Funds Availability Policy

Funds Availability Policy as of March 15, 2020

This disclosure describes your ability to withdraw funds from any account at Genesee Co-op Federal Credit Union.

General Policy. Our policy is to make funds available to you as expeditiously as possible using safe and sound business practices. Electronic direct deposits will be available on the day we receive the deposit. Depending on the type of check you deposit, funds may not be available until the second (2^nd) business day after the day of your deposit. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit on a business day we are open during business hours, we will consider that day to be the day of your deposit.  However, if you make a deposit on a day we are closed or on a day we are open but after our business hours, we will consider that the deposit was made on the next business day we are open.

Reservation of Right to Hold. In some cases, we may not make all of the funds you deposit by check immediately available to you. Funds may not be available until the second (2^nd) business day after the day of your deposit. Generally, the first $200 of your deposit will be available on the business day of your deposit ($225 after July 1, 2020.) Government checks, depository checks, checks on-us, payable to you may not be available until the first business day after the day of your deposit.   If we are not going to make all of the funds from your deposit available on the same business day, 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 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 deposit.  If you will need the funds from a deposit right away, you should ask us when the funds will be available.

Longer Delays May Apply.  We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

• We  believe a check you deposit will not be paid
• You deposit checks totaling more than $5,000 ($5,525 after July 1, 2020) on any one day
• You deposit a check that has been returned unpaid
  • You have overdrawn your account repeatedly in the last six (6) 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 seventh (7^th) 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 thirty (30) days your account is open:

• Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
• Funds from deposits of cash, wire transfers, and the first $5,000 ($5,525 after July 1, 2020) of a day’s total deposits of cashier’s, certified, teller’s, travelers, and federal, state, and local government checks will be available on the next 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 ($5,525 after July 1, 2020) will be available on the ninth (9^th) business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 ($5,525 after July 1, 2020) will not be available until the second (2nd) business day after the day of your deposit. Funds from all other check deposits will be available on the seventh (7^th) business day after the day of your deposit.

Mobile Deposits.  Generally, the first $200 ($225 after July 1, 2020) of your deposit will be available no later than the second business day after we receive the deposit (additional delays may apply). The Mobile Deposit Service does not recognize the type of check. Therefore, holds may apply to all checks. Accrual of dividends on deposits made through the Mobile Deposit Service will begin on the day we receive the deposit.

Drop Box Deposits.  If you make a deposit on a day that is not a business day or after the time posted on the drop box, we will consider that the deposit was made on the next business day we are open. If your deposit is a check where the GCFCU Funds Availability Policy would normally be delayed, 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 not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

Foreign Checks. Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.