MECE Credit Union will establish maximum holds, which may be placed on deposits made by checks.  This policy will provide consistent guidelines for Credit Union employees, control losses to the Credit Union, and comply with

Availability Policy

• Members may withdraw on the same business day funds that are deposited to their account by cash, checks drawn on domestic depository institutions, U.S. Treasury checks, U.S. Postal Service money orders, Federal Reserve Bank checks, Federal Home Loan Bank checks, cashier’s checks, certified checks, teller’s checks, on-us checks, and state or local government checks.
• Members may withdraw deposits made by electronic payment on the same business day funds are deposited to their account.
• Credit Union business days exclude Saturdays, Sundays, some federal and state holidays, but include all other calendar days.
• Deposits made prior to 4:30 p.m. are considered made on the business day they are received at the Credit Union.
• Deposits can be made with the Credit Union during regular business hours or by electronic deposit.
• The Credit Union will only cash checks or share drafts for holders of accounts at this Credit Union.  Cash disbursements larger than $500.00 per day are permitted only if the cash withdrawal can be done under conditions consistent with bonding, risk management requirements, and the funds availability policy.
• To comply with the Expedited Funds Availability Act the first $225.00 of a non-“next-day” check(s) will be made available the next day.

Exceptions to Availability Policy

• A one-day hold may be placed on total check deposits that exceed $5,525.00.
• A one-day hold may be placed on a redeposit of a check, which had been returned unpaid.
• A one-day hold may be placed on deposits made by a member who has been overdrawn at least six times in the last six months or had insufficient funds in excess of $5,525.00 in the last six months.
• The Credit Union may delay funds availability and place a seven-day hold on deposits due to excessive overdraft activity, large personal check deposits, and checks that are unable to be verified.  These holds will be subject to management approval and a notice will be given to the member.
• When deposits made by cash, U.S. Postal Service money order, Federal Reserve Bank checks, Federal Home Loan Bank checks, state or local government checks, cashier’s checks, or teller’s checks are not made in person, the funds may be made available on the fifth business day.
• ATM deposits may be made available on the fifth business day.
• Funds from local checks will be made available by the second business day following the deposit.  These exceptions do not apply to cash, electronic payments, U.S. Treasury checks, U.S. Postal Service money orders, Federal Reserve Bank checks, Federal Home Loan Bank checks, cashier’s checks, teller’s checks, state and local government checks, money orders, certified checks and electronic deposits.