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Funds Availability Policy

Policy Statement

It is the intent of the Board of Directors to establish specific policies with regard to restricting the availability of funds from checks that are accepted for deposit, consistent with Reg. CC. The credit unions fund availability disclosure notice shall be as follows:

FUNDS AVAILABILITY: YOUR ABILITY TO WITHDRAW FUNDS – ALL ACCOUNTS

This Disclosure applies to all “transaction” accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Checking accounts are the most common transaction accounts. Feel free to ask us whether any of your accounts are covered by these rules.

Please read all provisions carefully in order to fully understand when funds may be available from certain deposits.

Funds “availability” means your ability to withdraw funds from your account, whether those withdrawals are to be in cash, by check, automatic payment, or any other method we offer you for access to your account. If deposited funds are not “available” to you on a given day, you may not withdraw the funds in cash and we may not use the funds to pay items that you have written or honor other withdrawals you request. If we pay items that you have written or honor other withdrawals before funds are available to you, we may charge a fee for this.

Please remember that even after the item has “cleared,” we have made funds available to you, and you have withdrawn the funds, you are still responsible for items you deposit that are returned to us unpaid and for any other problems involving your deposit.

DETERMINING THE AVAILABILITY OF A DEPOSIT – ALL ACCOUNTS

The day funds become available is determined by counting 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 in person before our “cutoff time” on a business day we are open, we will consider that day to be the day of your deposit for purposes of calculating when your funds will become available. However, if you make a deposit after the cutoff time, 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 earliest cutoff time at any of our branches is 5:00 p.m. (local time at the branch), Monday thru Friday and 1:00P.M. on Saturdays

Deposits you send by mail are considered deposited on the business day it arrives if it arrives by the cutoff time at the branch of deposit.

In all cases, availability of any deposit assumes that a requested withdrawal will not overdraw the account.

IMMEDIATE AVAILABILITY FOR CERTAIN ITEMS

The following types of deposits will usually be available for withdrawal immediately:

  • Cash (if deposited in person to an employee of ours);
  • Electronic direct deposits;
  • Wire transfers; and

Cash and wire transfer deposits are subject to the Special Rules for New Accounts and the $200 availability is subject to the rule in the section titled Longer Delays May Apply.

Note — ACH Transfers: If you initiate a wire or ACH transfer from your account at another institution to your Credit Union account (called “ACH debit transfers”), the funds transferred in this way to your Credit Union account will be available on the first business day after the day we receive the deposit, at which time you withdraw the funds in cash and we will use them to pay checks you have written. However, the funds that you transfer by wire or ACH to your Credit Union account from your account at another institution cannot be wired out of your Credit Union account to a non- Credit Union account until the third business day after the day we receive the deposit.

IMMEDIATE AVAILABILITY FOR MOST OTHER ITEMS

Our general availability policy for items not listed in the prior section is to make funds available to you immediately / on the first business day after the day of deposit. We generally make some portion of a day’s deposits available for withdrawal immediately. See the previous section for the types and amounts of deposits that are available immediately.

DEPOSITS AT AUTOMATED TELLER MACHINES

Our Machines. If you make a deposit at an ATM identified as ours, your deposit will generally be available on the first business day after the day of deposit.

Other Machines: If you make a deposit at an ATM that is not identified as ours, your deposit may not be available until the fifth business day after the day of deposit.

LONGER DELAYS MAY APPLY

Paper Checks: Case-by Case Option: In some cases involving paper checks, we will not make all of the funds that you deposit available to you as provided above. The first $200 of your deposits, however, will generally be available no later than the first business day after the day of deposit, and usually immediately. 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; or soon after as reasonably practical. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees (including a deposit made at an ATM) 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.

Paper Checks: Statutory Holds Option: In the case of deposits of paper checks, funds from these checks will not be available until after the second business day from the date of deposit. The first $200 of your deposits, however, will generally be available no later than the first business day after the day of deposit, and usually immediately.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

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 $5,000 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.

