Truth-In-Savings Share and Share Draft Account Disclosures – Funds Availability Policy

TRUTH-IN-SAVINGS SHARE AND SHARE DRAFT ACCOUNT DISCLOSURE

A.  Nature of Dividends.  Dividends are paid from current income and available earnings after required transfer to reserves at the end of the dividend period.

B.  Dividends Compounding and Crediting.  The compounding and crediting of dividends and dividend period applicable to each account is set forth in the Rate Schedule.  The dividend Period is the period of time at the end of which an account earns dividend credit.  The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of the period.

C.  Accrual of Dividends.  For all accounts, dividends will begin to accrue on non-cash deposits, (e.g. checks) on the business day you make the deposit to your account.

D.  Balance Information.  The minimum balance requirements applicable to each account are set forth in the Rate Schedule.  For all accounts using an Average Daily Balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period.  The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period.

E.  Account Limitations.  For Savings Share accounts, no more than six (6) per-authorized, automatic, or telephone transfers may be made for these accounts to another account of yours or to a third party in any month, and no more than three (3) of these six (6) may be made by check, draft, or debit card to a third party.  If you exceed these limitations, your account may be subject to a fee or closed.  You may make transfers or withdraals in the first seven (7) days after the account is opened.  For checking accounts, no account limitations apply.

FUNDS AVAILABILITY POLICY

Of the

Pioneer Community Federal Credit Union

 This disclosure describes your ability to withdraw funds at Pioneer Community Federal Credit Union.

1.       General Policy. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit after our cut-off time of 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.

  • 2.     Reservation of Right to Hold. In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $200.00 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
  • 3.     Holds on Other Funds. If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.       If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

4.  Longer Delays May Apply. We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,000 on any one day.
  • You deposit 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 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 eleventh business day after the day of your deposit.

5.  Special Rules for New Accounts. 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 to your account will be available on the day we receive the deposit.

Funds from deposits of cash, wire transfers, 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 next business day after the day of 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.  If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.  Funds from all other check deposits will be available on the ninth business day after the day of your deposit.