"Our mission is to be your first
choice offering secure products with personal service at an
Board of Directors and Committee Members
Truth In Savings
The credit union was originally founded in 1953 by a small group
of employees of the former Hooker Chemical Company. In 1989 the
credit union changed its name to OxyChem Niagara Federal Credit
Union to coincide with Hooker Chemical becoming Occidental
Chemical (OxyChem). Then in 2004 we received approval to expand
our area of membership to all of Niagara County and our name was
changed to Niagara's Choice Federal Credit Union to better
reflect the people we serve. Membership is now open to all
persons who live, work, worship or attend school in Niagara
County. For nearly 60 years the credit union remains committed
to offering it's members better savings and loan opportunities,
and our philosophy of "people helping people" has remained the
cornerstone of this organization's operating practices.
We are excited to announce that as of Dec 1 2012 Niagara's
Choice FCU has merged with Niagara County's FCU to better serve
the respective members of both organizations.
Where We Are Today
Over the years much has changed. Today, Niagara's Choice Federal
Credit Union has grown into a full-service financial
institution, cooperatively owned over 23,000 members. While
the majority of the membership is within Niagara County, members
are served all across the United States. We have added many new
products and services over the years but what will not change is
our commitment to serving you - The Member Owners!
The all-volunteer Board of Directors, elected by the membership,
as well as the various volunteer Committee Members, guide the
credit union in all areas. Over the years their direction has
made it possible to bring you the complete line of products and
services now available. Being a local financial institution, we
get to know our members, their needs and goals. We try to meet
any request, no matter how big or small so that we will be your
FIRST CHOICE for all your financial needs. If you have any
questions don't hesitate to call or visit us!
Board of Directors
Jerry Petito - President
Ray Granieri - Vice President
Pat McCune - Treasurer
Peter Eodice - Secretary
Mary E. Smith
USA Patriot Act
Federal law requires all financial institutions to
obtain, verify and record information that identifies each
person who establishes a new account. What this means to you.
When you open a new membership, we will ask for your name,
address, date of birth, and other information that will allow us
to identify you. We will also ask to see your driver's license
or other identifying documents.
Links to sites outside of niagaraschoice.org
Niagara's Choice FCU makes links to other web sites, vendors and
third parties available on this site. Links are provided to give
you the opportunity to access the products and services of these
other parties. NCFCU is not able to guarantee how these third
parties collect or use personally identifiable information you
submit to them. We urge you to review the privacy policies of
each of the linked web sites you visit. When you visit these
third party sites you will no longer be subject to, or under the
protection of, the privacy and security policies of Niagara's
Choice FCU and Niagara's Choice FCU is not responsible for the
content of these third party web sites. NCFCU does not represent
either the third party or the member if the two enter into a
Terms of Agreement
Niagara’s Choice Federal Credit union of Niagara Falls, NY has
created and maintains www.niagaraschoice.org ("the Site") in
support of its mission to be members first choice, offering
secure products, with personal service, at an affordable price
and its interest in providing financial assistance to the
Niagara community as well as credit union members both existing
and eligible access to and use of this Site is subject to the
following terms and conditions ("Terms and Conditions") and all
applicable laws. By accessing and browsing the Site, you accept,
without limitation or qualification, the Terms and Conditions
and other notices and acknowledge full and complete acceptance
of these terms.
Terms and Conditions
Access to and use of Niagara’s Choice FCU image and text files
and data on this Site are subject to the following Terms and
The text, images, and data on the Site are protected by
copyright and may be subject to other restrictions as well.
Niagara’s Choice FCU and relevant third parties retain all
rights, including copyright, in data, images, audio and video
clips, software, documentation, text, and other information
contained in these files (collectively, the "Materials"). Users
may download Materials subject to the preceding and following
Terms and Conditions, and subject to any additional terms or
restrictions applicable to the individual file or program,
provided all copyright and other proprietary notices contained
on the Materials are retained.
Niagara’s Choice FCU expressly prohibits the use, copying,
display, publication, distribution, transmission, modification,
reposting or exploitation for commercial or public purposes of
any protected Materials on the Site, and permits only the
purposes described above.
