Funds Availability Policy Disclosure

This Disclosure describes your ability to withdraw funds at FAIRWINDS Credit Union. It only applies to the availability of funds in transaction accounts. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy.

1. GENERAL POLICY — Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds in cash, and we will not use the funds to pay checks that you have written.

2. DETERMINING THE AVAILABILITY OF A DEPOSIT — When we delay the availability of a deposit, the length of the delay is determined by counting the business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. However, we will consider deposits made after the close of business or on a day that we are not open as deposited on the next business day we are open.

If you make a deposit to an ATM that we own or operate before 3:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, we will consider deposits to an ATM that we own or operate made after 3:00 p.m. or on a day that we are not open as deposited on the next business day we are open.

The length of the delay varies depending on the type of deposit and is explained below.

3. SAME-DAY AVAILABILITY — Funds from electronic direct deposits to your account will be available on the same business day that we receive the deposit.

4. NEXT-DAY AVAILABILITY — Funds from the following deposits are available by the first business day after the day of your deposit:

  • U.S. Treasury checks that are payable to you.

  • Wire transfers.

  • Checks drawn on FAIRWINDS Credit Union.

5. NEXT-DAY AVAILABILITY FOR CERTAIN DEPOSITS MADE IN PERSON — Funds from the following deposits are available by the first business day after the day we receive your deposit if you make the deposit in person to one of our employees:

  • Cash.

  • State and local government checks that are payable to you.

  • Cashier’s, certified, and teller’s checks that are payable to you.

  • Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.

If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available by the second business day after the day we receive your deposit.

6. AVAILABILITY OF OTHER CHECK DEPOSITS — The first $225.00 from a deposit of checks (other than those described above) will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day after the day of your deposit. For example, if you deposit a check (other than those described above) of $700.00 on a Monday, $225.00 of the deposit will be available by Tuesday. The remaining $475.00 will be available by Wednesday.

7. CASH WITHDRAWAL LIMITATION — We place certain limitations on withdrawals in cash. In general, $225.00 of a deposit is available for withdrawal in cash by the first business day after the day of deposit. In addition, a total of $450.00 of other funds becoming available on a given day will be available for withdrawal in cash at or after 5:00 p.m. that day. Any remaining funds will be available for withdrawal in cash by the following business day.

8. HOLDS ON OTHER FUNDS — If we cash a check for you that is drawn from 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 from 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.

9. 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 $5,525.00 on any one (1) 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 a 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 seventh business day after the day of your deposit.

10. SPECIAL RULES FOR NEW ACCOUNTS — If you are a new member, the following special rules will apply during the first 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 $5,525.00 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 $5,525.00 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 $5,525.00 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 seventh calendar day after the day of your deposit.

11. DEPOSITS AT NONPROPRIETARY ATMS — Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit. This rule does not apply to ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

12. LIMITATIONS ON FUNDS AVAILABILITY FOR WITHDRAWAL — Except for funds transfers to a “transaction account” within the meaning of Reg. CC, 12 CFR §229.1 et seq., funds deposited by an ACH funds transfer may not be made available for your withdrawal and use and may be held by us, in our sole discretion, for a period of sixty-five (65) days following the date the funds are deposited into your account.