BELVOIR FEDERAL CREDIT UNION FUNDS AVAILABILITY POLICY
(REVIEWED 12-05)

                Our policy is to delay the availability of funds that you deposit in your account based on whether the check is a local or non-local check.   Paying institutions served by the Fifth Federal Reserve District (identified by routing numbers beginning with 05 or 25) are considered a local check.  Paying institutions NOT served by the Fifth Federal Reserve District are considered to be a non-local check.

                Every day is considered a business day for Belvoir Federal except for Saturday, Sundays and federal holidays.  If we receive your deposit before 5:00 p.m. Monday through Thursday, or 6:00 p.m. on Friday, we will consider that day to be the day of your deposit.  If we receive your deposit after closing Monday through Friday or Saturday, we will consider that deposit made on the next business day.

                In the case of funds not deposited in person to an employee of this credit union, (such as at an automated teller machine, night drop or by mail) we consider the funds to be received when they are handled by an employee of this credit union.

Prior to a primary share account and /or share draft account being open 30 days, the only accepted negotiable items that can be cashed without placing a hold are:

1)         Local, state and federal government checks.

2)         US Postal Money Orders, Cashier’s, certified and teller’s checks.

Local checks will be placed on hold for 5 business days and non-local checks will be placed on hold for 15 days.

To see whether the check is a local or non-local check, look at the routing number on the check to identify the paying institution’s Federal Reserve District.

            After a primary share account and/or share draft account has been open for over 30 days, the availability of funds are as follows:

Same Day Availability:

                Funds from electronic direct deposits to your account will be available on the day we receive the deposit.  Funds from cash deposits are immediately available if deposited in person to one of our employees.  Funds from the following deposits are also available same day if the check(s) is made payable to you and deposited in person to one of our employees:

1)         Us Treasury checks

2)         State and local government checks

3)         Cashier’s, certified and teller’s checks

4)         Postal Money Orders

5)         Federal Reserve Bank & Federal Home Loan Bank Checks

6)     Recognizable Payroll Checks

Other Check Deposits:

                The delay for other check deposits depends on whether the check is a local or non-local check.  To see whether the check is a local or non-local check, look at the routing number on the check to identify the paying institution’s Federal Reserve District.

1)     Local Checks – The first $100 from a deposit of local checks will be available on the first business day after the day of your deposit.  The remaining funds will be available on the second business day after the day of your deposit.

2)     For example, if you deposit $900 on Monday, $100 from the deposit is available on Tuesday.  The remaining $800 is available on Wednesday.

3)     Non-local checks – The first $100 from a deposit of local checks will be available on the first business day after the day of your deposit.  The remaining funds will be available on the fifth business day after the day of your deposit.

4)     For example, if you deposit $900 on Monday, $100 from the deposit is available on Tuesday.  The remaining $800 is available on Monday of the following week.  If you deposit a combination of local and non-local checks, $100 from the checks will be available on the first business day after the day of your deposit, not $100 from each category of check.

Longer Delays May Apply

            In some cases, we will not make all of the funds that you deposit by check available to you on the day we receive your deposit, however, the first $100 of your deposit will be available on the first business day after the day of your deposit.

                The availability of funds you deposit by check may be delayed for a longer period under the following circumstances:

1)         We believe a check you deposit will not be paid.

2)         You deposit checks totaling more than $5000 on any one day.

3)         You deposit a check that has been returned unpaid.

4)         You have overdrawn your account, or had share drafts returned for non-sufficient funds, repeatedly in the last six months.

5)         There is an emergency, such as failure of communications or computer equipment.

If we delay the availability of funds you deposit for any of the five circumstances above, the funds may not be available until the ninth business day after the day we received your deposit.

*Please Note: For all accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account.  For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.