Niagara's Choice Federal Credit Union
"Our mission is to be your first choice offering secure products with personal service at an affordable price."


About Us
Board of Directors and Committee Members
Legal Disclosures
Truth In Savings
Fee Schedule
Electronic Bill Payment Terms and Conditions
Privacy Policy
Funds Availability



About Us
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.

Merger
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
Wallace Gawoski
Paul Montani
Paul Roman
Margo Hall
Jerry Houle

Committee Members
Thomas Culbreth
Michael DelGobbo
Anthony Dell'Isola 
Pam Harvey
Renee Roberts
Sharon Luskin
Mary E. Smith


Legal Disclosures


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 transaction.

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 Conditions:

·    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 Site.

 

·    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.

Permissions
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:
Al Frosolone
Chief Executive Officer
Niagara’s Choice FCU
3619 Packard Rd
Niagara Falls, NY 14303
716-284-4110
af
rosolone@niagaraschoice.org

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 third parties.


Trademarks
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.

Links
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.

Indemnity
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 Site.

Waiver
Any waiver of any provision of this Agreement must be in writing and signed by an authorized representative of Niagara’s Choice FCU.
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 withdrawals.

Rate Information
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 of dates.
  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 declaration date.

Money Market Account
You can withdraw money or make payments up to six times a month from a money market account by Credit Union Draft, telephone banking, online banking, or electronic transfer. Withdrawals or payments in person, by mail or messenger, do not count against the six transaction limit. If you exceed the transfer limitation set forth in any transfer limitation set forth in any statement period, your account will be closed by the credit union.The minimum opening amount and minimum balance to obtain the Annual Percentage Yield (APY) is $2,000.

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 provisionally credited.  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 dividend period. 

Par Value of Shares
The par value of a regular share in this Credit Union is $5.00. 

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.    

Error Resolution

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. Government.  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 request. 

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 Union. 

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 service representative. 

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. 
                                                                                                                       

Fee Schedule

General Service Fees
Wire Transfer (Incoming) Free
Wire Transfer (Outgoing) $15
Notary Public Free
Certified Checks $10
Corporate Check Free
Corporate Check/Money Order Stop Payment $15
Telephone Automate System Free
E-Statements Free
On-line Banking Free
Bill Pay Free
Personal Account Free
DBA/Business Account per month $5
Gift Cards $2
Travel Cards $5
Statement Copy $1
Deposit Check Return for Any Reason $15
Dormant Account (No Activity for 1 Year) $12.50 per quarter (after 2 years)
Returned Mail Free
Legal Compliance, Levy Restraints, Statement, etc. $25
Excessive Electronic Transfers from Savings (Reg D) $2.50
Assisted Transfer by Phone (Excluding MasterCard) Free
Lost Lien Letter Free

Share Draft Account Fees
Returned Check $25
Overdraft Manual Transfer from Shares $5
Check Printing Varies
Stop Payment $10
Share Draft Photocopy $1
Account Reconciliation (per hour) $10
Letter of Protest $15
Check Collection Fee (Domestic or Foreign) $25
Christmas Club Early Withdrawal Free
IRA Rollover / Transfer Fee Free
IRA Premature Closing (within 6 months of openeing) $25
IRA Annual Maintenance Free

Debit/ATM Card/Electronic Transfer/ACH Fees
ACH return Item $25
Stop Payment Affidavit for ACH Item $10
Manual Transfer from Shares for Overdrawn ACH Item $5
Non NCFCU ATM withdraw (4 per month) Free
Non NCFCU ATM Withdrawal (over 4 per month) $2.00 each
Deposits Free
Card Replacement $15 each
PIN Replacement $2.50 each
Rush Card/PIN Order (2-business Days) $30 (plus the cost of postage)
Foreign Transaction fee 1%
Electronic Member Payment Transfer (through Alloya) $25

Please Note:
If you require a large print version of this document then please all the credit union.


Electronic Bill Payment Terms and Conditions
Click to view (You may also download)



Privacy Policy


Privacy Statement for Niagara's Choice Federal Credit Union
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.

Registration Forms
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 subject to our Privacy Policy which follows below

External Links
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.

Niagara's Choice Federal Credit Union's Privacy Policy
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 income.

 

·    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.

Children
We do not use niagaraschoice.org to knowingly solicit data from or market to children under the age of 16.

Security
Our organization has security measures in place to protect the loss, misuse, and alteration of the information under our control.

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.


Funds Availability

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.

Next-Day Availability
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.

Electronic Payments
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.

Second-Business-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 deposited.

Fifth-Business-Day Availability
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.

·   Cash withdrawals 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 business day.

Other Extensions
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 Islands.

Exceptions

New Accounts
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 business day.

 

·        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.

 

·        If 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.

Large Deposits
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 large deposits.

Re-deposited Checks

·        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.

Repeated Overdrafts

·        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.

 

·        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 extend the hold period for up to 20 business days.

Reasonable Cause to Doubt Collectability

·    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 institution.

·    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).

Emergency Conditions
The availability schedules do not apply to check deposits if there is:

·        An interruption of communications or computer or other equipment functions

 

·        A suspension of payments by another financial institution

 

·        A war or Natural Disaster

 

·        Emergency conditions beyond the control of the depositary institution

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 known.

 

·        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 become known.

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 unpaid.

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.