Determining the Funds Availability of a Deposit
Our policy is to not delay funds available that you deposit into your account any longer than necessary. During any required delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.
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 January 1, the third Monday in January, the third Monday in February, the last Monday in May, July 4, the first Monday in September, the second Monday in October, November 11, the fourth Thursday in November, or December 25. If January 1, July 4, November 11, or December 25 falls on a Sunday, the next Monday is not a business day. End of business is considered to be 6:00 p.m. or the hour in which the branch closes. Refer to Niagara’s Choice’s Branch Hours and Locations listing. The length of the delay varies depending on the type of deposit and is explained below.
- Immediate Availability
- Unless a longer delay applies, as described below, funds from the following deposits are available immediately.
- U.S. Treasury checks that are deposited in an account held by a payee of the check
- Wire transfers, including pre-authorized credits, such as Social Security benefits and payroll payments
- Checks drawn on Niagara’s Choice FCU
- State and local government checks that are deposited in an account held by a payee of the check
- Cashier’s, certified, and teller’s checks that are deposited in an account held by a payee of the check
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and U.S. Postal Service money orders, if these items are deposited in an account held by a payee of the check
- Loan Payments
- Our policy on the availability of funds from check deposits is as follows:
- Check Delays
Unless an exception applies, the delay for other check deposits, including deposits made at point-of-banking (POB) locations will be a maximum of two business days following the banking day of deposit. Thus, a check deposited on Monday will generally be available for withdrawal on Wednesday, although the first $200 will be available the next day. Longer Delays May Apply
Funds you deposit by check, over the first available $200, may be delayed for an extended period if you deposit checks totaling $5,000 on any one day.*
For the following circumstances, the full amount of the deposit will be held until the date disclosed on the extended hold notice:
- We believe a check you deposit may not be paid.
- 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.
- If you do not make your deposit in person to one of our employees (for example, if you mail the deposit).
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. If we place an extended hold, funds from your deposit will generally be available no later than the seventh business day after the day of your deposit.
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:
- The first $5,000.00 of deposits of U.S. Treasury checks will be available on the first business day after the day of your deposit. Amounts over $5,000.00 will be available on the ninth business day following the day of deposit.
- Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer.
- Funds from deposits of cash and the first $5,000.00 of a day’s total deposits of cashier’s, certified, teller’s, Traveler’s, and state and local government checks will be available on the first business day after the day of your deposit, if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000.00 will be available on the ninth business day after the day of your deposit. If your deposit of checks is not made in person to our employee, the first $5,000.00 will not be available until the second business day after the day of your deposit.
- Funds from all other check deposits will be available on the ninth business day after the day of your deposit.
* In the event you deposit a check(s) totaling $7,000 on any one day, the first $200 will be available to you the next day. The next $4,800 will be available on the second business day after your deposit. The remaining $2,000 will be available on the seventh business day after your deposit.