MITFCU Funds Availability Policy
This policy statement applies to all accounts. According to the "Funds Availability Policy," during a hold period you may not withdraw held funds and we will not use the held funds to clear any debit transactions on your account.
Our policy is to make funds from your check deposits available to you on the second business day after the day we receive your deposit, with the first $200 available on the first business day after the day of your deposit. Electronic direct deposits will be available on the day we receive the deposit. Cash, wire transfers, and some specified check deposits will also be available before the second business day, as detailed below. Once the funds are available, you can withdraw them 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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 a deposit every day is a business day except Saturdays, Sundays, federal holidays, MIT holidays, and special closings. If you make a deposit at a teller window before end of business 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 end of business 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 making an ATM deposit, please refer to the "ATM Deposits" section of this policy for funds availability.
- Electronic credits (wire transfers, automated clearinghouse credits, etc.)
- Travelers Cheques
- U.S. Treasury checks
- Federal Reserve and Federal Home Loan Bank checks
- Checks drawn by a state or unit of local government
- Cashier’s, certified, and Treasurer’s checks
- System-generated Payroll checks
- On-us checks
- Checks issued by MIT and MIT affiliates
If deposits of the following items were not made in person to an employee of the Credit Union (for example, if you mail the deposit), the Credit Union may delay availability of funds until the 2nd business day following the date of deposit: cash, state or local government checks, cashier’s, certified, and teller’s checks, or Federal Reserve Bank checks, and Federal Home Loan Bank checks.
The first $200 from a deposit of other checks 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.
If we cash a check for you that is drawn on another bank, 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 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.
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.
- New membership
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of computer or communications equipment.
- Third-party checks
- Foreign collection items
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.
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 on the first business day after the day of your deposit 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 on the ninth business day after the day of your deposit.