Funds Availability Disclosure - Regulation CC

Funds Availability Disclosure-Regulation CC

This disclosure describes your ability to withdraw funds at Denver Community Credit Union. It only applies to the availability of funds in the 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 disclosure.

  1. General Policy -Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash, and we will use them to pay checks that you have written. Please remember that even after we have made those funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. 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 closing on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing 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 same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the 2nd 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 the 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 further 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. Holds on Other Funds -If we cash a check for you that are drawn on another financial institution, 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 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 elsewhere in this disclosure for the type of check that you deposited.
  4. Longer Hold 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:
    1. We believe a check you deposit will not be paid
    2. You deposit checks totaling more than $5,000 on anyone day
    3. You deposit a check that has been returned unpaid
    4. You have overdrawn your account repeatedly in the last six (6) months
    5. 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 generally be available no later than the 7th business day after the day of your deposit.
  5. Special Rules for New Accounts -If you are a new member, the following rules will apply for the first thirty (30) days your account is open. Funds from cash, wire transfers, electronic direct deposits will have the same day availability. The first $5,000 of a day's total deposits of cashier's, certified, travelers, federal, state and local government, and City and County of Denver payroll checks will have next day availability. The checks must be payable to you. Funds from all other check deposits will be available on the 9th business day after the day of your deposit.
  6. Deposits at Nonproprietary ATMs - Funds from any deposits (cash or checks) made at an automatic teller-machine (ATMs) we do not own or operate will not be available until the 5th business day after the day of your deposit.
  7. Dividend Payment Policy - Dividends accrue on the daily collected balance and are paid on the last day of each month.
  8. Endorsement Procedure -The payee endorsement area is the top 1 ½ inches of the check. All other areas must be avoided. The Credit Union has right to refuse any check for deposit.
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