Funds Availability Policy

River Valley Credit Union Funds Availability

Effective 9/23/2019

Overview:
This policy applies to all deposit accounts.

It is the policy of River Valley Credit Union to make all deposits available when the deposit is posted. Once funds are available they may be withdrawn in cash and/or the funds can be used to pay checks, ACH withdrawals and debit card transactions.
Cash and electronic deposits will be available on the same day as the deposit.

Responsibility:
It is the responsibility of the Branch Administrator to review and update this policy annually and it is the responsibility of the Board of Directors to approve the policy.
If a deposited check is returned unpaid it is the responsibility of the member to cover the check balance. The account may be drawn negative in the event funds are not available in the deposit account to cover the return; it will then be the member’s responsibility to bring the account to a positive balance.

Training:
Training is to be completed by branch or department managers. Annual training for Reg CC is required for all staff.

Risk Mitigation:
River Valley Credit Union utilizes a third-party system for monitoring check fraud and returned items. Advanced Fraud Solution’s product TrueChecks is a front line solution for check monitoring. All checks drawn for $800.00 or greater with the exception of local payroll, US Treasury and State of Vermont checks must be entered into TrueChecks to help determine if a hold is necessary.
All Postal money orders are verified by the provided phone number 866-459-7822 before being accepted.

Case by Case Holds:
In some cases funds will not be made immediately available from check deposits, in these cases members will be notified at the time of deposit. If the member is not present at the time of deposit or a hold decision is made after the member has left; every attempt will be made to contact the member via telephone. A mailed notice will be sent no later than the day after the date of deposit.
Case by case holds into a checking account will follow Regulation CC rules.
Case by case holds into a savings account although are not regulated by Regulation CC will use the same guidelines
In some cases an extended hold maybe necessary on a check deposit in that case an exception hold will be processed.

Exception Holds:
In some cases funds will not be made immediately available, in these cases members will be notified at the time of deposit. If the member is not present at the time of deposit or a hold decision is made after the member has left; every attempt will be made to contact the member via telephone. A mailed notice will be sent no later than the day after the date of deposit.

Funds may be held for the following reasons:
– We believe a check will be returned unpaid
– The deposited check(s) total more than $5,000.00 on any one day
– The check was previously returned unpaid
– The deposit account has been overdrawn repeatedly in the last six months
– There is an emergency, such as failure of communications or computer equipment

Funds being held as an exception hold will generally be available no later than the seventh business day.

In cases involved accounts that were opened within 30 days of the deposit extended holds may be placed.

In cases involving international check deposits an extended hold may be placed.

Terms:
For determining the availability of your deposits; every day is a business day except Saturdays, Sundays and Federal holidays. If a deposit is made on a day we are not open, we will consider the deposit being made on the next business day.