While Niagara’s Choice FCU uses reasonable efforts to include
accurate and up-to-date information in this Site, Niagara’s
Choice FCU makes no representations or warranties as to its
accuracy. Niagara’s Choice FCU assumes no liability or
responsibility for any errors or omissions in the content of the
Use of and browsing in the Site are at your risk. Neither
Niagara’s Choice FCU nor any other party involved in creating,
producing, delivering or maintaining the Site is liable for any
direct, incidental, consequential, indirect, or punitive damages
arising out of your access to, or use of, the Site. Without
limiting the foregoing, all Materials on the Site are provided
"AS IS" WITHOUT A WARRANTY OF ANY KIND, EITHER EXPRESS OR
IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND/OR
NON-INFRINGEMENT. Niagara’s Choice FCU assumes no
responsibility, and shall not be liable for, any damages to, or
viruses that may infect, your computer equipment or other
property on account of your access to, use of, browsing in, or
downloading of any Materials from the Site.
Except where specifically indicated otherwise, any communication
or material you transmit to the Site by electronic mail or other
means, including any data, questions, comments, suggestions or
the like is, and will be treated as, non-confidential and
non-proprietary. Anything you transmit or post may be used by
Niagara’s Choice FCU or its affiliates or licensees for any
purpose, including, but not limited to, reproduction,
disclosure, transmission, publication, broadcast, posting and
the like. Niagara’s Choice FCU is free to use any ideas,
concepts, know-how or techniques contained in any communication
you send to the Site for any purpose whatsoever, including, but
not limited to, developing, manufacturing and marketing products
using such information.
Any party wishing to use any of the Materials from the Site, for
any purpose other than the limited purposes identified above,
must request and receive prior written approval from Niagara’s
Choice FCU. Permission for such use is granted on a case-by-case
basis at the sole discretion of Niagara’s Choice FCU.
For inquiries, please contact:
Chief Executive Officer
Niagara’s Choice FCU
3619 Packard Rd
Niagara Falls, NY 14303
Please Note: A usage fee may be charged
depending on the nature and type of the proposed use. Niagara’s
Choice FCU reserves the right not to grant permission to use its
Materials, and does not grant permission to use Materials of
The Trademarks of third parties may also be displayed on the
Site. Nothing contained in this Site should be construed as
granting, by implication, estoppels, or otherwise, any right or
license to use any Trademark displayed on the Site without
written permission of Niagara’s Choice FCU or any third party
owner of the Trademark displayed on the Site. Your misuse of the
Trademarks displayed on the Site, including alteration or use
out of context, is strictly prohibited.
The Site may contain links to third party sites. Niagara’s
Choice FCU has not reviewed all of the sites linked to the Site
and is not responsible for any content of any linked site. Your
linking to any off-site pages or to other sites is at your own
risk. Niagara’s Choice FCU provides these links as a convenience
only, and a link does not imply endorsement, sponsorship or any
affiliation with the linked site.
Content Provided by Users
Although Niagara’s Choice FCU may from time to time monitor or
review discussions, chats, postings, transmissions, bulletin
boards and the like on the Site, Niagara’s Choice FCU is under
no obligation to do so and assumes no responsibility or
liability arising from the content of any such locations nor for
any error, defamation, libel, slander, omission, falsehood,
obscenity, pornography, profanity, danger or inaccuracy
contained in any information within such locations on the Site.
Users are prohibited from posting or transmitting any unlawful,
threatening, libelous, defamatory, obscene, scandalous,
inflammatory, pornographic, or profane material or any material
that could constitute or encourage conduct that would be
considered a criminal offense, give rise to civil liability, or
otherwise violate any law. Niagara’s Choice FCU will fully
cooperate with any law enforcement authorities or court order
requesting or directing Niagara’s Choice FCU to disclose the
identity of anyone posting any such information or materials.
