Funds Availability
Policy And Disclosure

1.  My Ability to Withdraw Funds.  I understand that your policy is to make funds from my cash and check deposits available to me no later than the 1st business day after the day you receive my deposit.  Electronic direct deposits will be available on the day you receive the deposit.  Once they are available, I can withdraw the funds in cash and you will use the funds to pay checks that I have written.

For determining the availability of my deposits, every day is a business day, except Saturdays, Sundays, and Federal holidays.  If I make a deposit before the close of business on a business day that you are open, you will consider that to be the day of my deposit.  However, if I make a deposit after the close of business or on a day you are not open, you will consider that the deposit was made on the next business day you are open.

2.  Longer Delays May Apply.  In some cases, you will not make all of the funds that I deposit by check available to me by the 1st business day after the day of my deposit.  Depending on the type of check that I deposit, funds may not be available until the 5th business day after the day of my deposit.  The first $100.00 of my deposits, however, may be available by the 1st business day.

If you are not going to make all of the funds from my deposit available by the 1st business day, you will notify me at the time I make my deposit.  You will also tell me when the funds will be available.  If my deposit is not made directly to one of your employees, or if you decide to take this action after I have left the premises, you will mail me the notice by the day after you receive my deposit.

I will tell you if I need the funds from a deposit right away and will ask you when the funds will be available.  In addition, funds I deposit by check may be delayed for a longer period under the following circumstances:

• You believe a check I deposit will not be paid;
• I deposit checks totaling more than $5,000.00 in any one day;
• I redeposit a check that has been returned unpaid;
• I have overdrawn my Account repeatedly in the last six (6) months;
• There is an emergency, such as failure of computer or communications equipment.

You will notify me if you delay my ability to withdraw funds for any of these reasons, and you will tell me when the funds will be available.  They will generally be available no later than the 11th business day after the day of my deposit.

3.  Special Rules for New Accounts.  If I am a new member, I understand that the following special rules will apply during the first 30 days my Account is open:

Funds from electronic direct deposits to my Account will be available on the day you receive the deposit.  Funds from deposits of cash, wire transfers, and the first $5,000.00 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and Federal, State and local government checks will be available by the 1st business day after the day of my deposit if the deposit meets certain conditions.  For example, the checks must be payable to me.  The excess over $5,000.00 will be available on the 9th business day after the day of my deposit.  If my deposit of these checks (other than a U.S. Treasury check) is not made in person to one of your employees, the first $5,000.00 may not be available until the 2nd business day after the day of my deposit.

Funds from all other check deposits will be available by the 11th day after the day of my deposit.

4.  Funds Availability Disclosure for Online Membership Application.  I understand if I open an account through your Online Membership Application process there will be a four (4) business day hold placed on my opening deposit if I choose ACH origination and transfer funds from another financial institution. If I use my credit card, there will be a three (3) business day hold and a two (2) day business hold if I transfer from one of my Point Loma Credit Union Accounts.

5.  Deposits at Proprietary Automated Teller Machines (ATMs).  I understand that any funds (cash or checks) in excess of $100.00 deposited at proprietary ATMs (i.e., ATMs that you own or operate) will not be available to me for immediate withdrawal.  Depending upon the type of item(s) that I deposit, such funds generally will not be available until the 2nd business day after the day of my deposit.  Proprietary ATMs will display the Point Loma Credit Union name and logo.  A list of proprietary ATMs is available to me upon request or by visiting your web site.

6.  Deposits at Nonproprietary Automated Teller Machines (ATMs).  I understand that any funds (cash or checks) in excess of $100.00 deposited at nonproprietary ATMs (i.e., ATMs that you do not own or operate) will not be available to me for immediate withdrawal.  Depending on the type of item(s) that I deposit, such funds generally will not be available until the 5th business day after the day of my deposit.  Nonproprietary ATMs will display the Credit Union CO-OP name and logo.  I understand that not all Credit Union CO-OP ATMs accept deposits.  A list of nonproprietary ATMs is available to me upon request or by visiting your web site.

7.  Unforeseen Delays.  Any delay by you beyond the time limits prescribed above shall be excused if caused by interruption of communication facilities, suspension of payments by a financial institution, emergency conditions or other circumstances beyond your control provided that you exercise such diligence as the circumstances require.

8.  Effect on Rights.  In no event does the above policy affect your right to accept or reject an item for deposit or to require written notice of an intended withdrawal.