Electrus Federal Credit Union

Terms and Conditions: Third Party Disclosure


This website includes links and pointers to Internet sites maintained by third parties. Electrus Federal Credit Union does not operate or control in any respect any information, products or services that third parties may provide on a website linked to www.electruscu.com.
 
The materials in this site and the third-party sites are provided “as is” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable law, Electrus Federal Credit Union disclaims all warranties, expressed or implied, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose.
 
Electrus Federal Credit Union does not warrant that this website or any of its functions will be uninterrupted or error-free, that defects will be corrected, or that this site or the servers that make it available, are free of viruses or other harmful components. Electrus Federal Credit Union does not warrant or make any representations regarding the use or the results of the use of the materials in this site or in third-party sites in terms of their correctness, accuracy, timeliness, reliability or otherwise.

FUNDS AVAILABILITY POLICY

YOUR ABILITY TO WITHDRAW FUNDS

This policy statement applies to "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 other accounts might also be under this policy.
 
Our policy is to make funds from your cash, check, and electronic direct deposits available to you immediately. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.
 
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
 
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
 
If we cash a check for you that is drawn on another bank, we may withhold the avallability 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 cashed would have been available if you had deposited it.
 
If we accept for deposit a check that is drawn on another bank, 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 then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

LONGER DELAYS MAY APPLY

Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you immediately. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $200 of your deposits, however, will be available immediately.
 
If we are not going to make all of the funds from your deposit available immediately, 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.
 
Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
   We believe a check you deposit will 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 overdrawn your account repeatedly in the last six months.
   There is an emergency, such as failure of computer or communications 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 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.
 
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 of a day's total deposits of cashier's, certified, teller's, traveler's, and federal, state and local government checks will be available immediately if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth 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 will not be available until the second business day after the day of your deposit.
 
Funds from all other check deposits will be available by the eleventh business day after the day of your deposit.

DEPOSITS AT AUTOMATED TELLER MACHINES

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will be available no later than the first business day after the day of your deposit.

DEPOSITS AT SHARED BRANCHING LOCATIONS

The first $200 from a deposit of checks made at shared branching locations will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.
 
For example, if you deposit a check of $700 on a Monday, $200 of the deposit is available on Tuesday. The remaining $500 is available on Wednesday.
 
This availability policy may vary depending on the shared branch location. If you need funds from a deposit right away please inquire for information about the availability of funds deposited at the shared branch location.