When you deposit an item (such as a check) drawn on another financial institution, there is always a time delay before the item reaches the institution on which it was drawn and we receive payment.   In some cases, longer delays may apply. Alliance Federal Credit Union reserves the right to strictly follow Federal Reserve Funds Availability on any deposit. The Credit Union at its discretion may hold or restrict availability on deposits according to Federal Reserve Regulation CC.  The Credit Union will notify the member if there will be a delay in the ability to withdraw funds for any reason and the member will be told when the funds will be available.  Should the Credit Union decide to delay availability on any deposit, the following schedule will be used:

Deposit Availability:  The length of time between the time you deposit an item and the time the funds are available for withdrawal is counted in terms of “business days” from the day of your deposit. Business days are Monday through Saturday excluding federal holidays. If you make a deposit before 6:00 p.m. (or 1:00 p.m. on Saturdays) in person to one of our employees, or before 7:30 a.m. at a Night Drop on a business day that we are open, we will consider that to be the day of your deposit. If you make a deposit after 7:30 a.m. at a Night Drop, we will treat your deposit as made on the next business day we are open. Items mailed to the Credit Union are considered deposited on the day we receive them. 

When funds will be available for withdrawal depends on the type of deposit and is explained below. We make the first $100 of all deposits available immediately. 

“Deposited in person” means deposited to a Credit Union employee in an Alliance Federal Credit Union branch. If funds must be made available on a business day, they must be available by the time we open for business on that day unless otherwise noted.

Same Day Availability: Deposits of cash made in person to an Alliance Federal Credit Union teller during business hours and electronic deposits are available the business day we receive them.            

Next Day Availability:  Funds from all other deposits except those specified below will generally be available the first business day after the business day of your deposit unless we notify you otherwise in writing.

Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available at the times shown above. If we are not going to make all funds from your deposit available at the times shown above, 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 an Alliance Federal Credit Union employee 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.

Funds you deposit by check may be delayed for a longer period under the following circumstances:
 •We believe a check you deposit will not be paid.
  •You deposit checks totaling more than $5,000 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 communications or computer equipment.

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:

·       Funds from electronic direct deposits and cash deposits will be available the day we receive them.

·       The first $5,000 from a deposit of a check drawn on the U.S. Treasury will be available on the first business day after the day of your deposit. The excess over $5,000 will be available on the ninth business day after the day of your deposit.

·       The first $5,000 from a deposit of (a) a U.S. Postal Service money order, (b) a check drawn on a Federal Reserve Bank or Federal Home Loan Bank, (c) a check drawn on a state or local government, (d) a cashier’s, certified or teller’s check, or (e) traveler’s checks, will be available on the first business day after the day of your deposit. The excess over $5,000 will be available on the ninth business day after the day of your deposit. However, if you do not make the deposit 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 all other check deposits will be available within a reasonable amount of time generally not exceeding nine business days.

·       If we choose to accept a check as your agent for collection rather than to deposit it, these delay limits do not apply. The money will be posted to your account when received by us.

Location of Check Endorsements
Federal law requires all check endorsements to be in the first 1-1/2 inches of the trailing edge on the back of the check. The trailing edge is opposite the left side of the face of the check, the side of the check just behind the address of the financial institution and the account holder. You will be responsible for any costs incurred by the Credit Union due to delays in returning checks deposited into your account that don’t comply with the endorsement standards.

Effective 02.27.10