Policy And Disclosure
1. My Ability to Withdraw Funds. I understand that your
policy is to make funds from my cash and check deposits available
to me no later than the 1st business day after the day you
receive my deposit. Electronic direct deposits will be available
on the day you receive the deposit. Once they are available,
I can withdraw the funds in cash and you will use the funds to
pay checks that I have written.
For determining the availability of my deposits, every day is a
business day, except Saturdays, Sundays, and Federal holidays.
If I make a deposit before the close of business on a business
day that you are open, you will consider that to be the day of
my deposit. However, if I make a deposit after the close of
business or on a day you are not open, you will consider that
the deposit was made on the next business day you are open.
2. Longer Delays May Apply. In some cases, you will not
make all of the funds that I deposit by check available to me
by the 1st business day after the day of my deposit.
Depending on the type of check that I deposit, funds may not
be available until the 5th business day after the day of my
deposit. The first $100.00 of my deposits, however, may be
available by the 1st business day.
If you are not going to make all of the funds from my deposit
available by the 1st business day, you will notify me at the time
I make my deposit. You will also tell me when the funds will be
available. If my deposit is not made directly to one of your
employees, or if you decide to take this action after I have left
the premises, you will mail me the notice by the day after you
receive my deposit.
I will tell you if I need the funds from a deposit right away and
will ask you when the funds will be available.
In addition, funds I deposit by check may be delayed for a
longer period under the following circumstances:
- You believe a check I deposit will not be paid;
- I deposit checks totaling more than $5,000.00 in any one
- I redeposit a check that has been returned unpaid;
- I have overdrawn my Account repeatedly in the last six (6)
- There is an emergency, such as failure of computer or communications
You will notify me if you delay my ability to withdraw funds for
any of these reasons, and you will tell me when the funds will
be available. They will generally be available no later than the
11th business day after the day of my deposit.
3. Special Rules for New Accounts. If I am a new member,
I understand that the following special rules will apply during
the first 30 days my Account is open:
Funds from electronic direct deposits to my Account will be
available on the day you 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
by the 1st business day after the day of my deposit if the
deposit meets certain conditions. For example, the checks must
be payable to me. The excess over $5,000.00 will be available
on the 9th business day after the day of my deposit. If my
deposit of these checks (other than a U.S. Treasury check) is
not made in person to one of your employees, the first
$5,000.00 may not be available until the 2nd business day
after the day of my deposit.
Funds from all other check deposits will be available by the
11th day after the day of my deposit.
4. Funds Availability Disclosure for Online Membership Application. I understand if I open an account through your Online Membership Application process there will be a four (4) business day hold placed on my opening deposit if I choose ACH origination and transfer funds from another financial institution. If I use my credit card, there will be a three (3) business day hold and a two (2) day business hold if I transfer from one of my Point Loma Credit Union Accounts.
5. Deposits at Proprietary Automated Teller Machines
(ATMs). I understand that any funds (cash or checks) in excess
of $100.00 deposited at proprietary ATMs (i.e., ATMs that
you own or operate) will not be available to me for immediate
withdrawal. Depending upon the type of item(s) that I deposit,
such funds generally will not be available until the 2nd business
day after the day of my deposit. Proprietary ATMs will
display the Point Loma Credit Union name and logo. A list of
proprietary ATMs is available to me upon request or by visiting
your web site.
6. Deposits at Nonproprietary Automated Teller
Machines (ATMs). I understand that any funds (cash or
checks) in excess of $100.00 deposited at nonproprietary
ATMs (i.e., ATMs that you do not own or operate) will not be
available to me for immediate withdrawal. Depending on the
type of item(s) that I deposit, such funds generally will not be
available until the 5th business day after the day of my
deposit. Nonproprietary ATMs will display the Credit Union
CO-OP name and logo. I understand that not all Credit Union
CO-OP ATMs accept deposits. A list of nonproprietary ATMs
is available to me upon request or by visiting your web site.
7. Unforeseen Delays. Any delay by you beyond the time limits
prescribed above shall be excused if caused by interruption
of communication facilities, suspension of payments by a
financial institution, emergency conditions or other circumstances
beyond your control provided that you exercise such
diligence as the circumstances require.
8. Effect on Rights. In no event does the above policy affect
your right to accept or reject an item for deposit or to require
written notice of an intended withdrawal.