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Regulation CC Disclosure

Regulation CC Disclosure On Funds Availability
Important information on deposits, holds, and withdrawals

Effective January 1, 1995

Our policy is to delay the availability of funds that you deposit in your account. During the delay, you may not withdraw the funds in cash and we will not 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

Determining the Availability of a Deposit. The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays and federal holidays. If you make a deposit 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 on a day we are not open, we will consider that the deposit was made on the next business day we are open.

The length of the delay varies depending on the type of deposit and is explained below.

Same-Day Availability. Funds from the following deposits are available on the day we receive the deposit:

If you make the deposit in person to one of our employees, funds from the following deposits are also available on the day of your deposit.

If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day of your deposit.

Other Check Deposits. The delay for other check deposits depends on whether the check is a local or nonlocal check. To see whether a check is a local or nonlocal check, look at the routing number on the bottom of the check starting from the right:

Personal check:

123456789 0000000000 000
(Routing Number)

Business check:

000000000 123456789 0000000000 000
(Routing Number)

If the first four digits of the routing number 1234 in the examples above are:

then the check is a local check. Otherwise, the check is a nonlocal check. Our policy is to make funds from these checks available as follows:

  1. Local checks. The first $100 from a deposit of local checks will be available on the first business day after the day of your deposit for cash withdrawal and to pay checks you have written to others.   The remainder generally will be available on the second business day after the day of your deposit for both of these purposes.

    For example, if you deposit a local check of $700 on a Monday, $100 of the deposit is available on Tuesday to pay checks to others and to withdraw in cash. The remaining $600 is available on Wednesday for cash withdrawal and to pay checks you have written to others.

    In some cases, however, depending on the bank on which the check is drawn, special limitations apply to withdrawals in cash. The first $100 will be available for cash withdrawal on the first business day after the day of your deposit. An additional $400 of the deposit may be withdrawn in cash on the second business day after the day of your deposit. All the remaining funds will be available for cash withdrawal on the third business day after the day of your deposit.

    In these cases, for example, if you deposit a local check of $700 on a Monday, $100 of the deposit is available on Tuesday to pay checks to others and to withdraw in cash. The rest is available to pay checks on Wednesday. On Wednesday you may withdraw another $400 of the deposit in cash and you may withdraw the rest in cash on Thursday.

  2. Nonlocal checks. The first $100 from a deposit of nonlocal checks will be available on the first business day after the day of your deposit for cash withdrawal and to pay checks you have written to others. The remainder will be available on the fifth business day after the day of your deposit for both of these purposes.

    For example, if you deposit a nonlocal check on a Monday, $100 of the deposit is available on Tuesday to pay checks to others and to withdraw in cash. The remaining funds from the deposit are available on Monday of the following week for cash withdrawal and to pay checks written to others.

    If you deposit both categories of checks, $100 from the checks will be available on the first business day after the day of your deposit not $100 from each category of check.

  3. Certain other checks. We can process nonlocal checks drawn on financial institutions in certain areas faster than usual. Therefore, funds from deposits of checks drawn on institutions in those areas will be available to you more quickly.

    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. For example, if we cash a $100 local check for you, $100 of funds already in your account will not be available until the second business day after the day we cashed the check.

    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

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

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 15th business day after the day of your deposit.

Deposits at Automated Teller Machines

Checks deposited at Credit Union owned and operated ATMs will be available according to the schedule set forth above. Checks deposited at ATMs we do not own or operate may not be available until the fifth business day after the day of your deposit.

Shared Service Center Availability

Shared service centers are defined as those offices where members of many different credit unions are able to perform transactions to their own credit union account. The Credit Union's policy at shared service centers is to make funds from your deposits available to you in the same manner as if your deposit was made at the Credit Union. A deposit at a shared service center is considered received when it is accepted with all appropriate endorsements. For determining the availability of your deposits, every day is a business day that your own credit union is open which may differ from the days the shared service centers are open. If you make a deposit on a day your credit union is open, that day will be considered the day of deposit. However, if you make a deposit at a shared service centers on a day your credit union is not open, your deposit will be considered made on the next business day your credit union is open.

Longer Delays May Apply - Shared Service Centers

In some cases, all of the funds that you deposit by check will not be available to you on the same business day you make the deposit. Depending upon the type of check you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposits will be available on the first business day after the day of your deposit.

If all of your funds from your deposit are not available on the same business day, you will be notified at the time you make your deposit as to when your funds will be available. If your deposit is not made directly to a shared service centers employee, or if a deposit hold is placed after you have left the premises, a notice will be mailed to you by the business day after your deposit is received.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, funds you deposit by check may be delayed for a longer period if there is an emergency such as failure of a communications or computer equipment. Should such an emergency occur, we will notify you and tell you when the funds will be available. They will generally be available no later than the second business day after the day of your deposit.

UNITY CREDIT UNION
7240 East Twelve Mile Road
Warren, Michigan 48092-4006
Phone (586) 573-4110

 

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