MOUNTAIN AMERICA FEDERAL CREDIT UNION
FUNDS AVAILABILITY POLICY
When Your Funds Are Available for Withdrawal
The Funds Availability Chart applies to funds deposited into a checking account. The schedule does not apply to certificate or savings account deposits. This policy establishes when funds from your deposits (of cash, electronic deposit, or negotiable instrument) are available for withdrawal. In the chart, the term “business day” includes every day, except Saturdays, Sundays, and federal or state holidays. Any reasonable cause to doubt collectability, emergency conditions, and repeat overdrafts may result in longer holds.
In some cases, we will not make all the deposited funds available on the same day as the day of the deposit. In these instances, we will notify you at the time of deposit and 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 delay availability of your funds after you have left the branch location, we will provide notice to you no later than one (1) business day after the delayed availability of funds.
Foreign Checks. The Credit Union does not process checks drawn on financial institutions located outside the U.S. (foreign checks).
Funds Availability Chart
| Normal Availability | ||
|---|---|---|
| When the deposited item is… | And the deposit is… | Then the availability is… |
| Deposited in person to the named payee’s account Or Verified on-us items Or Preauthorized (direct deposit) | Same or next business day |
| Deposited into account other than named payee Or Not deposited in person by the payee | By the second business day |
| Deposited in person to the named payee’s account Or Deposited into account other than named payee Or Not deposited in person by the payee | First $275 of overall deposit available by next business day; remainder available by second business day |
| Deposits at a Mountain America ATM | By the second business day |
| Deposits at a non-Mountain America ATM | By the fifth business day | |
| Check deposit amount over $6,725 | Subject to large deposit exception table |
| New Accounts—During the First 30 Calendar Days | ||
|---|---|---|
| When the deposited item is… | And the deposit is… | Then the availability is… |
| Deposited in person Or Verified on-us items Or Preauthorized (direct deposit) | By the same or next business day |
| ||
| Amounts up to $6,725 deposited in person and deposited into the named payee's account | By the next business day | |
| Amounts up to $6,725 not deposited in person and deposited into named payee’s account | By the second business day | |
| Amounts over $6,725 | By the seventh business day | |
| Deposited in person to the named payee’s account Or Deposited into account other than named payee Or Not deposited in person by the payee | First $6,725 by the second business day; remainder available by the seventh business day |
| Large Deposit Check Exceptions (New Accounts & On-Us Checks Excluded) | ||
|---|---|---|
| When the deposited item is… | And the deposit is… | Then the availability is… |
| Deposit in person to the named payee’s account Or Verified on-us items Or Preauthorized (direct deposit) | First $6,725 of overall deposit available by same or next business day; remainder by the seventh business day |
| Deposited into account other than named payee Or Not deposited in person by the payee | First $275 of overall deposit available by next business day; next $6,450 of overall deposit available by second business day; remainder available by seventh business day | |
| Deposited in person And Deposited into the named payee’s account | First $275 of overall deposit available by next business day; next $6,450 of overall deposit available by second business day; remainder available by seventh business day |
