Funds Availability | Deposit Insurance | Account Terms | Electronic Funds Transfer | Regulation D
We know that it is important for you to understand when a deposit you make
to your account will become available to you for use. This brochure explains our Funds Availability Policy.
This policy applies to "transaction" accounts. Transaction accounts, in general, are accounts that
permit an unlimited number of payments to third persons and an unlimited number of telephone and
preauthorized transfers to other accounts of yours with us. Share draft checking accounts are the
most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.
During the delay of the availability of your funds, you may not withdraw the funds in cash
and we will not use the funds to pay checks that you have written. Please remember that even
after we have made funds available to you and you have withdrawn the funds, you are still
responsible for checks you deposit that are returned to us unpaid, and a return item fee, and
for any other problems involving your deposit.
The length of the delay is counted in business days, from the day of y
our deposit. Every day is a business day except Saturdays, Sundays and federal holidays. If you make
a deposit during normal office hours on a business day that we are open, we will consider that day
to be the day of your deposit. If you make a deposit at an Automated Teller Machine (ATM) before
3:00 PM 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 at an ATM after 3:00 PM, or on a day we are not open, we will consider
the next business day to be the day of your deposit.
The length of the delay varies, depending on the type of deposit and is explained below.
Funds from electronic direct deposits (such as Social Security and payroll
payments), cash deposits and wire transfers to your account will be available on the day we receive the deposit.
Funds from the following deposits will also be available on the day we receive your deposit:
- U.S. Treasury checks that are payable to you
- Checks drawn on Sun East Federal Credit Union
- Pennsylvania state and local government checks that are payable to you
- Cashier's, certified and teller's checks that are payable to you
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and U.S. Postal
money orders that are payable to you
The delay for other check deposits depends on whether the check is a local or a nonlocal check.
To determine whether a check is a local or a nonlocal check, look at the routing number on the check.
The first four digits of the personal and business routing numbers (1234 in our examples) determine
whether the check is a local or a nonlocal check).
If the first four digits of the routing number are 0300-0399 or 2300-2399, then the check is a
local check. Some checks are marked "payable through" and have a four or nine-digit number nearby.
For these checks, use the four-digit number (or the first four digits of the nine digit number),
not the routing number on the bottom of the check, to determine if these checks are local or nonlocal.
Our policy is to make funds from local and nonlocal checks available as follows:
- Local checks. The first $100, from a deposit of a local check, will be available on the
same day as your deposit. The remaining funds will be available on the second
business day, after the day of deposit. For example, if you deposit a local check of $700 on a Monday,
$100 of that deposit is available on Monday. The remaining $600 is available on Wednesday.
- Nonlocal checks. The first $100, from a deposit of a nonlocal check, will be available on
the same day as your deposit. The remaining funds will be available on the
fifth business day, after the day of your deposit. For example, if you deposit a $700 nonlocal check
on Monday, $100 of that deposit is available on Monday. The remaining $600 is available on Monday, of
the following week. If your deposit includes more than one check (whether local, nonlocal or both),
only a cumulative total of $100 from those checks will be available on the same day as your deposit,
not $100 from each category of check.
Funds you deposit by check may be delayed for a longer period, under the following circumstances:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account in the last six 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 for local checks, and, the eleventh business day for nonlocal checks.
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 and wire transfers to your account will be available on the day we
receive the deposit. Funds from deposits of cash, 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 same
day as 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. Funds from all other check deposits will be available on the tenth business day,
after the day of your deposit.
Important Information About Procedures
for Opening a New Account |
To help the government fight the funding of terrorism and money laundering
activities, Federal law requires all financial institutions to obtain, verify, and record
information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask you for your name,
address, date of birth, and other information that will allow us to identify
you. We may also ask to see your driver's license or other identifying documents.
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All ATM's that we own or operate are identified as our machines. Funds deposited at our ATM machines
will be available as follows:
- Local checks. The first $100, from a deposit of a local check, will be available at
the time of deposit. All remaining funds will be available on the second business day,
after the day of deposit. For example, if you deposit a local check of $700 on a Sunday,
$100 is immediately available to you. The remaining $600 is available on Wednesday.
- Non-local checks. The first $100, from a deposit of a non-local check, will be available at the time of deposit.
All remaining funds will be available on the fifth business day, after the day of deposit. For example,
if you deposit a non-local check of $700 on a Sunday, $100 is immediately available to you. The remaining $600 is
available on Monday of the following week.
Funds deposited at ATM machines that are not owned or operated by Sun East Federal Credit Union will not be available
until the fifth business day, after the day of deposit. The first $100 from the deposit will be available at the time of deposit.
For example, if you deposit a check of $700 on a Sunday, $100 is immediately available to you, the remaining $600 is
available on Monday of the following week.
Courtesy Pay is a service that allows us to pay an item presented against your checking account even if it causes the account to become overdrawn.
Courtesy Pay may provide certain accountholders in "good standing" with the ability to overdraw their checking account up to $750. The Courtesy Pay limit includes any overdraft fees ($32/item) assessed.
If the account has been open at least 60 days and maintained in good standing, defined as A) Making regular deposits sufficient to cover transactions; B) Bringing the account to a positive balance at least once every thirty days or less, and; C) There are no legal orders outstanding on your account, we may, at our sole discretion, pay overdrafts up to the limits mentioned above, including our normal Non-Sufficient Funds or Courtesy Pay charge(s). Whether we pay or return an item, your account will be assesssed a fee, either as a Courtesy Pay charge or a Non-Sufficient Funds charge but you will not be charged both fees. Our current charge per item is $32, which may be changed with prior notice to you. Using Courtesy Pay may be more costly than other overdraft payment options we may offer. Please speak to a representative to see if you qualify.
This non-contractural courtesy of paying items requires no accountholder action. It is not a loan. No additional agreements need to be signed, and it costs nothing unless the privilege is used - by initiating checks, electronic funds transfers, or other payment or withdrawal requests for more than is on deposit in the account. If you maintain the account in good standing and have need for this "courtesy", we may, at our sole discretion, pay the item(s) up to the authorized limit, and we will charge the account our normal Non-Sufficient Funds and/or Courtesy Pay charge for each item that overdraws the account. We will send you a notice each time an overdraft occurs.
If you receive a direct deposit of your monthly Social Security payment into your checking account and do not want Courtesy Pay eligibility, you must advise us to stop us from paying your overdrafts with these funds.
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