Important Changes to our Funds Availability Policy

man working at his computer important changes to our funds availability policy from geddes federal savings and loan near syracuse ny

It is our policy to make funds from your cash or check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the same day we receive the deposit.

NEXT-DAY AVAILABILITY
Funds from the following deposits are available on the first business day after the day of your deposit:

  • U.S Treasury, State and Local Government, Cashier's, Certified, and Teller's checks that are payable to you

LONGER DELAYS MAY APPLY (case – by – case holds)
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 re-deposit 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.

CHANGES TO FUNDS AVAILABILITY
Due to changes in Federal Regulation CC, the amount of funds available to you when you deposit a check(s) may increase effective July 1, 2020.

Below is an explanation of the changes that become effective July 1, 2020:

  • The $5,000 aggregation of checks deposited on any one banking day that are not subject to the next-day availability requirement will increase to $5,525 and the $200 next business day availability for non-next day checks will increase to $225. This amount is used on case-by-case holds.
    • Example: If the check(s) deposit totals over $5,525.00 within one business day
      The hold will now make $225.00 available the next business day, $5,300.00 available on the second business day and the remainder available in five business days.
  • The $5,000 aggregation of a checks deposited any one banking day that are subject to the next-day availability requirement for new accounts will increase to $5,525.
    • Example: This hold makes $5,525.00 available on the next business day and any excess over $5,525.00 available in nine business days.

What does this mean for you? You will have access to more of your funds when one of the holds noted above is placed on your check deposit.

We will continue to alert you if we delay your ability to withdraw funds and will notify you when the funds will be available.

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