Funds Availability Policy
It is the general policy of Abilene Teachers Federal Credit Union (ATFCU) to make funds from a member's cash, check, and electronic deposits available on the same business day the credit union receives the deposit. Once funds are available, a member can withdraw the funds in cash or we will use the funds to pay checks and/or clear debits. See details below about when the funds from different types of deposits can be used.
Determining When a Deposit is Received
For determining the availability of deposits, every day is a business day except Saturdays, Sundays, and federal holidays. We will consider a deposit as being made on a business day if it is made in person to one of our employees. Deposits made at one of our night depositories will be considered deposited on the next business day.
Reservation of the Right to Hold
In some cases, we may not make all funds that a member deposits by check available on the same business day as the day of deposit. Depending upon the circumstances, funds may be held for three, seven, or ten business days after the date of deposit. However, the first $200 of a member's deposit will be available on the first business day after the date of deposit (see example below). If we are not going to make all the funds from a deposit available on the date of deposit, we will notify the member at the time the deposit is made.
If a deposit is not made directly to one of our employees, or if we decide to take this action after the member has left the premises, we will mail the hold notice by the next business day after the date of deposit.
Example - Holds on Checks $200 and Over
In the instance that a hold is placed on a check or a deposit of checks, the first $200 of the deposit will be available on the next business day after we received the deposit. The remaining amount will be available for withdrawal the third business day following the date of deposit.
For example, if a $1,000 check is deposited on Monday, $200 of the deposit is available on Tuesday. The remaining $800 is available on Thursday unless the reasons mentioned below apply.
Longer Delays May Apply
The availability of funds that are deposited by check may be delayed for a longer period for the following reasons:
- We believe a check deposited will not be paid;
- The checks total more than $5,000 on any one day;
- A member redeposits a check that has been returned unpaid
- A member has overdrawn his/her account repeatedly within the previous six months
- The deposit is made by a new member whose account has been opened less than 30 days
- There is an emergency such as a natural disaster or failure of communications/computer equipment
We will notify a member if his/her ability to withdraw funds is delayed by us for any of these reasons, and we will tell the member when the funds will be available.
Special Rules for New Accounts
The following special rules will apply during the first 30 days that a member's account is open:
- Funds from electronic direct deposits to the account will be available on the day we receive the deposit.
- Funds from deposits of cash, wire transfers, cashier's, certified, teller, travelers, and federal, state and local government checks will be available on the first business day after the date of your deposit.
- Funds from all other check deposits will generally be available on the seventh business day after the day of deposit. Abilene Teachers FCU reserves the right to place a longer hold, not to exceed thirty days, on all personal checks deposited to new accounts.
Mobile Check Deposit
ATFCU has implemented mobile check deposit as a service to our qualifying members. Once approved, members who elect to use mobile check deposit will be able to scan checks from their mobile devices and electronically send their images to ATFCU for deposit.
For purposes of funds availability, mobile deposits are considered deposited at a branch of Abilene Teachers FCU. Mobile deposits confirmed as received before the close of business on a business day will be credited to your account within 24 hours of receipt. For mobile check deposits, the close of business is defined as 4:00 PM Central Time. Deposits confirmed received after the close of business, and deposits confirmed received on holidays or days that are not business days, will be credited to your account within 24 hours of the following business day.
Checks deposited using the mobile check deposit service are subject to the same hold requirements detailed earlier in this policy. Please refer to the Mobile Remote Deposit Services Agreement for further details.