Funds Availability Schedule

A. Check clearing: When you cash or deposit a check, it must be sent to the institution on which it's drawn for payment. That institution will either pay the check or refuse payment and return it to us.  This process is called "check clearing".  During this check clearing period, we may or may not allow you to withdraw or use the funds to pay checks or other items you have authorized.  The Credit Union will charge an overdraft fee for each transaction that overdraws the available balance in your account except for ATM and everyday debit card transactions if you have not opted-in to our Overdraft Program.

B. Determining the availability of a deposit:  The length of delay in funds availability is counted in business days from the day of your deposit. For purposes of this Schedule, every day is a business day except Saturdays, Sundays, and federal holidays (even if our offices are open on those days).  

C. Same Day Availability (no hold):  If you make a deposit in person to one of our employees, funds from the following deposits are available on the business day your deposit is made:

• Cash

• Government checks payable to you (includes US Treasury checks, US Postal money orders, and Federal Reserve Bank or Federal Home Loan Bank checks)

• State and local government checks payable to you (includes City payroll checks)

• Checks drawn on the Bridgeport Police FCU (on-us checks)

• Cashier's, certified, and teller's checks payable to you

• Electronic payments, which include wire transfers and ACH credits, are available the business day we receive the funds

• Computer-generated, machine-signed payroll checks payable to you, if you have a checking account with us

If you do not make your deposit in person with one of our employees (ex. if you deposit in our night drop), funds from these deposits will be available on the first business day after the day we receive your deposit.  This does not apply to electronic payments.

D. All other check deposits: The first $225 is available on the first business day after the day of deposit; the remaining funds are available on the second business day after the day of deposit.

E. Longer Delays May Apply: 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 - the excess of $5,525 is subject to the longer hold.

• You redeposit a returned check.

• You have overdrawn your account repeatedly in the last six months.

• There is an emergency such as an equipment failure or the suspension of payments by another financial institution.

We will notify you if we delay your ability to withdraw funds for any of these reasons and we'll let you know when the funds will be available unless, at the time of notice, we are unable to establish a timeframe due to an emergency situation.  Funds will generally be available no later than the sixth business day after the day of deposit.

F. Special Rules for New Members: The following rules apply during the first 30 days of new membership:

• Cash and funds from electronic payments will be available on the business day we receive the funds.

• The first $5,525 from a deposit of any check type listed in section C of this Schedule will be available on the business day of your deposit providing the items are made payable to you and are deposited in person to one of our employees. If you do not deposit the items in person to one of our employees, the first $5,525 will not be available until the first business day after the day of your deposit. The excess over $5,525 will be available on the ninth business day after the day of your deposit.

• The first $5,525 from all other check deposits will be available on the sixth business day after the day of your deposit. The excess over $5,525 will be available on the ninth business day after the day of deposit.

G. Holding Alternate Funds Already on Deposit:  We may make funds from a check immediately available if you have funds to cover the check already on deposit with us.  In this event, the funds on deposit will be held for the time period that corresponds with the type of check deposited.  

PLEASE READ: WHEN FUNDS FROM A DEPOSITED CHECK BECOME AVAILABLE IN YOUR ACCOUNT, THERE IS STILL A POSSIBILITY THAT THE CHECK WILL BE RETURNED AND THE FUNDS WITHDRAWN FROM YOUR ACCOUNT. THIS OCCURS WHEN THE CHECK CLEARING PROCESS TAKES LONGER THAN THE HOLD PERIOD.

Funds Availability Disclosure Revised 7/1/2020