WNY FEDERAL CREDIT UNION
FUNDS AVAILABILITY POLICY DISCLOSURE
Western New York Federal Credit Union’s policy regarding the withdrawal of funds from any account is described in this disclosure.
GENERAL POLICY — Funds from your cash and check deposits will be delayed before they become available for withdrawal. During the delay, you may not withdraw the funds in cash, and we will not use the funds to pay checks you have written.
DETERMINING THE AVAILABILITY OF A DEPOSIT — The length of the delay in availability of a deposit is determined by counting the business days from the day of your deposit. Every day, except Saturdays, Sundays, and federal holidays, is considered a business day. 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, if you make a deposit after the close of business or on a business day we are not open, we will consider that the deposit was made on the next business day we are open. The length of the delay varies depending on the type of deposit.
SAME DAY AVAILABILITY – Funds from electronic direct deposits to your accounts, as well as funds from U.S. Treasury checks payable to you, wire transfers, and checks drawn on Western New York Federal Credit Union, will be available on the same business day we receive the deposit.
SAME DAY AVAILABILITY FOR CERTAIN DEPOSITS MADE IN PERSON — Funds from the following deposits will be available on the same business day if you make the deposit in person to one of our employees: Cash, State and local government checks payable to you, cashier’s, certified, and teller’s checks 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 (ex. Mail), funds from these deposits will be available by the second business day after the day we receive your deposit.
AVAILABILITY OF OTHER CHECK DEPOSITS — The first $200 from a deposit of other checks 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.
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 described elsewhere in this Disclosure for the type of check that you deposited.
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 $5,000.00 on any one (1) day, you redeposit a check that has been returned unpaid, you have overdrawn your account repeatedly in the last six (6) months, or 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 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.
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 $5,000.00 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 same business day that we receive your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000.00 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 $5,000.00 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.
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.
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 institution upon which it is drawn.