YOUR ABILITY TO WITHDRAW FUNDS AT EL PASO AREA TEACHERS FEDERAL CREDIT UNION
Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be made available on the day we receive the deposit. At the time the funds are made available, you can withdraw the funds in cash, and we will use the funds to pay checks 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid, or for any other problemsinvolvingyourdeposit. For determining the availability of your deposits, everyday is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before 5:30 p.m. 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 5:30 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.
LONGER DELAYS MAY APPLY
In some cases, funds you deposit by check may be delayed for a longer period. However, the first $200 of a day's aggregate deposits by checks will be made available to you on the first business day after the day of your deposits. Funds deposited by check may be delayed under the following circumstances:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 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 a 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. If your deposit is not made directly to one of our employees, or if we decide to delay availability of funds after you have left the premises, we will mail you a delay notice by the next business day after the receipt of your deposit. Funds will generally be available no later than theseventh business day after the day of your deposit.
If you will need the funds from a deposit right away, please inquire as to when the funds will be available.
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 toyour account wil lbe available on the day we receive the deposit. Funds from 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 made available on the first 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 the $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.