Our policy is to not delay the availability of funds that you deposit into your account 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.
Determining the Funds 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. 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.
Unless a longer delay applies, as described below, funds from the following deposits are available immediately:
- U.S. Treasury checks that are deposited in an account held by a payee of the check
- Wire transfers, including pre-authorized credits, such as Social Security benefits and payroll payments
- Checks drawn on SEFCU
- State and local government checks that are deposited in an account held by a payee of the check
- Cashier’s, certified, and teller’s checks that are deposited in an account held by a payee of the check
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are deposited in an account held by a payee of the check
- Traveler’s cheques
- Loan Payments
Our policy on the availability of funds from check deposits is as follows:
Unless an exception applies, the delay for other check deposits, including deposits made at point-of-banking (POB) locations will be a maximum of two business days following the banking day of deposit. Thus, a check deposited on Monday will generally be available for withdrawal on Wednesday, although the first $200 will be available the next day.
Longer Delays May Apply
Funds you deposit by check, above the first available $200.00, may be delayed for an extended period under the following circumstances:
- You deposit checks totaling more than $5,000.00 on any one day
- We believe a check you deposit may not be paid
- You re-deposit 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 communications or computer equipment
- If you do not make your deposit in person to one of our employees (for example, if you mail the 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. If we place an extended hold, funds from your deposit will generally be available no later than the seventh business day after the day of your deposit
Example of Extended Hold
In the event you deposit a check totaling $7,000.00 on any one day, the first $200.00 will be available to you the next day. The next $4,800.00 will be available on the second business day after your deposit. The remaining will be available on the seventh business day after 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 and 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.