Funds Availability Policy

We make sure you have access to your funds as quickly as possible while still protecting you and your accounts.

Our funds availability policy describes your ability to withdraw funds at Spectrum Credit Union as well as the parameters we put in place to protect you and your accounts.

When you belong with us, we work hard to deliver your funds to you in a quick and efficient manner. However, there are some instances in which we are required to delay availability of certain funds in order to protect you and your accounts. 

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for any amounts you deposit that are returned to us unpaid and for any other problems involving uncollected funds in your deposit.

Determination of availability based on business days

For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and federal holidays. You may make a deposit at a Spectrum Credit Union drop box before the posted cutoff time on a business day that we are open, and we will consider that day to be the day your deposit was made. Otherwise, we will consider that the deposit was made on the next business day we are open. Cutoff times may vary on some days or at some locations.

Electronic direct deposits

Electronic direct deposits will generally be available on the day we receive the deposit. At that time, except if notified otherwise, you can withdraw the funds in cash, and we will use the funds to pay checks that you have written.

Checks drawn on another financial institution

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 financial institution, we may make funds from the deposit available for withdrawal immediately but delay your ability 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

Case-by-case delays
In some cases, we will not make all the funds that you deposit by check available to you immediately. Depending on the type of deposit you made, funds may not be available until the second business day after the day of your deposit. However, at a minimum, the first $225 of your deposit will be available on the same day we receive your deposit.

If we are not going to make all the funds from your deposit available to you immediately, we will notify you at the time you make your deposit. We will also notify you about when you can expect the funds to 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 send 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.

Safeguard exceptions
Funds you deposit by check may also 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 $5,525 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 notify 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.

CHECK ENDORSEMENT RULES

The Funds Availability Act requires payee endorsements to appear within 1 1/2 inches from the "trailing" edge on the back of all checks. The trailing edge is on the left as you look at the front of a check; use the same edge on the back (which is directly behind the printed address on the front) to determine your endorsement area.

This limited endorsement area must also be used for: 1) any subsequent endorsements (i.e., if you endorse a check and then give it to someone else to negotiate, his/her endorsement must also appear within this area), and 2) any requested identification information.

If you write anything outside of the 1 1/2 inch area, the check may be returned unpaid or delayed in its processing. Any liability due to the improper placement of your endorsement will be passed on to you as a charge against your account. You are liable for any charges due to your improper endorsement.

NEW ACCOUNTS

If you are a new customer, the following rules will apply during the first 30 days your account is open:

Funds from electronic direct deposits to your account will generally be available on the day we receive the deposit. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, 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 (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth business day after the day of your deposit.

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