Reg CC

This disclosure describes your ability to withdraw funds at Parish Federal Credit Union. It only applies to the availability of funds in transaction accounts. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy.

1. General Policy.

Our policy is to make funds from your cash and check deposits 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 they 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 before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after the close of business or on a business day we are not open, we will consider that the deposit was made on the next business day we are open.

2. Reservation of Right to Hold.

In some cases, we will not make all of the funds you deposit by check available to you on the same business day that we receive your deposit. Funds may not be available until the second business day after the day of your deposit. However, the first $200.00 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, 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 if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you need the funds from a deposit right away, you should ask us when the funds will be available.

3. 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 that are described elsewhere in this disclosure for the type of check that you deposited.

4. Longer Delays May Apply

We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

  • We believe a check you deposited will not be paid.
  • You deposit checks totaling more than $5,000 on any one (1) day.
  • You deposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six (6) months.
  • 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 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.

5. 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. 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 $5,000 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 next 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 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a US Treasury check) is not made in person to one of our employees, the first $5,000 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 thirtieth calendar day after the day of your deposit.

6. Deposit at Nonproprietary ATMs

Funds from any other deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

7. Cash Withdrawal Limitation

We place certain limitations on withdrawals in cash. In general, $200 of a deposit is available for withdrawal in cash by the first business day after the day of the deposit. In addition, a total of $400 of other funds becoming available on a given day will be available for withdrawal in cash at or after 2:00 p.m. on that day. Any remaining funds will be available for withdrawal in cash the following business day.

8. Deposits at Shared Branches

Funds from the following types of deposits will be available for withdrawal on the same business day that you make a deposit at the shared branch:

  • Cash
  • US Postal Money Orders
  • US Treasury, Federal Reserve Bank, and Federal Home Loan Bank checks
  • State and local government checks, if the shared branch is located in the same state as the payor of the check; and
  • Computer-generated payroll checks in amounts of $2500 or less that are imprinted with the term "payroll" or "payroll account" and include the corresponding paystub.
  • Funds from all other deposits will be available on the first business day following the date the deposit is made at the shared branch.

    Funds from your deposit may not be available according to this schedule. You will be notified at the time you make your deposit when the funds will be available.