Applicable Law and Jurisdiction
The Site (excluding links to Web Sites operated by others) is
controlled and operated by Niagara’s Choice FCU from its offices
in Niagara Falls, NY. Although Niagara’s Choice FCU has made no
effort to publish the Site elsewhere, it is accessible in all
fifty U.S. states and in other countries due to its presence on
the Worldwide Web. As each of these states and countries have
laws which may differ from those of New York and from each
other, and as you and Niagara’s Choice FCU both benefit from
establishing a predictable legal environment in which to
publish, access and use Niagara’s Choice FCU Web Site, by
publishing, accessing, and/or using the Site you agree that all
matters arising from or relating to the use and operation of the
Site will be governed by the laws of the State of New York,
without regard to its conflict of laws principles. You agree
that all claims you may have arising from or relating to the
operation or use of the Site will be heard and resolved in the
courts of Niagara Falls, New York. You consent to personal
jurisdiction of such courts over you, stipulate to the fairness
and convenience of proceeding in such courts, and covenant not
to assert any objection to proceeding in such courts. If you
choose to access the Site from locations other than Niagara
County, New York, you will be responsible for compliance with
all local laws of such other locations.
You agree to indemnify, defend, and hold Niagara’s Choice FCU,
its officers, agents, and employees harmless from all claims,
causes, allegations, costs, expenses, fees (including reasonable
attorneys' fees), judgments, liabilities, losses and damages
arising from or relating to your use of or operation of the
Any waiver of any provision of this Agreement must be in writing
and signed by an authorized representative of Niagara’s Choice
Niagara’s Choice FCU may at any time revise these Terms and
Conditions and other notices contained herein by updating this
posting. You are bound by such revisions and should periodically
visit this page to review the then-current Terms and Conditions.
Truth in Savings
Truth-In-Savings Disclosure Statement
This brochure, including any individual account information
brochures contained inside, is intended to provide you with
information about one or more accounts offered by the Credit
Union, including, where applicable, the dividend rate, annual
percentage yield, any minimum balance requirement, withdrawal
terms, fees and other important information, so that you may
make an informed decision about investing your savings with us.
Should you have any questions about this disclosure, about our
current dividend rate, annual percentage yield, or otherwise,
please call a member service representative at 716.284.4110.
Please Note: The Credit Union reserves the
right to limit dollar amount for check cashing and cash
The dividend rate and APY on your credit union Regular Share
Accounts, Share Draft Accounts, Christmas Club Accounts, and IRA
Savings Accounts may change at any time as determined by the
Credit Union Board of Directors. The dividend rate and APY
disclosed reflect the prospective dividend rate and APY which
the credit union anticipates will be paid for the current
dividend period. The dividend rate and APY on Term Share
Certificates are fixed and will be paid until the first maturity
date on the Certificate.
Compounding and Crediting
Regular Share, IRA Share, Share Draft Accounts,
Christmas Club and Term Share Accounts. Dividends on all Regular
Share, IRA Share, Share Draft, Christmas Club and Term Share
Accounts will be compounded daily and credited quarterly. If
the dividend period is quarterly, for example, the beginning
date of the first dividend period of the calendar year is
January 1st then the ending date of such dividend period is
March 31st. All other dividend periods follow this same pattern
If you withdraw funds from your
account before dividends are paid, you will receive dividends
accrued on the funds prior to withdrawal, but such dividends
will not be credited to your account until the next dividend
Effect of Closing
For all accounts, including Term Share Accounts, if you
close your account before dividends are paid, you will receive
the dividends accrued on the funds prior to the closure, and
such dividends will be paid on the date your account is closed.
Balance Computation Method
For all accounts, (including Term Share Certificates),
dividends are calculated based on the actual daily balance
method which applies a periodic rate to the balance in the
Account each day.
Minimum Balance Requirements
Unless otherwise stated, in order
for your account to earn dividends for a day, you must have an
actual account balance of at least $250.00 that day.
If your actual account balance
falls below $250.00 that day, you will not earn any dividends
for that day.
In order to earn the annual
percentage yield (APY) disclosed for a particular account, you
must meet the minimum balance requirement applicable to that
account at all times.
Fees and Penalties
Your account will be charged any applicable fees, charges
and/or penalties as set forth in our fee schedule, a copy of
which is included as part of this brochure.
