Funds Availability Policy
This disclosure describes your ability to withdraw funds
at San Patricio County Teachers FCU. It only applies to the
availability of funds in transaction accounts. The credit
union reserves the right to delay the availability of funds
deposited to accounts that are not transaction accounts for
periods longer than those disclosed in this policy. Please
ask us if you have a question about which accounts are affected
by this policy.
- General Policy. Our policy is to make
funds from your cash and check deposits available to you
on the next business day after we receive your deposit.
Electronic direct deposits will be available on the day
we receive the deposit. Once they are available, you can
withdraw the funds in cash and we will use the funds to
pay check that you have written. For determining the availability
of your deposits, every day is a business day, except Saturdays,
Sundays, and federal holidays. If you make a deposit before
4:00 p. m. or on a day we are not open, we will consider
that the deposit was made on the next business day we are
- 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 next business day after
we receive your deposit. Depending on the type of check
that you deposit, funds may not be available until the fifth
business day after the day of your deposit. However, the
first $200.00 of your deposit will be available on the first
business day after the day of your deposit. If we are not
going to make all of the funds from your deposit available
on the next 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 you deposit is not made directly to
one of our emplo7yees, or if we decide to take this action
after you have left the premises, we will mail you the notice
by the next business day after we receive your deposit.
If you will need the funds from a deposit right away, you
should ask us when the funds will be available.
- Longer Delays May Apply. We may delay
your ability to withdraw funds deposited by check into your
account an additional number of days for these reasons:
- We believe a check you deposit will not be paid.
- You deposit check totaling more than $5,000 on any
- You deposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in he
last six (6) months.
- There is an emergency, such as failure of communications
or computer equipment.
- Special Rules for New Accounts. If you
are a new member, the following special rules will apply
during the first thirty (30) days your account is open.
- Funds from electronic direct deposits to your
account will be available on the day we receive deposit.
Funds from deposits of cash, wire transfers and the first
$5,000 of a day’s total deposits of cashier’s,
certified teller’s, travelers, and federal, state,
and local government checks will be available on the next
business day after the day 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 ninth business day after the day of your deposit.
If your deposit of these checks (other than U.S. Treasury
check) is not made in person to one of our employees, the
first $5,000 will not be available on the ninth business
day after the day of your deposit.
- Foreign Checks. Checks drawn on financial
institutions located outside the U. S. (foreign checks)
cannot be processed the same as checks drawn on U. S. financial
institutions. Foreign checks are exempt for the policies
outlined in this disclosure. Generally, the availability
of funds for deposits of foreign checks will be delayed
for the time it take us to collect the funds from the financial
institutions upon which it is drawn.