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.

  1. 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 open.
  2. 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.
  3. 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 one day.
    • 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.
  4. 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.
  5. 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.
  6. 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.