Accrual of Dividends
For all accounts, including Term Share Accounts, dividends
will begin to accrue on the business day you deposit cash and
non-cash items (such as checks) to your account.
Any check deposited to any of your
accounts will be provisionally credited on the day it is
deposited, and earn dividends from the day it is so
If, however, the Credit Union is
subsequently unable to obtain payment for that item, you will
not earn any dividends on that deposit.
Nature of Dividends
Dividends are paid from current income and available
earnings, after required transfers to reserves at the end of a
Par Value of Shares
The par value of a regular share in this Credit Union is
National Credit Union Share Insurance Fund
Member Accounts in this Credit Union are federally insured
by the National Credit Union Share Insurance Fund (NCUA).
Share Accounts in federally insured credit unions are insured up
to $250,000. Generally, if a credit union member has more than
one account in the same insured credit union, those accounts are
added together and are insured up to $250,000. Joint accounts
are also insured separately from individual accounts up to a
maximum of $250,000.
Withdrawal of Services
In the event that any credit union member causes a loss to
the credit union, or makes known his or her intention to cause a
loss to the credit union, whether by way of loan default,
account overdraft, discharge in bankruptcy or otherwise, it is
the policy of the credit union to withdraw member services
except a regular share account that will not earn dividends.
Closing of Account(s)
In the event that any member of the credit union engages in
any type of abusive conduct, the credit union may impose
sanctions against that member including denial of specific
services which involve personal contact with credit union
employees, denial of access to credit union facilities,
recommending expulsion from credit union membership, or any
other action deemed necessary under the circumstances which is
not expressly precluded by the Federal Credit Union Act, NCUA
Regulations and the Credit Union's Bylaws.
For errors involving new accounts, point-of-sale, and
foreign-initiated transactions, we may take up to 90 days to
investigate your complaint or question. For new accounts, we
may take up to 20 business days to credit your account for the
amount you think is in error. We will tell you the results
within 3 business days after completing our investigation. If
we decide that there was no error, we will send you a written
explanation. You may ask for copies of the documents that we
used in our investigation.
Notice of Certain Changes
We will notify you in writing at least 30 days prior to the
effective date of changes of the sort described below, which
will reduce your APY or otherwise adversely affect your account:
The frequency of compounding dividends.
The frequency of crediting dividends Minimum balance
requirements Fees, charges and penalties We will not send you
notice, however, of any change in the dividend rate or APY
applicable to any account where the dividend rate is subject to
change from time to time, although notice of changes in dividend
rates will be posted in the Credit Union’s offices.
Also, no notice of changes to fees
for printing of share drafts/checks will be sent.
In addition, where there is any
change in the information disclosed in this statement, the
change will appear in a notice in the lobby of our offices.
General Policies and Procedures
We may refuse a withdrawal request
if any documents or identification we or the law requires in
connection with the withdrawal has not been presented to us.
We are also required to obtain
positive identification (including photo ID) by the U.S.
If we cannot obtain proper
identification an account may not be opened, or an existing
account may be closed.
Although non-cash deposits earn dividends from the date first
credited to your account, the time when they may be withdrawn or
otherwise become available is governed by the Credit Union’s
funds availability policy, a copy of which is available upon
By opening and maintaining an account with the Credit Union, you
have agreed to the Bylaws of the Credit Union and any amendments
thereto, a copy of whish may be obtained by request.
To open an account, you must
deposit at least $5.00, the par value of a share of the Credit
By law, the Credit Union may accept deposits only from persons
who are members or are eligible to become members, or certain
other persons or entities.
If you are unsure whether you are
eligible to join the Credit Union, please contact a member
Our current field of membership includes anyone who
lives, works, worships, volunteers, or attends schools in the
County of Niagara, NY. In addition, immediate family members are
eligible if they are related to a member of Niagara’s Choice
FCU. Immediate family member (through blood or marriage) is
defined as a parent, sibling, spouse, grandparent, mother,
father, husband, wife, or domestic partner.
