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Funds Availability

FOR CREDIT UNION SHARE DRAFT (CHECKING) ACCOUNTS

Checking accounts (also known as share draft accounts), will be made available to all Credit Union members currently in good standing and who have had no previous problems maintaining a share draft checking account with the Credit Union or other financial institutions.

Unpaid checks (drafts) will be returned in a timely manner through normal Credit Union channels. Drafts will not be “held” because a member is to make a deposit later that day or will have payroll distribution the following business day. A member’s abuse of a share draft account for excessive overdrafts may result in the account being closed as determined by the Credit Union and as outlined below.

1. Any account which has had more than three returns in a five day period or more than five returns in a one week period may be closed at the discretion of the Credit Union. If it is determined that the account should be closed, an adverse action notice will then be sent to the account owner at last known address by certified mail, return receipt requested.

2. Any account, which has exceeded any overdraft line of credit, may be closed at the discretion of the Credit Union. if it is determined that the account should be closed, an adverse action notice will then be sent to the account owner at last known address by certified mail, return receipt requested. (Note: Overdraft Line of Credit is not available on a business, organization or club checking account).

In the above instances, the Credit Union will offset the amount of the overdraft to the member’s share account and the draft account will be flagged closed and pursued for collection by the collection department. Any account which the Credit Union has closed and which have maintained a negative balance for a period of more than 180 days may be charged-off and reported as an unpaid charged-off account to the appropriate credit bureau. At any time during the collection process the Credit Union determines that acceptable arrangements for payment(s) cannot be made, legal action may be taken and/or the account may be placed with an outside collection agency. Members will be held liable for any fees associated with the collection of these accounts. All rules, including applicable fees, as may apply to other members, will be enforced on Official Family and employee accounts.

YOUR ABILITY TO WITHDRAW FUNDS

Our policy is to make checks you deposit to a transaction account available on the first business day after the day that we receive the deposit. Electronic direct deposits will be available on the day they are received.  Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks and other items presented for payment and applicable fees that you have incurred. CES Credit Union reserves the right to delay the availability of funds deposited to accounts other than a transaction account.

DETERMINING THE DAY YOUR DEPOSIT IS RECEIVED BY CES CREDIT UNION

For determining the availability of your deposits, every day is a business day, except Saturday, Sunday, and federal holidays. If you make a deposit before close of business on a business day that we are open, we will consider that day to be the day your deposit is received by the credit union. If you make a deposit after close of business or on a Saturday, Sunday, or federal holiday, we will consider that deposit to be made on the next business day we are open.

FUNDS MAY BE HELD FOR A LONGER PERIOD OF TIME

In some cases we will not make all of the funds deposited by check available to you on the first business day after we receive your deposit.  The first $225 dollars of your deposit, however, will be available on the first business day. If we are not going to make all of the funds from your deposit available on the first business day after the day the deposit is received, CES Credit Union will notify you at the time of your deposit. We will also notify you of the date the funds will be available to you.  If your deposit is not made directly at a CES Credit Union branch, or if we decide to take this action after you have left the premises, we will mail you the notice by the first business day after we receive your deposit. If you need the funds from your deposit right away, you may ask us when the funds will be available.

IN ADDITION, WE MAY DELAY YOUR ABILITY TO WITHDRAW FUNDS YOU DEPOSITED BY CHECK FOR A LONGER PERIOD DUE TO THE FOLLOWING CIRCUMSTANCES:

•  We believe a check you deposit will not be paid

•  You deposit checks totaling more than $5,525 dollars on any one day

•  You redeposit a check that has been returned unpaid

•  You have overdrawn your account repeatedly in the last six months

•  There is an emergency, such as failure of computer or communications equipment

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. The funds will generally be available no later than the seventh business day after the day of your deposit.

DEPOSITS AT ATMS

Funds from any deposit (cash or check) made at an automated teller machine will not be available until the second business day after the date of your deposit. The first $225 dollars will be available immediately.

SPECIAL RULES FOR NEW ACCOUNTS

If you are a new member, the following special rules will apply during the first 30 days your account is open. Incoming wire transfers, electronic direct deposits, and cash deposited at a CES Credit Union branch will be available on the business day we receive the deposits. No funds from a business day’s check deposits are available on the day we receive the deposit.

If we delay the availability of your deposit the following special rules may apply:

• The first $5,525 dollars of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks and U.S. Postal Service money orders made payable to you will    be available on the first business day after the day of your deposit.

• The excess over $5,525 dollars and funds from all other check deposits will be available on the seventh business day after the day of your deposit. Funds of a day’s total deposit from all other check deposits, however, will not be available until the 7th business day.

We will notify you if we delay your ability to withdraw funds and we will tell you when the funds will be available.

HOLDS ON OTHER ACCOUNTS (CHECK CASHING)

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cash would have been available if you had deposited it.

HOLDS ON OTHER FUNDS (OTHER ACCOUNT)

If we accept a check for deposit that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your ability to withdraw a corresponding amount of funds that you have on deposit in another account with us.