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Availability of Funds

 

Tonawanda Valley Federal Credit Union’s policy is to make funds from your deposits available immediately after receiving your deposit. At that time, you can withdraw the deposited funds in cash and we will be able to use the funds to pay checks that you have written.

For determining the availability of your deposits, every day is considered a business day except for Saturday, Sunday, and federal holidays. Should you make a deposit on a business day we are open, we will consider that to be the day of your deposit. If you make a deposit on a day we are closed, we will consider that the deposit was made on the next business day we are open.

Delays in Availability of Funds

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

If we are not going to make all of the funds from your deposit available immediately, we will notify you at the time of the deposit. We will also tell you when the funds will be available. If your deposit is not made directly with one of our employees, or if we decide to take this action after you have left the premises, we will mail you a notice by the day after we receive your deposit.

Funds you deposit by check may be delayed for a longer period under the following circumstances:

  • You have been a member of the Credit Union for less than 30 days.

  • We believe a check you deposit may 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 repeatedly overdrawn your account in the last six months.

  • There is an emergency, such as failure of communication or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and will tell you when the funds will be available. They will generally be available no later than the seventh business day after your deposit.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

 

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