Funds Availability Policy Disclosure

Your Ability to Withdraw Funds

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 make funds from your check deposits available to you on the first business day we receive your deposit. Electronic direct deposits, cash, wire transfers, payroll checks, checks from UMassFive, government checks, cashier checks, and money orders will be available on the first business day. 

Some checks will not be available immediately, as specified below. Once the funds are available, you can withdraw them 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 Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. 

Other Check Deposits

As noted above, some deposits will not be fully available on the first business day. These deposits include: checks greater than $275, checks from members that have been members for less than 90 days, and other checks that require extra precaution. $275 from these checks will be available immediately, and the remaining will be available in the following days, depending on the deposit type. 

For checks greater than $6,725: $275 will be available the first (same) business day, $6,450 more will be available the second business day (making $6,725 available), and the remainder (if applicable) on the seventh business day. Checks that require extra precaution will be available on the seventh business day. 

Example:

If we cash a check for you that is drawn on another bank, 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 a check for deposit that is drawn on another bank 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 described above in this disclosure have elapsed.

Determining the Availability of a Deposit

For determining the availability of your deposits, please note that every day except Saturday, Sunday, and federal holidays are business days. End of day processing times may vary depending on the deposit method. 

If you make a deposit at a branch before 6:00 p.m. on a business day that we are open, we will consider that day to be the day of deposit. However, if you make a deposit using after-hours services at a branch after 6:00 p.m., or on a day that we are not open, we will consider the deposit as made on the next business day.

If you make a check deposit at an ATM or through Online or Mobile Banking before 5:00 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 check deposit at an ATM or through Online or Mobile Banking after 5:00 p.m., or on a day we are not open, we will consider the deposit as made on the next business day.

If you make a cash deposit at an ATM before 9:00 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 cash deposit at an ATM after 9:00 p.m., or on a day we are not open, we will consider the deposit as made on the next business day we are open.

Cash Withdrawal Limitation

For checks subject to second-day availability, we place certain limits on cash withdrawals. In general: $275 of your deposit will be available for cash withdrawal on the next business day after the day of deposit. If you make a deposit after 5:00 p.m., it is considered deposited on the following business day. In that case, the  $275 will be available the business day after that. 

International (Outside U.S.) Checks

Checks drawn on financial institutions located outside the U.S. cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies listed on this disclosure.

Longer Delays May Apply

Funds you deposit by check may be delayed for a longer period under the following circumstances:

• Your account has been open 90 days or less.
• We believe a check you deposit will not be paid.
• You deposit checks totaling more than $6,725 on any one day.
• You redeposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six (6) months.
• There is an emergency, such as a failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of the above 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.