THE AVAILABILITY OF FUNDS YOU DEPOSIT WITH THE CREDIT UNION
This Disclosure applies to all "transaction" accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Checking accounts are the most common transaction accounts. Feel free to ask us whether any of your accounts are covered by these rules. Please read all provisions carefully in order to fully understand when funds may be available from certain deposits.
Funds "availability" means your ability to withdraw funds from your account, whether those withdrawals are to be in cash, by check, automatic payment, or any other method we offer you for access to your account. If deposited funds are not "available" to you on a given day, you may not withdraw the funds in cash and we may not use the funds to pay items that you have written or honor other withdrawals you request. If we pay items that you have written or honor other withdrawals before funds are available to you, we may charge a fee for this.
Please remember that even after the item has "cleared," we have made funds available to you, and you have withdrawn the funds, you are still responsible for items you deposit that are returned to us unpaid and for any other problems involving your deposit.
DETERMINING THE AVAILABILITY OF A DEPOSIT - ALL ACCOUNTS. The day funds become available is determined by counting business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit in person before our "cutoff time" on a business day we are open, we will consider that day to be the day of your deposit for purposes of calculating when your funds will become available. However, if you make a deposit after the cutoff time, or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
The earliest cutoff time at any of our branches is 5:00 p.m. (local time at the branch).
Deposits you send by mail are considered deposited on the business day it arrives if it arrives by the cutoff time at the branch of deposit.
In all cases, availability of any deposit assumes that a requested withdrawal will not overdraw the account.
IMMEDIATE AVAILABILITY FOR CERTAIN ITEMS. The following types of deposits will usually be available for withdrawal immediately:
Cash (if deposited in person to an employee of ours);
Electronic direct deposits;
Wire transfers; and
The first $200 (raised to $225 effective July 1, 2020) from the aggregate of all other deposits made on any given day.
Cash and wire transfer deposits are subject to the Special Rules for New Accounts and the $200 (raised to $225 effective July 1, 2020) availability is subject to the rule in the section titled Longer Delays May Apply.
Note -- ACH Transfers: If you initiate a wire or ACH transfer from your account at another institution to your Credit Union account (called "ACH debit transfers"), the funds transferred in this way to your Credit Union account will be available on the first business day after the day we receive the deposit, at which time you may withdraw the funds in cash and we may use them to pay checks you have written.
IMMEDIATE AVAILABILITY FOR MOST OTHER ITEMS. Our general availability policy for items not listed in the prior section is to make funds available to you immediately / on the first business day after the day of deposit. We generally make some portion of a day’s deposits available for withdrawal immediately. See the previous section for the types and amounts of deposits that are available immediately.
Use of Person to Person Networks
Transaction(s) conducted through a person-to-person payment service provider that transfers funds, such as the Zelle® network and Cash App, is intended for use among friends and family. There are no protections or warranties for the purchase of goods and services. Carolina Cooperative FCU is unable to pursue these merchants or the 3rd party recipient for recovery on your behalf through the dispute process.