Your Ability to Withdraw Funds at Franklin Mint Federal Credit Union
This policy statement applies to “Transaction” accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Checking accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.
Our policy is to delay the availability of funds that you deposit in your account. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay items that you have debit your account, such as checks and ACH.
A chart summarizing the availability of funds for deposit at the Franklin Mint Federal Credit Union (FMFCU) follows:
|Description of Deposit||Availability|
|Cash, Wire Transfers & Direct Deposits (such as Social Security and payroll payments)||Immediate|
|U.S. Treasury Checks, State & Local Government Checks, Cashier’s, Certified or Teller’s Checks; Federal Reserve & Federal Home Loan Bank Checks; U.S. Postal Money Orders; Sponsor Payroll Checks; and the First $225 of a day’s deposit of all other checks. All check items above must be made payable to you and be deposited into an account in your name, otherwise the funds will be available as set forth below under “Other Checks.”||First Business Day after the day of deposit|
|Other Checks||Second business day after the day of deposit|
|Other Checks||Availability||Availability if a Deposit|
|$225 on the first business day after the day of deposit||Tuesday|
|Remaining funds on the second business day after day of deposit||Wednesday|
If your deposit includes more than one check (whether local, non-local or both), only a cumulative total of $225 from those checks will be available on the first business day after the day of deposit, not $225 from each category of check. Please remember that even when deposited funds are made available to you, if a deposited item is returned unpaid for any reason, you are still responsible for payment to FMFCU, to include a returned item fee.
Longer Delays May Apply
Funds you deposit by check may be delayed for a longer period under certain circumstances. Such circumstances are as follows:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,525 on any one day.
- You re-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 a failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for these reasons or any other reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.
The length of the delay is counted in business days from the day of your deposit. Every day is a business day expect Saturdays, Sundays, and Federal holidays.
Deposits At Automated Teller Machines (ATMs)
At current time, FMFCU does not operate any ATMs that accept deposits.
Special Rules for New Accounts
If you are a new member, the following special rules may apply during the first 30 days your account is open.
- Funds from wire transfers will be available on the business day we re-ceive the wire transfer.
- The first $5,525 of a deposit of U.S. Treasury checks will be available on the first business day after the day of deposit. The balance of a deposit of U.S. Treasury checks will be available on the ninth business day after the day of your deposit.
- Funds from deposits of cash and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s travelers and certain Federal, state and local government checks will be available on the first business day after the day of deposit if the check is payable to you and does not have multiple endorsements. If the above conditions are not true, with respect to the checks described above, then the first $5,525 of that deposit, and in all events the balance of your deposit over $5,525, will be available on the ninth business day after the day of your deposit.
- Funds from all other check deposits in new accounts will be available on the fifth business day after the day of your deposit.