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Funds Availability Policy

FUNDS AVAILABILITY POLICY

EFFECTIVE JULY 21, 2011

OUR GENERAL POLICY HAS BEEN TO ALLOW YOU TO WITHDRAW FUNDS DEPOSITED IN YOUR ACCOUNT THE FIRST BUSINESS DAY OF YOUR DEPOSIT IF FUNDS WERE CASH OR THROUGH YOUR PAYROLL. OTHER DEPOSITS SUCH AS, TWO-PARTY OR PERSONAL CHECKS, WE DELAYED YOUR ABILITY TO WITHDRAW FUNDS.

Regulatory Guidelines CC 1086(e) Dodd-Frank Guidelines require CREDIT UNIONS “EXPEDITED FUNDS AVAILABILTY ACT, TO CHANGE OUR GUIDELINES THAT WILL REQUIRE US TO MAKE THE FIRST 200 AVAILABLE TO MEMBERS OF AN INITIAL DEPOSIT.

AS A RESULT OF SECTION 1086(e) OF DODD-FRANK, CREDIT UNIONS ARE REQUIRED TO REVISE THEIR ACCOUNT OPENING DISCLOSURES BY JULY 21ST AND ARE REQUIRED TO ADVISE MEMBERS OF THIS REQUIRED CHANGE.

THE ELLIS COUNTY TEACHERS & EMPLOYEES FEDERAL CREDIT UNION WILL ALLOW FUNDS DEPOSITED IN YOUR ACCOUNT ON THE FIRST BUSINESS DAY A WITHDRAWAL OF $200 OF THE INITIAL DEPOSIT.

CREDIT UNION HOLDS POLICY ON DEPOSITED CHECKS.

CHECKS HOLD AFTER THE INITIAL WITHDRAWAL OF $200 WILL STILL REQUIRE 3 BUSINESS DAYS ON CHECKS DRAWN ON LOCAL FINANCIAL INSTITUTIONS AND 7 BUSINESS DAYS ON CHECKS DRAWN ON OUT-OF-STATE FINANCIAL INSTITUTIONS.

IF CHECKS DO NOT CLEAR DUE TO INSUFFICIENT FUNDS A $25.00 RETURN CHECK FEE WILL BE APPLIED TO YOUR ACCOUNT AND YOUR SAVINGS ACCOUNT WILL BE FROZEN UNTIL THE ACCOUNT HAS CLEARED.

INSURANCE DRAFTS AND LARGE OUT-OF-TOWN/STATE ITEMS WILL BE SENT THROUGH OUR BANK’S COLLECTION DEPARTMENT FOR SPECIAL HANDLING.

ANY QUESTIONS REGARDING THE ELLIS COUNTY FUNDS AVAILABILITY POLICY, PLEASE DO NOT HESITATE TO CALL US.

MANAGEMENT

 


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