Funds Availability Policy
This disclosure describes your ability to withdraw funds at Southwest Louisiana Credit Union. It only applies to the availability of funds in transaction accounts. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy.
Out policy is to delay the availability of funds from your cash and check deposits. During the delay, you may withdraw the funds in cash and we will not use the funds to pay checks that you have written.
Determining the Availability of a Deposit
The length of the delay is determined by counting the business days from the day of your deposit. Everyday is a business day except Saturdays, Sundays and federal holidays. If you make a deposit after 6:00 p.m. on a business day or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
The length of the delay varies depending on the type of deposit and is explained below.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Funds from the following deposits are available on the first (1st) business day after the day of your deposit.
- U.S. Treasure checks are payable to you
- Wire transfers
- Checks drawn on Southwest Louisiana Credit Union
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first (1st) business day after the day of your deposit:
- State and local government checks that are payable to you
- Cashier's, certified, and teller checks payable to you
- Federal Reserve Bank checks, Federal Home Loan Bank checks and postal money order, if all these items are payable to you.
If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available will be available on the second (2nd) business day after the day we receive your deposit.
Cash Withdrawal Limitations
We place certain limitations on withdrawals in cash. In general, $200 of a deposit is available for withdrawal in cash on the first (1st) business day after the day of deposit. In addition, a total of $400.00 of other funds becomes available on a given day is available for withdrawal in cash at or after 2:00p.m. on that day. Any remaining funds will be available in cash on the following business day.
Holds of other Funds
If we cash a check for you that is drawn on another financial institution, 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 of funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, 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 that are described else where in this disclosure for the type of check that you deposited.