General Service Fees
Wire Transfer (Incoming)
|Wire Transfer (Outgoing)
|Corporate Check/Money Order Stop Payment
|Telephone Automate System
|DBA/Business Account per month
|Archive Statement Copy per Statement
|Deposit Check Return
|Dormant Account (No Activity for 1 Year)
$12.50 per quarter (after 2 years)
|Legal Compliance, Levy Restraints, Statement, etc.
|Assisted Transfer by Phone (Excluding MasterCard)
|Lost Lien Letter
Share Draft Account Fees
|Overdraft Manual Transfer from Shares
|Share Draft Photocopy
|Account Reconciliation (per hour)
|Letter of Protest
|Check Collection Fee (Domestic or Foreign)
Debit/ATM Card/Electronic Transfer/ACH Fees
ACH return Item
|Stop Payment Affidavit for ACH Item
|Manual Transfer from Shares for Overdrawn ACH Item
|Foreign ATM withdraw (4 per month)
|Foreign ATM Withdrawal (over 4 per month)
|Rush Card/PIN Order (2-business Days)
$30 (plus the cost of postage)
|Foreign Transaction fee
|Electronic Member Payment Transfer (through Alloya)
Please Note: If you require a large print version of
this document then please all the credit union.
Privacy Statement for Niagara's Choice Federal Credit
Niagara's Choice Federal Credit Union created this privacy
statement in order to demonstrate our firm commitment to
privacy. The following discloses the information gathering and
dissemination practices for this website.
Information Automatically Logged
Our web host may use your IP address to help diagnose problems
with the server and to administer our Web site. This information
is used only for technical administration and is NOT used for
marketing or sales purposes.
Our site's application forms require users to give us contact
information (like their name, email, and postal address),
financial information (like their bank account or credit card
numbers), and demographic information (like their zip code, age,
or income level). Financial information that is collected is
used to check the users' qualifications for registration and is
This site contains links to other sites. Niagara's Choice
Federal Credit Union is not responsible for the privacy
practices or the content of such Web sites.
We are committed to providing you with competitive products and
services to meet your financial needs, which necessitates that
we share information about you to complete your transactions and
to provide you with certain financial opportunities. In order to
do so, we have entered into agreements with other companies that
provide either services to us or additional financial products
for you to consider. Under these arrangements, we may disclose
all of the information we collect, as described below, to
companies that perform marketing or other services on our behalf
or to other financial institutions with whom we have joint
marketing agreements. To protect our members privacy, we only
work with companies that agree to maintain strong
confidentiality protections and limit the use of information we
provide. We do not permit these companies to sell to other third
parties the information we provide to them.
Information We Collect and Disclose About You
We collect the following nonpublic personal information about
you from a variety of sources and may disclose all the
information we collect to companies that perform marketing
services on our behalf or to other financial institutions with
whom we have joint marketing agreements.
From membership and loan applications and other forms, we obtain
information such as name, address, social security number and
From your transactions with us or other companies that work
closely with us to provide you with financial products and
services, we obtain information such as your account balances,
payment history, parties to transactions, and credit card usage.
From consumer reporting agencies, we obtain information such as
your creditworthiness and credit history.
From verifications of information you provide on applications
and other forms, we obtain information from current or past
employers, other financial institutions and other sources listed
on the application. We may also disclose information we collect
about you under other circumstances as permitted or required by
law. These disclosures typically include information to process
transactions on your behalf, conduct the operations of our
credit union and follow your instructions as you authorize, or
protect the security of our financial records.
How We Protect Your Information
We restrict access to nonpublic personal information about you
to those employees who have a specific business purpose in
utilizing your data. Our employees are trained in the importance
of maintaining confidentiality and member privacy. We maintain
physical, electronic, and procedural safeguards that comply with
federal regulations and leading industry practices to safeguard
your nonpublic personal information.
We do not use niagaraschoice.org to knowingly solicit data from
or market to children under the age of 16.
Our organization has security measures in place to protect the
loss, misuse, and alteration of the information under our
Contacting the Web Site
If you have any questions about this privacy statement, the
practices of this site, or your dealings with this website,
please contact the credit union.
