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Funds Availability Policy

Market USA Federal Credit Union Funds Availability Policy

 

General Policy

Our policy is to delay the availability of funds from your check deposits. During the delay, you may not withdraw the funds in cash, and we will not use the funds to pay share drafts that you have written. We apply check holds to deposits made into all types of accounts (checking; savings; IRA; club accounts; certificates; etc.). Savings accounts are not subject to expedited funds under Regulation CC. Deposits placed in a savings account can be held for an unlimited number of days.

Determining the Availability of a Deposit

The length of the delay is counted in business days from the day of your deposit. Every day is a business day, except Saturdays, Sundays, and Federal holidays. If you make a deposit during business hours on a business day we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after we are closed for the day or on a day that we are not open, we will consider that the deposit was made on the next business day that we are open.

Same Day Availability

Funds from the following deposits are available on the day that we receive the deposit:

  • Electronic Direct Deposit
  • Cash

Next Day Availability

Funds from the following deposits are available on or before the first business day after the receipt of your deposit:

  • U.S. Treasury Checks*
  • U.S. Postal Money Orders*
  • Federal Reserve Bank and Federal Home Loan Bank Checks*
  • State/Local Government Checks*
  • Cashiers/Certified/Teller Checks*
  • Checks written on accounts at MUSA FCU (“on us”)
  • The first $225 of a day’s total deposits

*The first $5,525 must be made available the next business day provided that the payee is the account holder and the deposits are made in person.

Other Check Deposits

The delay for other check deposits will be 2 business days. The first $225 of a deposit of these 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. For example: If you deposited a check of $2,700 on Monday, $225 of the deposit is available on Tuesday. The remaining $2,475 is available on Wednesday.

Longer Delays May Apply

Large Deposits are subject to verification; longer holds may apply

The following types of deposits are subject to longer holds:

  • Deposits of checks over $5,525. Funds in excess of $5,525 will be held for 7 business days.
  • Deposits of insurance DRAFTS will be held for 7 business days
  • Foreign Checks are evaluated on a case by case basis to determine collectibility.

We may delay your ability to withdraw funds deposited by check into your account an additional number of days for the following reasons:

  • You deposit checks totaling more than $5,525 on any one day.
  • You re-deposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months
  • We believe a check you deposit will not be paid.
  • There is an emergency, such as failure of communications or computer 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. They will be available no later than the seventh business day after the day of your deposit.

Special Rules for New Accounts

Regulation CC defines a new account as a transaction account that has been open for less than 30 days and that belongs to a customer or member who does not have another transaction account at least 30 days old with the financial institution.

If a transaction account is considered "new" according to the above definition, the following procedures will apply during the first 30 calendar days after the account is opened:

  • Cash and electronic deposits will be made available by the next business day.
  • The first $5,525 of deposited funds from government, depository, and traveler’s checks will be made available for withdrawal on or before the next business day after deposit if the deposit is made in person, or on the second business day if it is not. Exception: the funds of a Treasury check will be made available the next day regardless of whether the deposit is made in person.
  • Deposited funds over $5,525 from government and depository checks will be made available for withdrawal on the ninth business day after the day of deposit.

All other deposits will be made available on the 15th business day after the date of deposit.

ATM Deposits:

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the day of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

Mobile Deposits:

Mobile Check Deposits are considered received when we send you the Deposit Posted Notification. Mobile Check Deposits made after 1:00 p.m. EST Monday-Friday may not be posted until the next business day. Standard holds apply. Please see separate Mobile Check Deposit agreement for additional information.

Rights Reserved

Market USA Federal Credit Union reserves the right to: ▪ Accept or reject any check for deposit. ▪ Revoke any settlement with respect to a check accepted by us and to charge back to your account the amount of the check based on the return of the check or a receipt of the notice of non-payment of the check, or claim a refund for such credit. ▪ Require that the space reserved for endorsement by Market USA Federal Credit Union be free and clear of any prior markings or endorsements. ▪ Require that an item be deposited into a Savings Account where funds can be held for an extended period of time.

Special Notes Regarding Deposits into ATMs (Procedural)

 
Cash Deposits into an ATM are Processed with Standard holds:
  • Market USA machine: $225 immediate credit; 2 day hold for remaining funds. Deposits are pulled twice a day; any hold placed on a cash deposit is removed once the cash is validated.
  • Non-Proprietary ATM machine: 5 business day hold (regardless of cash or check).
Deposits Made on Weekends:

Deposits are aggregated and $225 of immediate availability is given on the day's aggregated deposits. Since weekends are not counted business days for ATM purposes, ATM deposits are going to be aggregated for Saturday, Sunday, and Monday, since Monday is the next business day. Any deposits made after 9 p.m. EST on Friday would also be included. That means that for deposits made on Friday (after 9 p.m. EST), Saturday, Sunday, or Monday, youwill receive $225 of immediate availability from the total deposits made for that entire time period.

 

Market USA Federal Credit Union is a full-service financial institution with locations in Maryland and South Carolina as well as nationwide locations through the Shared Branch Network.