NOTICE OF CHANGE TO OUR FUNDS AVAILABILITY POLICY
The Funds Availability changes are effective July 1, 2020.
Important new information about making withdrawals from your account – We are making changes to our funds availability policy with you. The dollar amounts in bold italics have increased. The result of this change is that, in the circumstance when the updated dollar amounts apply, more money will be made available to you sooner.
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. Share draft 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 check deposits available to you on the second business day after the day we receive your deposit, with the first $225 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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 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.
Funds from cash, electronic direct deposits and wire transfers.
The first $5,000.00 from deposits of cashiers, certified and tellers checks, state and local government checks, Federal Reserve Bank checks, Federal Home Loan Bank checks and postal money orders that are payable to you. The excess over
$5,000.00 will be available on the fifth business day after the day of your deposit.
Other Check Deposits Subject to Second-Day Availability
The first $225 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, $225 of the deposit is available on Tuesday. The remaining
$475 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.
LONGER DELAYS MAY APPLY
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 $5,525 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 deposits of cash, electronic direct deposits and wire transfers will be available on the day we receive the deposit. The first $5,525.00 from deposits of cashier’s, certified, tellers, travelers, checks payable to you will be available on the first business day after the day of deposit. The excess over $5,525.00 will be available on the ninth (9th) 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.
DEPOSITS AT AUTOMATED TELLER MACHINES
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) will be available on the second business day after the day of deposit, except that U.S. Treasury checks that are payable to you deposited at ATMs that we own or operate will be available on the first business day after the day of deposit. Also, the first $225 of a deposit made at ATMs we own or operate will be available on the first business day after the day of deposit. Checks drawn on Central Jersey Federal Credit Union will be available on the first business day after the day of deposit if the deposit is made at an ATM located on our premises.
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