CLEVELAND SELFRELIANCE FEDERAL CREDIT UNION
6108 STATE ROAD PARMA, OHIO 44134
Monday, Tuesday, Thursday, Friday, and Saturday
Excluding Federal Holidays and January 7
Phone: (440) 884-9111
FUNDS AVAILABILITY POLICY
This policy statement applies to transaction accounts. SHARE DRAFT ACCOUNTS (CHECKING ACCOUNTS).
Our Policy is to delay the availability of funds from your check deposits. During the delay, you may not withdraw the funds in cash and we will not use the funds to paychecks 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 Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. We reserve the right not to accept deposits.
DETERMINING THE AVAILABILITY OF A DEPOSIT
The length of the delay is counted in business days from the day of your deposit. For this policy, every day is a business day except Saturdays, Sundays, federal holidays, and January 7. If you make a deposit before closing 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 closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
The length of the delay varies depending on the type of deposit and is explained below.
If you make a deposit at an ATM before 1:00 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 1:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Same-Day Availability
- Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
- Wire transfers.
- Cash deposits made to a teller.
Next-Day Availability
Funds from The following deposits are available on the first business day after the day of your deposit:
- U.S. Treasury checks that are payable to you.
- Checks drawn on Cleveland Selfreliance Federal Credit Union.
- 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 postal money orders, if these items are payable to you.
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day we receive your deposit.
Other Check Deposits
Funds from other check deposits will not be available until the second business day after the day of your deposit. The first $225 of your deposits, however, will be made available on the first business day.
Checks drawn on banks located outside the United States are not subject to this policy. Please inquire regarding the availability at the time you make such deposits.
LONGER DELAYS MAY APPLY:
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 $5,525 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six months,
- There is an emergency, such as failure of computer or communications 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.
