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Funds Availability Policy

This disclosure describes your ability to withdraw funds from all of your accounts at Spencerport Federal Credit Union. Our policy is to make your funds available as expeditiously as possible using safe and sound business practices. All holds are calculated based on business, not calendar days. Business days do not include Saturdays, Sundays or Holidays.

Same Day Availability
(Funds may be used as soon as they are deposited)

  • Cash
  • Federal Government payments made by ACH (automated clearing house) such as SSI, Social Security, or IRS refunds.

Next Day Availability
(Spencerport FCU does not place holds on these items)

The following funds deposited into a member’s account must be available by the next business day.

  • Electronic Payments - Wire transfers, ACH (automated clearing house) transfers are considered received when we receive both
    1. The payment in finally collected funds, AND
    2. payment instructions indicating the account and the amount to be credited.
  • United States Treasury checks deposited into the payee’s account
  • United States Postal Money Orders
  • Checks drawn on Federal Reserve Bank or Federal Home Loan Bank
  • State and local government checks if the Credit Union is located in the same state as the government entity that issued the check
  • Cashiers, certified, official, and teller checks
  • On us checks (Checks drawn on SFCU)
  • Drafts covered by member’s account (Situations where the member’s account balance exceeds the amount of the check/draft)

Other Check Deposits

See chart below to determine when funds from check deposits not on the Same Day or Next Day availability list will be available.

Check amount or Total Deposit Available at time of Deposit Available 2nd business day after Deposit
Over $200 $200 The remaining amount over $200. (Example: if deposited Monday, it would be available Wednesday.)

Longer Delays May Apply

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

  • We have reasonable cause to believe a check that you have deposited will not be paid.
  • You deposit checks totaling more than $5000 on any one day.
  • You deposit a check that was returned unpaid.
  • You have overdrawn your account repeatedly in the last 6 months
  • There is an emergency, such as a failure of communication or computer equipment, war, suspension of payments by another bank, or an emergency condition beyond control of SFCU.

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 7th business day after the day of your deposit. We will usually notify you at the time you make your deposit. You should notify us if you need to make sure when a particular deposit will be available for withdrawal. If your deposit is not made directly with a staff member (such as in our after-hours depository) or if we decide to take this action after you have left the premises, we will mail you a notice by the following business day.

Special Rules For New Accounts

Special rules apply for new accounts that are less than 30 days old, provided none of the members on the account have other transaction accounts at the Credit Union that have been opened for at least 30 days.

  • The first $5000 of deposits of US Treasury checks must be made available on the next business day. Amounts over $5000 into a new account may be held until the 9th business day.
  • Funds from deposits of cash and the first $5000 of a total deposit of cashiers, certified, teller, travelers and state and local government checks will be available on the first business day after the day of deposit as long as they were payable to you. The excess over $5000 will be available on the 9th business day after the deposit.
  • Funds from all other check deposits will be available on the 9th business day after the deposit.

Check Cashing

If we cash a check for you that is drawn on another bank or credit union, 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 cash would have been available if you had deposited it.

(Revised: 6/14/2018)