Microsoft Word FUNDS AVAILABILITY POLICY.docx

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1 FUNDS AVAILABILITY POLICY The first $200 of the aggregate of any deposits via “other” checks will be available on the first business day after the day of deposit. “Other” checks are checks other than or local government and payable to those issued by the federal, state, the member, or checks drawn on the credit union. All checks are centrally processed by the Federal n local and nonlocal checks Reserve. There is no longer a distinction betwee , which are now grouped under “other” checks. The Federal Reserve has restructured the check-processi ng operations within the Federal Reserve System. There will only be a single check processing re gion, which will result in checks no longer being considered non-local for purposes of Regulation CC. A single check-processing region will subject some ailability schedules. checks to faster funds av Our policy is to provide you with prompt access to your funds. We will notify you in writing if we will that if an item you deposit is returned unpaid, you place a hold on any part of your deposits. Remember are responsible for that item. General Rules The length of a delay, if there is one, is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays and fede ral holidays. Although our offices may be open on a Saturday, or our Tell-a-Phone or ATM services may be available on weekends and holidays, those days are not business days under our f unds availability policy. If you make a deposit (other than an ATM is made in North Carolina, Pacific time if your deposit) before 5:00 p.m. (Eastern time if your deposit siness day that we are open, we will consider that day to be the day deposit is made in California) on a bu of your deposit. If you make your deposit at an FSCC br anch on a business day before the branch closes, of your deposit. Some branches have we consider that to be the day es but no earlier earlier closing tim than 2:00 p.m. We will post the cl osing time at each branch. Howeve r, if you make a deposit after the close of the business day, on a Saturday, or on a day we are not open, we will consider that deposit to have been made on the next business day we are open. A deposit to a Credit Union ATM after 3:00 p.m. on a business day that we are open will be accepted on y have an earlier cut-off hour, but no earlier than noon local time. the next business day. Some ATMs ma The time will be posted at the ATM. For example, a deposit made to an ATM on Monday afternoon at 3:30 p.m. will be considered to have been made on Tuesday and initial funds (beyond the first $200) will be available on Wednesday. A deposit to an ATM afte r 3:00 p.m. on Friday will be considered to have been deposited on Monday and initial funds (beyond th e first $200) will be available on Tuesday. If we impose a delay, the length of the delay varies depending on the type of deposit and is explained below. Same-Day Availability: 1) Electronic direct deposits. 2) Cash. The following items will also be available the same da y if payable to you and deposited into your account:

2 1) U.S. Treasury checks. 2) Wire transfers. 3) Checks drawn on Alliance Credit Union. 4) California and North Carolina state, county, city or public agency checks. The following items will also be available the same day if payable to you and deposited into your account not deposited in person to one of in person to one of our employees. However, if the following items are deposit it at an ATM), it wi ll be available the first our employees (for example, if you mail the deposit or business day after the day we receive it. 1) Other state, county, city or public agency checks . 2) Cashier’s, certified and teller’s checks. 3) Federal Reserve Bank checks, Federal Home Lo an Bank checks, and postal money orders Other Check Deposits Due to central processing by the Federal Reserve, a ll checks on U.S. institutions are considered “local” credit unions in our shar checks. (See special rules below for deposits at other ed branch network.). local checks available as follows: If we impose a delay, we make funds from The first $200 will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a check of $700 on a Monday, $200 of the deposit is available on Tuesday. The remaining $500 is available on Wednesday. If we cash a check drawn on another financial institu equal amount of funds tion for you, we may hold an that are already in your account. Those funds will be available when funds from the check we cashed would have been available Special Rule for Deposits (of all kinds) at Shared Branches This applies to deposits you make at other credit unions in ou r shared branch network. If you make your deposit in person to a teller or in an in-branch deposit drop box prior to the posted cutoff and all funds from any cash deposit will be available time at a shared branch, the first $200 of any deposit ury check will be availa ble the next business day. immediately. The next $4,800 of funds from a U.S. Treas The next $4,800 from the following items will be available the second business day: (a) checks drawn on er’s, tellers and certified checks; (c ) U.S. Postal Money Orders; (d) state and local governments; (b) cashi Federal Home Loan Bank and Federal Reserve Checks; nd (f) local checks. If you (e) traveler’s checks, a deposit more than $5,000 at a shared branch and we will be placing a longer hold on the portion of the deposit that exceeds $5,000, we w ill notify you in writing. Mobile Deposits This applies to deposits using your mobile devi feature on our mobile ce with the Check Deposit application. The first $200 of the funds will be available immediat ely. If you make the deposit on a business day prior to the 3:00 pm cutoff time, the next $4,800 will be avai lable on the second business day. If you make the deposit on a business day after the 3:00 pm cutoff tim e, the next $4,800 will be available as if you had made the deposit on the following business day. Depos its made on non-business days will be considered to have been made on the next business day following the day of your deposit. For deposits over $5,000 we may place a longer hold on the portion that ex ceeds $5,000. We will notify you in writing if a longer hold is placed.

3 ATM Deposits The first $200 of funds from depos or at any CO-OP ATM in which its you make at a Credit Union ATM immediately. If the deposit was made at a CO-OP ATM, the remaining we participate will be available y of your deposit. If you make a deposit funds may not be availabl e until the fifth business day after the da our machines) before 3:00 p.m. we own or operate are identified as at our Credit Union ATM (all ATMs ilable on the following business day. If you make a on a business day, the remaining funds will be ava on a weekend or holiday, the deposit at a Credit Union ATM afte r 3:00 p.m. on a business day, or made the deposit on the following business day. remaining funds will be available as if you had Longer Delays May Apply ity for a longer time. If we do, we We may choose to delay availabil will notify you in writing and tell you when funds will be available. If we have left our branch, or if you do decide to take this action after you oyees, we will mail the notice to you by the day after not make your deposit in person to one of our empl we receive your deposit. If you need your funds right away, ask us when the deposit will be available. time, generally not more We can delay availability for any reasonable amount of than seven business days, if: 1) We reasonably believe a check you deposit will not be paid. 2) You deposited more than $5,000 worth of checks in one day. 3) You have overdrawn your acc ount repeatedly in the last six months 4) You redeposit a check that has been returned unpaid 5) There is an emergency, such as failure of communications or computer equipment. Special Rules for New Accounts If you are a new Member, the following special rules ap ply during the first 30 days your account is open. The first $5,000 from a deposit of U.S. Treasury checks wi ll be available on the fi rst business day after the ailable on the ninth busine day of your deposit. The excess over $5,000 will be av ss day after the day of your deposit. Funds from wire transfers will be available on the first business da y after we receive the transfer. Funds from deposits of cash and the first $5,000 of a day’s total deposits of cas hier’s, certified, tellers, travelers and state and local government checks will be ess day after the day of available on the first busin your deposit, if the deposit meets cer tain 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 you do not make the deposit 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 availa ble on the ninth business day after the day of your deposit. If we choose to accept a check as your agent fo r collection rather than to deposit it, these delay limits don’t apply. The money will be posted to your account when we receive it.

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