remaining funds will be available on Wednesday. If the deposit is made on Monday after 2:00 p.m., $225 will be available on Monday, and the remaining funds will be available on Thursday. In all cases, $225 of the total deposit will be made immediately available to you.
Longer Delays May Apply:
In addition, funds that you deposit by check may be delayed for a longer period of time under the following circumstances:
- We have reasonable cause to believe a check that you have deposited will not be paid.
- You deposit checks totaling more than $5,525 on any one day.
- You deposit a check that was returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as a failure of communication or computer equipment, war, suspension of payments by another bank or an emergency condition beyond control of Family First FCU.
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 seventh business day after the day of your deposit. We will usually notify you at the time you make your deposit. You should notify us if you need to make sure about when a particular deposit will be available for withdrawal. If your deposit is not made directly with one of our employees, or if we decide to take this action after you have left the premises, we will mail you a notice by the day after we receive your deposit.
Special Rules for New Accounts
If you are a new member, the following special rules may apply during the first 30 days that your account is open.
Funds from electronic direct deposits to your account will be available on the day that we receive the deposit. The first $5,525 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,525 will be available on the ninth business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after we receive the transfer.
Funds from deposits of cash and the first $5,525 of a day’s total deposits of cashiers, certified, teller, travelers, and 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 made payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If you do not make the deposit in person with one of our Family First employees, the first $5,525 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 for local checks.
Check Cashing:
If we cash a check for you that is drawn on another bank or credit union, 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.
Funds Availability Regulation Update:
The Federal Reserve Board and the Consumer Financial Protection Bureau announced they have jointly issued final amendments to Regulation CC that implement a statutory requirement to adjust for inflation every five years the amount of funds depository institutions must make available to customers. The amendments apply in circumstances ranging from the next business day withdrawal of certain check deposits to setting the threshold amount for determining whether an account has been repeatedly withdrawn. The first set of adjustments have been finalized and will be effective July 1, 2020 to allow institutions adequate time for implementation:
- The $100 amount (changed in 2011 by the Dodd-Frank Act to $200) in section 229.10(c)(1)(vii) of deposits of non next-day checks to be available by the next business day will increase to $225.
- The $400 amount in section 229.12(d) (Time period adjustment for withdrawal by cash or similar means) will increase to $450.
- The $5,000 amounts in section 22.13(a) (new accounts), 229.13(b) (large deposits) and 229.13(d) (repeated overdrafts will increase to $5,525.
- The $1,000 and $500,000 amounts in section 229.21(a) (civil liability) will increase to $1,100 and $552,500, respectively.
