The purpose of this regulation is to ensure a prompt availability of funds deposited by members and to expedite the return of checks.
Our general policy is to provide same-day availability to funds deposited at an The Police Credit Union branch, and to delay availability from deposits made at a shared branch/service center or ATM. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Our policy is as follows:
Same Day Availability: Funds from your cash and check deposits made in person to one of our employees, and funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Deposits at Automatic Tellers: Funds from any deposit made at an ATM we own or operate will be available on the first business day after the day of your deposit. Funds from any deposit made at an ATM we do not own or operate may not be available until the third business day after the day of your deposit, with $200 being made available on the first business day after the day of your deposit.
Deposits at Shared Branch Locations (Service Centers): Funds from a deposit made at a shared branch/service center location may not be available for two business days after the day of your deposit for local checks, five business days for non-local checks. For both local and non-local checks the first $100 will be available on the first business day following the day of deposit. Ask us if you would like a listing of routing numbers for local and non-local checks.
Exception Holds: We reserve the right, on an exception basis, to place a hold (or extend a hold) on checks deposited at the credit union. Should we invoke this right, you will be notified in writing of the hold, and told when the funds will be available (which typically is up to five business days, but in some cases may be more, as permitted by Regulation CC). If the deposit is not made to one of our employees, we will mail you the notice by the day after we receive your deposit.
New Accounts: If you are a new member, funds from a check deposit may be subject to extended holds, as permitted by Regulation CC for new accounts. Generally, these funds will be available on the eleventh business day after the day of deposit, but longer periods are allowed.