YOUR ABILITY TO WITHDRAW FUNDS AT: OREGON COMMUNITY CREDIT UNION
General Policy: Our general policy is to make funds from your deposits (except ATM deposits, which are addressed below) available to you on the same business day that we receive your deposit. Electronic deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit at one of our OCCU facilities before 6 p.m. on a business we will consider that day to be the day of your deposit. However, if you make a deposit after 6 p.m. (night drop, for example) or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Reservation of right to hold: In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check and the channel in which you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $1,000 of your deposit will be available on the first business day. If we are not going to make all of the funds from your deposit available on the first business day after 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 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.
Holds on other funds: 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 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 described elsewhere in this disclosure for the type of check you deposited have subsided.
Longer delays may apply: We may delay your ability to withdraw funds deposited by check an additional number of days for these reasons: 1) We believe a check you deposit will not be paid; 2) Your account was opened within the prior 30 days; 3) You deposit checks totaling more than $5,525 on any one day; 4) You deposit a check that has been returned unpaid; 5) You have overdrawn your account repeatedly in the last six months; 6) There is an emergency, such as a failure of communications or 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 establish a new account or new membership (assuming you have no other transactional checking account with OCCU), the following special rules will apply during the first 30 days your account is open. 1) 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 check(s) must be payable to you. The excess of $5,525 will be available for withdrawal not later than the ninth business day following the banking day on which the funds are deposited. 2) If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will be available the second business day after the day of your deposit. Funds from all other check deposits will be available on the seventh business day after the day of your deposit. If you have an already established membership or account with us, subsequent accounts may not be subject to special rules.
Deposits at Automated Teller Machines (ATMs): Funds from deposits under $1,000 (cash and/or checks) made at ATMs will generally be available the day of the deposit. Funds from deposits over $1,000 made at ATMs that we own or operate will generally be available on the next business day after the day of the deposit. Funds from deposits of $1,000 or more (cash and/or checks) deposited at ATMs that we do not own or operate generally will not be available until the fifth business day after the date of the deposit. All ATMs that we own or operate are identified as our machines.
Deposits through mobile devices: Funds from check deposits under $1,000 (checks only) made through the deposit feature on your mobile device will generally be available on the day we receive the deposit. Depending on the type of check that you deposit, funds may not be available until the seventh business day after the day of the deposit. However, the first $1,000 of your deposit will be available on the first business day.
Revised December 31, 2020