CASHING CHECKS

If we cash a check for you that is drawn on another bank, 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.

OTHER ACCOUNTS

If we accept for deposit a check that is drawn on another bank, 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 day the deposited item would have been available, which will usually be the first business day after the day of deposit.

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 deposit of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn. Foreign checks with no routing numbers and payable in foreign currency are not accepted for deposit. These items must be sent as a collection item. Only foreign checks payable through a U.S. financial institution with routing numbers and payable in U.S. dollars will be available subject to the schedule described in this section.

*SPECIAL RULES FOR TIME PERIOD ADJUSTMENT FOR WITHDRAWALS BY CASH OR SIMILAR MEANS.

The Credit Union reserves the right to extend by one business day the time that funds deposited will be available for withdrawal by cash or similar means. However, an additional $400.00 will be available for withdrawal by cash or similar means on the date funds are otherwise available for withdrawal under this policy.

Product Pricing Schedule

Ancillary Services Charge
BSFCU Teller Check/Money Order/Cashiers Check
Payable to the Member
Payable to a 3rd Party

No charge
$3.00 each
Stale Dated Check $29.00 each
UCC Filing Actual Cost to Record
Skip-a-Pay $35.00 each
Bad Address Fee $5.00 per month
Travel Card $9.95 each – Other fees may apply
Gift Card $2.50 each – Other fees may apply
Youth Card $5.00 each – Other fees may apply
Reloadable Card $5.00 each – Other fees may apply 
Savings/Share Draft Services Charge
Automatic Overdraft Transfer No charge
Return Check $29.00 each
Visa Check Card Return $29.00 each
ACH Return $29.00 each
Overdraft $29.00 each
Domestic Wire Transfers $29.00 each
CU to CU Transfers $5.00 each
Foreign Wire Transfers $50.00 each
Credit Union Check Copy $5.00 each
Share Draft Copy $5.00 each
Share Draft Copy via Online Branch No Charge
Original Draft Request $15.00 each
Share Draft History $5.00 each
Duplicate Statement Copy $5.00 each
Acct Reconciliation Charge $10.00 per hour
Non-Member Check Cashing Fee $5.00 per item
Dormant Account Maintenance $5.00 per month – Applies to
savings only accounts, for members
>18 years of age, with no
transactions performed in the
prior 12 consecutive months, other
than the posting of dividends
ATM/Debit Card Fees Charge
Foreign ATM Transaction Charge $1.00 per transaction
Card Reissue Charge $10.00 per card
PIN Reissue Charge $2.50 per reissue
Foreign ATM Card Surcharge $2.00 per transaction
Safe Deposit Box Rent Charge
3″ X 5″ $25.00 per year
3″ X 10″ $40.00 per year
5″ X 10″ $60.00 per year
10″ X 10″ $75.00 per year
Lost Single Lock Box Key $50.00 for one key
Lost Both Keys – Box Must Be Drilled $500 per occurrence
Credit Card Fees Charge
ATM Cash Advance $0.50 per transaction
Foreign Transaction Fee 1% of the transaction amount in US dollars
Returned Payment Fee $25.00 each
Check Copy Fee $8.00 each
Card Reissue Charge $10.00 per card
Auto PIN Fee $1.00 each
Statement Copy Fee $3.00 each
Card Center Phone Payment Fee $3.00 each
Late Fees Charge
Credit Card Late Fee $25.00 per month – 10 days after due date
Consumer Loan Late Fee 5% of the scheduled payment but not less
than $15.00 – 10 days after due date
First Mortgage Loan Late Fee 5% of the scheduled payment but not less
than $15.00 – 15 days after due date
Online Bill Pay Fees Charge
Cardinal Secure Checking No charge – Unlimited
Charlie Secure Checking No charge – Unlimited
Just Checking No charge – Limitations may apply
Fresh Start Checking Not Available
Inactivity Fee $1.00 per month – Applies to bill pay accounts
with NO activity during a given month, AFTER
the initial 3 months of activation

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