Funds Availability Policy

River Valley Credit Union Funds Availability

Effective 2/20/2013

This policy statement applies to all deposit accounts.

Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available to you on the day we receive the deposit. Once they are available, 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Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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 on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Cash deposits and electronic payments will be available on the same day as deposited.

Funds will be available on the same business day for cashiers checks, River Valley Credit Union checks, United States Postal Service money orders, checks drawn on the Treasury of the United States and deposited in an account held by a payee of the check and payroll checksfrom a known local employer.

Funds will be available from local checks (checks that are drawn on a bank in the same check-processing region as River Valley Credit Union) on the day after the deposit is made to the account.

If we cash a check for you that is drawn on another financial institution, 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.

Deposits made at our ATMs are available for withdrawal on the next business day. Deposits made after 3:00pm are considered to be made on the next business day. ATMs that we own or operate are identified as our machines.

Longer Delays May Apply: In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit (or, on the same day we receive your deposit) Funds may not be available until the second business day. Even longer delays may apply for reasons noted below where your funds will generally be available no later than the seventh business day after the day of your deposit.

If we are not going to make all of the funds from your deposit available on the first business day after we receive your deposit, 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. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

1.  We believe a check you deposit will not be paid

2.  You deposit checks totaling more than $5000 on any one day

3.  You redeposit a check that has been returned unpaid

4.  You have overdrawn your account repeatedly in the last six months

5.  There is an emergency, such as failure of communications or computer 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 into your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5000 of a day’s total deposits of cashiers, 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. The excess over $5000 will be available on the seventh business day after the day of your deposit. If your deposit of these checks (other than a United States Treasury check) is not made in person to one of our employees, the first $5000 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 eleventh business day after the day of your deposit.