This disclosure describes your ability to withdraw funds from all of your accounts at Vision One Credit Union except for funds deposited to certificate accounts. The credit union reserves the right to delay the availability of funds deposited to certificate accounts for periods longer than those disclosed in this policy. Please contact us if you have a question about which accounts are affected by this policy.
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 deposit 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 2:00 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 2:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day that we are open.
2. Reservation of Right to Hold - In some cases, we will not make all 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 $225.00 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 you 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. 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 have received notice that the check you deposited has been or will be dishonored.
- We reasonably believe that the check you deposited will not be paid because of fraud, kiting, bankruptcy or insolvency.
- The check is mutilated or improperly encoded.
- The check is drawn in a face amount in excess of $5,525.00
- You have overdrawn your account repeatedly in the last six (6) months.
- There is an emergency, such as failure of communications or other circumstances beyond our control
For our California members, under rules established by the Federal Reserve Board, we may apply any of the California state exceptions and place a hold on a deposited item only where the availability schedule is shorter than the federal availability schedule for that item. In this case, the hold may extend up to the federal availability schedule limit for that type of deposit. Once the federal availability schedule limit is reached, we may further extend the hold under any of the federal exceptions that apply to the deposit. In some circumstances, we may apply the federal exceptions for our California members to place a hold on a deposited item.
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.
4. 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 $5,525.00 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 your. 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 ninth business day after the day of your deposit.
5. 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 at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.
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 they are drawn.