Niagara’s Choice Federal Credit Union Disclosure of
Delayed Availability of Deposited Funds
The Expedited Funds Availability Act and Regulation CC establish
time limits for holds on deposits by check, cash and wire
transfer. Additionally, they establish rules regarding the
prompt collection and return of checks through the banking
system. The Federal Reserve Board's Reg. CC implements the
provisions of the Act.
Cash Deposits: Deposits made in person to an employee will be
made available the next business day after the day of deposit.
Otherwise, deposits not made in person to an employee must be
made available the second business day after the day of deposit.
Please Note: Under the regulation business day
means a calendar day other than a Saturday or a Sunday, January
1, the third Monday in January, the third Monday in February,
the last Monday in May, July 4, the first Monday in September,
the second Monday in October, November 11, the fourth Thursday
in November, or December 25. If January 1, July 4, November 11,
or December 25 falls on a Sunday, the next Monday is not a
business day. On the other hand, banking day means that part of
any business day on which the credit union is open for carrying
on transactions. Our credit union is open Monday through
Wednesday, 8:30 am to 5:00 pm; Thursday and Friday 8:30 am to
5:30 pm; Friday, 8:30. Saturday business (8:30 am to 12:00 pm)
should be considered as being processed on the following Monday
or next business day.
$200 of the deposit must be made available by the next business
day after the day of deposit.
Funds received for deposit in an account by an electronic
payment must be made available for withdrawal the next business
day after the day of receipt. An electronic payment is
considered received when the financial institution receives both
the payment in finally collected funds and also receives
information on the account and amount to be credited.
Certain Check Deposits
The following should generally be made available the next
business day after the day of deposit:
US Treasury checks deposited into the payees account.
The following types of checks deposited in person to an employee
and deposited into the payees account: U.S. Postal Service money
orders; checks drawn on a Federal Reserve Bank or a Federal Home
Loan Bank; checks drawn by a state or local government in the
same state as the financial institution; or cashier’s checks,
certified checks, or teller checks.
$200 or the aggregate of any deposit made by the member,
whichever is less, that is not subject to next-day availability.
Checks will be available for withdrawal no later than the second
business day following the day of deposit. Checks deposited by
or at a local institution or checks payable by non-institution
payer through a local paying institution are considered local
checks. A local paying institution is defined as an institution
located in the same Fed check-processing region as the physical
location of the institution branch where the check was
Checks will be available for withdrawal no later than the fifth
business day following the day of deposit. Checks that are
payable by, through, or at a non-local institution are
considered non-local checks. A non-local institution is defined
as one that is not located in the same check-processing region
as the depository institution.
Checks drawn on Federal Reserve Banks, Federal Home Loan Banks,
and state and local governments, and cashiers checks, certified
checks, and teller checks that are non-local checks are not
subject to next-day availability.
Cash Withdrawal Time-Period Adjustment
Up to $400 of
the deposited funds may be available by 5:00 p.m. on the day
that funds would be made available under the schedule.
for the remainder of funds (over the initial $400) can be
delayed until the next business day.
We may continue
to limit withdrawals at ATMs to amounts under $400.
We may extend
the availability time periods for cash or other similar
withdrawals on deposits of local and non-local checks by one
We may have a one-day extension for any time periods on deposits
that are deposited in an account at an institution or branch
located in Alaska, Hawaii, Puerto Rico, or the US Virgin
If you are a new member, the following special rules will apply
during the first 90 days your account is open:
Cash and electronic deposits may be available by the next
If the deposit meets certain conditions (for example, the checks
must be made payable to you), the first $5,000 of deposits into
the payee’s account of checks drawn on the U.S. Treasury,
Federal Reserve Banks, Federal Home Loan Banks, state and local
governments, and cashiers, certified, teller, and travelers
checks, will be made available on the next business day. Amounts
over $5,000 may be made available no later than the ninth
business day following the day of deposit.
your deposit of checks is not made in person to our employee,
the first $5,000 will not be available until the second business
day after the day of your deposit.
Deposits to new accounts are not subject to any other
availability time schedules, nor are they subject to the $200
cash withdrawal requirement.
