Lanier Federal Credit Union
LANIER
Funds Availability Policy

POLICY CHANGES

Funds Availability Policy

General Policy

It is the policy of Lanier Federal Credit Union to strive to make the funds from your cash, check(s) and Electronic direct deposit(s) available to you on the same business day in which we receive your deposit(s).

Once they are available, you can withdraw the funds in cash, and/or we will use the funds to pay checks, auto-drafts and/or point of sale transactions that you have initiated. 

For determining the availability of your deposits, every day is considered a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before we close, on a business day in which we are open, we will consider that day as the date of your deposit. However, if you make a deposit after our close of business, or on a day we are not open, we will consider your deposit as being made on the next business day that we are open. 

Reservation of Right to Hold

In some cases, we will not make all of 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 second business day after the day of your deposit. However, the first $200 of your deposit will be available no later than by the next business day, following your deposit.  

If we are not going to make all 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 your 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 a notice by the next business day after we receive your deposit.

In all cases, if you need the funds from a deposit right away, you should ask us when the funds will be available.

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 that are described elsewhere in this Disclosure for the type of check that you deposited. 

LONGER DELAYS MAY APPLY

Under some conditions, funds deposited by a check may be delayed for longer periods. These are considered “exceptional” conditions and should be directed to, or authorized by a supervisor. We may delay your ability to withdraw funds that you deposit by check, if any of the following reasons apply to your account. Exception funds may not be available until the 7th business day.

    • Our reasonable cause to doubt collectibility;
    • deposited checks total more than $5,000 on any one day;
    • you deposit a check that has been returned unpaid;
    • you have a history of repeated overdraft with us. Overdrawn 6 or more business days within 6 months;
    • overdrawn more than $5,000 on 2 or more business days within 6 months;
    • Emergency Conditions, such as failure of communications, weather or other emergencies.

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 date of your deposit.

Special Rules for all NEW ACCOUNTS
If you are a new member, the following special rules will apply during the first 30 days your account is open with Lanier Federal Credit Union. Funds from electronic direct deposits to your account will be available on the day we receive your deposit.  Funds from deposits of cash, wire transfers and the first $5,000 of a day’s total deposit of cashier’s, certified, teller’s, traveler’ and federal, state and local government checks will be available on the next business day after the date of your deposit IF the deposit meets certain conditions. (For example, the checks must be payable to you. The excess over $5,000 will be available on the seventh 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 $5000 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 business day after the day of your deposit.

Deposits at ATMs                                                                                          
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own and operate may not be available until the second business day after the day in which you made the deposit. Deposits are not allowed at automated teller machines (ATMs) in which we do not own, nor operate.

 
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