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Funds Availability Disclosure

Revised: December 2017 

 

Funds Availability applies to savings and checking accounts. Our policy is to make funds from your deposits available to you as soon as possible. Electronic direct 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.

Determining the Availability of a Deposit

For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and Federal holidays. If you make a deposit 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 on a day we are not open, we will consider that the deposit was made on the next business day we are open. If you mail your deposit, we will consider the day that we receive the check to be the day of your deposit. The length of delay varies depending on the type of deposit and is explained below.

Effective December 2017

MSCU has the following Funds Availability Policy.

Deposit Item Type Additional Notes

Traditional Deposits

(in branch, electronic deposits or by mail) Availability

ATM Deposits Availability New Accounts Availability
(applies to accounts opened less than 30 days)
Cash, Electronic Direct Deposits, Electronic Payments, Wires   Immediate Immediate Immediate
US Treasury Checks
Federal Checks
State or Local Government Checks
Federal Reserve or Federal Home Loan Bank Checks
Cashier’s, Certified or Teller’s Checks
Traveler’s Checks
Business Checks
Payroll or Insurance Checks
Money Orders
Checks drawn on MSCU
Payable to the account holder, up to $5,000 Immediate $200 Immediate 2nd day
$4800
2nd day
Payable to the account holder, amounts in excess of $5,000 7th day 7th day 7th day
Payable to non-account holder, up to $5,000 2nd day 2nd day 7th day
Payable to non-account holder, amounts in excess of $5,000 7th day 7th day 7th day
Personal Checks First $200 Immediate Immediate Immediate
The remainder of the amount up to $5,000 2nd day 2nd day 9th day
Over $5,000 7th day 7th day 9th day
Special Exception Holds
Reasonable cause to doubt collectability
Redeposit Check
Repeated Overdrafts
Emergency Conditions (power outage or other conditions beyond MSCU control)
  7th day 7th day 9th day