Certain institutional and government checks will be given immediate availability to members.  HEFCU will delay the availability of deposited funds until the second business day after deposit for local checks and until the fifth business day after the day of deposit for non-local checks.

In certain circumstances, the credit union may extend the hold period an additional five business days for local checks and an additional six business days for non-local checks.  These exception holds may be imposed in one or more of the following situations:

·         There is a specific reason the credit union feels the check is uncollectible.

·         Check deposits total more than $5,000 on any one day.  (Delayed availability may only be applied to the amount over $4,900.)

·         A previously returned check is redeposited.

·         The account has had frequent overdrafts during the last six months.

·         The account is less than 90 days old (defined as a “new account”).

·         An emergency situation exists such as a communications or computer failure.

Next-Day Availability

In all cases, the following types of deposits to transaction accounts will receive next-day availability:

·         Cash

·         Electronic payments (wire transfers, automated clearinghouse credits, etc.)

·         US Treasury checks

·         US Postal Service money orders

·         Federal Reserve and Federal Home Loan Bank checks

·         Checks drawn by a state or unit of local government

·         Cashier’s, certified, and teller’s checks

·         On-us checks

·         Payroll checks drawn on member healthcare facilities

Exceptions

All deposits to HEFCU owned and foreign ATM’s are subject to a delay on availability of funds.  Since the nature of the incoming deposit cannot be verified, a minimum hold of five (5) business days will be placed after the date of deposit.  Longer holds will be placed on deposits over $2,500 or on new accounts.

New Accounts

For the purposes of this policy and as defined by Regulation CC, a new account is a member’s transaction account that has been in existence with this credit union for less than 90 days.  The following conditions apply during the first 90 days to transaction accounts that meet this definition:

·         Funds from deposits of cash and electronic payments will still be made available on the next business day.

·         Funds from deposits through wire transfers and the first $5,000 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 first business day after the day of deposit.  The excess over $5,000 will be made available on the eleventh business day after the day of deposit.

·         Funds from all other check deposits will be available on the eleventh day after the day of deposit.

Payment of Dividends

The credit union will begin accruing dividends on dividend-bearing transaction accounts on the business day it receives credit for the deposited funds.