The standard availability schedules do not apply to deposits of
checks that may be held and that aggregate more than $5,000 in
any one day. The first $5,000 is subject to the standard
availability schedules. Amounts over $5,000 are not subject to
any hold restrictions except that the deposits can be held for a
reasonable time. An extension of up to five business days for
local checks and up to six business days for checks is deemed
reasonable. If we have reason to believe the check(s) deposited
may be susceptible to being returned (either due to information
we may gather or due to the history of returned items or
problems with your account, we may find it necessary to extend
the hold period for up to 20 business days. The availability
requirements for cash and low-risk (non-hold) checks apply to
Checks that have been returned unpaid and re-deposited are not
subject to the hold schedules unless: 1.) The check was returned
for a missing endorsement and the endorsement has been obtained,
and 2.) The check was returned because it was postdated and is
not postdated when re-deposited.
$200 of the deposit must be made available by the next business
day after the day of deposit.
If we have reason to believe the check(s) deposited may be
susceptible to being returned again (either due to information
we may gather or due to the history of returned items or
problems with your account, we may find it necessary to extend
the hold period for up to 20 business days.
The hold schedule for checks does not apply to an account that
has been repeatedly overdrawn. An account has been repeatedly
overdrawn if it had a negative balance (or would have had a
negative balance if checks had been paid) for six or more
banking days, within the preceding six months, or had a negative
balance of $5,000 or more (or would have had a negative balance
of such amount) for two or more banking days within the
preceding six months.
An account retains its repeated overdraft status for six months
from the last overdraft.
The time periods for holding funds may be extended for a
reasonable period of time on these accounts.
we have reason to believe the check(s) deposited may be
susceptible to being returned (either due to information we may
gather or due to the history of returned items or problems with
your account, we may extend the hold period for up to 20
Reasonable Cause to Doubt
Hold schedules for checks do not apply when there is reasonable
cause to doubt collectability of an item.
Cash and electronic payments must receive next day availability.
However, next day availability requirements for US government
checks, checks drawn on a Federal Reserve Bank or Federal Home
Loan Bank and certified, cashiers, and teller checks, and checks
not deposited in person to an employee do not apply.
If we extend the time for funds availability due to doubts about
collectability of an item and do not give you a hold notice at
the time of the deposit, we may not assess any overdraft fee if
the overdrafts would not have occurred except for the delayed
availability of funds and the check was paid by the paying
Any extension of time must be reasonable. If we have reason to
believe the check(s) deposited may be susceptible to being
returned (due to information we gather or the history of
problems with your account), we may extend the hold period for
up to 20 business days.
We must keep records for two years of the notice provided to the
member and a statement of the facts which gave us reason to
doubt the collectability of the item(s).
The availability schedules do not apply to check deposits if
An interruption of communications or computer or other equipment
A suspension of payments by another financial institution
war or Natural Disaster
Emergency conditions beyond the control of the depositary
Holds may be placed on funds until a
reasonable time period after the emergency passes.
Notice of Hold based upon an Exception
Notice must be
given at the time of deposit or when the exceptions are invoked.
The notice will include: account number, date of deposit, amount
of deposit, amount that is delayed, the reason for exception,
and the day that funds will be available for withdrawal if
The notice need not be given at the time of deposit when: 1.)
The deposit is not made in person to an employee, or 2.) The
facts upon which the determination to invoke an exception hold
only become known to us after the deposit is made. In this case
we must send notice by the next business day after the facts
Payment of Interest
Interest must begin to accrue on deposits made to an
interest-bearing account on the day the depository institution
receives credit for the funds.
We may rely on the availability schedule of the Federal Reserve
Bank, Federal Home Loan Bank, or correspondent institution to
determine when funds are received.
We do not have to pay interest on deposits that are returned
Other Methods of Holds on Funds
If we cash a check for you that is drawn on another institution,
we may withhold the availability of a corresponding amount of
funds that are already in your account (or another account(s)
you hold with us). Those funds will be available at the time
funds from the check we cashed would have been available if you
had deposited it.