Availability of Funds

This disclosure describes your ability to withdraw funds at Chicago Municipal Employees 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.

1. Determining the Availability of a Deposit. The date on which you may withdraw funds is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays and federal holidays. If you make a deposit before 4:00 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 deposit after 4:00 p.m. 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.

2. Same Day Availability. Funds from the following deposits are available on the same business day following the day of your deposit:

•  U.S. Treasury checks that are payable to you.
•  Electronic direct deposits.
•  Wire transfers.
•  Checks drawn on Chicago Municipal Employees Credit Union

If you make the deposit in person to one of our employees, funds from the following deposits are also available on the same business day following the day of your deposit:

•  Cash.
•  State and local government checks that are payable to you.
•  Cashier’s, certified, and teller’s checks that are payable
to you.
•  Federal Reserve Bank checks, Federal Home Loan Bank
checks, and postal money orders, if 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 on the second business day following the day of your deposit. 

3. Availability of Other Check Deposits. The delay for other check deposits depends on whether the check is a local or a nonlocal check. To see whether a check is a local or a nonlocal check, look at the routing number on the check:

Personal Check

Business Check

If the first four digits of the routing number (“1234” in the above example) are 0710, 0711, 0712, 0719, 2710, 2711, 2712 or 2719, then the check is a local check. Otherwise, the check is a nonlocal check. Some checks are marked “payable through” and have a four or nine-digit number nearby. For these checks, use the four-digit number (or the last four digits of the nine-digit number), not the routing number on the bottom of the check, to determine if these checks are local or nonlocal. Our policy is to make funds from local and nonlocal checks available as follows:

a. Local Checks. The first $100 from a deposit of local checks will be available on the first business day following the day of your deposit. The remaining funds will be available on the second business day following the day of your deposit. For example, if you deposit a local check in the sum of $700 on a Monday, $100 of the deposit is available on Tuesday. The remaining $600 is available on Wednesday. 

b. Nonlocal Checks. The first $100 from a deposit of nonlocal checks will be available on the first business day following the day of your deposit. The remaining funds will be available on the fifth business day following the day of your deposit. For example, if you deposit a nonlocal check in the sum of $700 on a Monday, $100 of the deposit is available on Wednesday. The remaining $600 is available on Monday of the following week.

If you deposit both categories of checks, $100 from the checks will be available on the first business day following the day of the deposit, not $100 from each category.

4. Cash Withdrawal Limitations. We place certain limitations on withdrawals in cash. In general, $100 of a deposit is available for withdrawal in cash on the first business day after the deposit. In addition, a total of $400 of other funds becoming available on a given day is available for withdrawal in cash at or after 4:00 p.m. on that day. Any remaining funds will be available in cash on the following business day.

5. Longer Delays May Apply. We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

•  We believe a check you deposit will not be paid.
•  You deposit checks totaling more than $5,000 on any 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 failure of communications or
computer 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 eleventh business day after the day of your deposit.

6. 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 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 elsewhere in this disclosure for the type of check that you deposited.

7. Special Rules for New Accounts. If you are a new member, the following special rules will apply during the first thirty (30) days your account is open.

Funds from electronic direct deposits to your account will be available on the first day following the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the first business day following the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth business day following 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 $5,000 will not be available until the second business day following the day of your deposit.

Funds from all other check deposits will be available on the ninth business day following the day of your deposit.

8. Deposits at Nonproprietary ATMs. Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

9. Foreign Checks. Checks drawn on financial institutions located outside the U.S. (foreign Checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institution upon which it is drawn.

© CUNA Mutual Group, 1993, 2005                  15193 11452 02/16/05