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ElecTel Cooperative Federal Credit Union
Funds Availability Policy

Our policy is to make funds from your deposits available to you immediately on the day we receive your deposit, personally or by mail, at the Credit Union office.  At that time, you can withdraw the funds in cash and we will use the funds to pay checks you have written.

For determining the availability of your deposits, everyday is a business day, except Saturdays, Sundays and holidays.  If you make a deposit, or if we receive your deposit by mail before 4:00 p.m. 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, or if we receive your deposit by mail after 4:00 p.m., or on a day we are not open, the deposit will be made on the next business day we are open.

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 cashed would have been available if you had deposited it.

If we accept for deposit a check that is drawn on another bank, 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.

LONGER DELAYS MAY APPLY

In some cases, we will not make all of the funds that you deposit by check available to you immediately.  Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit.  However, the first $200 of your deposits will be available immediately.

If we are not going to make all the funds from your deposit available immediately, 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 is made by mail, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposits.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, 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

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 eleventh business day after the day of your deposit.

If you have any additional questions, please contact a Member Service Representative at 1-800-849-5600, or contact us by email at

memberservices@electelfcu.coop

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PRIVACY POLICY
Main Office: PO Box 27306, Raleigh, NC 27611
919-872-2395 | 800-849-5600 | fax: 919-876-8018