Our policy is to not delay the availability of deposited funds any longer than necessary. During any required delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.
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. End of business is considered to be 6:00 p.m. or the hour in which the branch closes. Refer to a SEFCU Branch Hours and Locations Brochure.
The length of the delay varies depending on the type of deposit and is explained below.
Immediate Availability
Funds from the following deposits, made payable to you, are available immediately:
· U.S. Treasury check
· NYS government check
· Local government check
· Checks drawn on SEFCU
· U.S. Postal money order
· Disability checks
· Worker's compensation checks
· Traveler’s checks
· Loan payments
· Cash
· Cashier's, certified, and teller's checks that are payable to you
· Any other checks of $100 of less
Later Availability
The delay for other check deposits depends on whether the check is local or non-local. This is determined by looking at the routing number along the bottom of the check. A local check is identified by a routing number that begins with 02XX or 22XX, or 0311 or 2311 in Binghamton. All other combinations of numbers designate the check as non-local.
There are two types of checks used in depositing, and our policy on the availability of funds from these checks is as follows:
· The first $100.00 of a check deposit is available on the first business day after the day of your deposit.
· LOCAL CHECKS: TWO-BUSINESS DAY HOLD. The first $100.00 is held for one business day; the remaining funds are held for two business days after your deposit.
· NON-LOCAL: FIVE-BUSINESS DAY HOLD. The first $100.00 is held for one business day; the remaining funds are held for five business days after your deposit.
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 10 business days.
Funds you deposit by check may be delayed for an extended period under the following circumstances:
1. You deposit checks totaling more than $5,000.00 on any one day.
2. We believe a check you deposit may not be paid.
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.
6. You do not make your deposit in person to one of our employees (for example, you mail the deposit or use an automated teller machine). Funds from these deposits may not be available until the second 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:
The first $5,000.00 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,000.00 will be available on the ninth business day after the day of your deposit.
Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer.
Funds from deposits of cash, as well as the first $5,000.00 of a day's total deposits of cashier's, certified, teller's, traveler's, and 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 $5,000.00 will be available on the ninth business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,000.00 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.
*Two business days if done through any non-staffed method (ATM, etc.).