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Funds Availability Changes Effective 7/1/2020

Regulation CC – Funds Availability Effective 7/1/2020

Case-by-Case Delays

In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after your deposit.  Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit.  The first $225 of your deposits, however, will be available on the first business day.

If we are not going to make all of the funds from your deposit available on the first 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 day after we receive your deposit.

Safeguard Exceptions

In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,525 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 failure of computer or communications 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 seventh business day after the day of your deposit.

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 $5,525 of a day’s total  deposits of cashier’s, certified, teller’s, traveler’s and federal, state, or local government checks will be available on the first business day after the day of deposit if the deposit meets certain conditions.  For example, the checks must be payable to you.  The excess over $5,525 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 $5,525 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 eleventh business day after the day of your deposit.

Deposits at Automated Teller Machines

If you make a deposit at our ATM before 3:00 P.M. EST 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 at our ATM after 3:00 P.M. EST or on a day that we are not open, we will consider that the deposit was made on the next business day we are open.

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own or operate will be available on the second business day after the day of deposit, except that U.S. Treasury checks that are payable to you will be available on the first business day after the day of deposit.  Also, the first $225 of a deposit will be available on the first business day after the day of deposit.  Checks drawn on Windsor Locks Federal Credit Union will be available on the first business day after the day of deposit if the deposit is made at an ATM located on our premises.

ATMs we own or operate are located at 516 Spring Street, Windsor Locks, CT 06096.

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