Funds Availability Policy

In compliance with the Regulation “C” and the Expedited Funds Availability Act, the Chicago Post Office Employees Credit Union adopts the following “Funds Availability” Policy.

A. The following items are available immediately upon deposit

1. Funds from electronic (ACH) deposits

B. Next Day Availability Items shall include:

1. Treasury Checks
2. United States Postal Service money orders
3. Federal Reserve Bank or Federal Home Loan Bank checks
4. State or local Government checks
5. Cashiers, certified or tellers’ checks
6. Checks drawn on the Chicago Post Office Employees Credit Union
7. The lesser of $100 of the aggregate deposited on any one banking day to all accounts of the member by check other than the above types of items.

C. Check “holds” will be placed on items not listed above according to the following schedule.

1. A two-business-day “hold” will be placed on all local checks
2. Non-local checks will be placed on “hold” for five business days
3. Items deposited in a non-proprietary ATM will be treated as Non-local
4. Longer delays may be placed on items deposited for the following reasons:
   • We have reason to believe the item will not be paid
     • We have been notified that the item will be dishonored
     • The check is payable to two parties and the same person appears to have endorsed for both names
     • The check deposited was written more than six months ago
     • We have confidential information that the member is engaged in check kiting
   • Deposits in excess of $5,000 on one day
   • A check which was previously returned is re-deposited
   • The member has overdrawn their account repeatedly in the past six months (accounts has been overdrawn six or more days in the past six months)
   • The deposit is made to a new account.

D. Any check - other than U. S. Treasury - presented for deposit in excess of $500 must be verified PRIOR to deposit. After verification, check should be deposited and placed on “hold” for the appropriate amount of days. Any check that is less than $500 may be deposited prior to verification if there is money in the account to cover the check. That amount should be placed on “hold” until the check clears. If there is any doubt, the check should be presented to Branch Manager for disposition.