Funds Availability Policy

1. Your Ability to Withdraw Funds. Our policy is to make funds from your deposits available to you on the same business day as the day we receive your deposit. Once they are available, you can withdraw the funds and/or we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, as well as federal holidays. If you make a deposit on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit on a day we are not open, we will consider that the deposit was made on the next business day we are open.

2. Right to Hold Funds. In some cases, we will not make all of the funds that you deposit by check available to you on the same business day as the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 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 same 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 your deposit is not made directly to one of our employees, 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 need the funds from a deposit right away, you should ask us when the funds will be available.

3. Longer Delays May Apply. Your ability to withdraw funds deposited by check may be delayed an additional number of days for these reasons:

  • You deposit checks totaling more than $5,000 on any one day.
  • You deposit a check that has been returned unpaid.
  • We believe a check you deposit will not be paid.
  • There is an emergency, such as a failure of communications or computer equipment.
  • You have overdrawn your account repeatedly in the last six months.

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. They will generally be available no later than the seventh business day after the day of your deposit.

4. Holds on Other Funds. If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that is already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described previously in the disclosure for the type of check that you deposited.

5. Special Rules for New Accounts. If you are a new member, the following special rules apply during the first 30 days your account is open:

  • Funds from electronic direct deposits to your account will be available on the day we receive the 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, traveler’s, and federal, state and local government checks will be available on the first 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 a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.
  • Funds from deposits of checks drawn on Firefighters Credit Union will be available on the same business day as the day of your deposit.
  • Funds from all other check deposits will be available no later than the seventh business day after the day of your deposit.

(Revised 05/24/2011)

Deposits federally insured to at least $250,000 by the National Credit Union Administration, a U.S. Government Agency, and backed by the full faith and credit of the U.S. Government.