Share Draft Program Disclosure
For good cause, as determined by management, the services provided by any part of these share draft policies may be revoked or suspended for any account that is deemed no longer eligible. A member’s share draft may be involuntarily closed for the following reasons:
NSF-$30.00 Member has 45 calendar days to either deposit the funds. Stop Payment - $25 Remove from account.
Funds Availability Policy Disclosure
This disclosure describes our ability to withdraw funds at Our Mother of Mercy Federal Credit Union 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 that those disclosed in this policy. Please ask us if you have any questions about which accounts are affected by the policy.
General Policy- Our policy is to make funds from your cash and check deposits availability to you on the next business day after we receive your deposit. Electronic direct deposits will be available to you the day we receive the deposit. Once they are available you can withdraw the funds in cash and we will use the funds to paychecks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays and Sundays and the federal holidays. If you make a deposit before close of business day that we are open, will we consider that day to the day of your deposit. However, If you make a deposit after the close of business or on a business day we are not open, we will consider that the deposit was made on the next business day we are open.
Reservation of right to hold – in some cases we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Funds may not be available until the second business day after the day of your deposit. However, the first $200.00 of your deposit will be available until the second business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the next business day, We will notify you at the time you make the deposit. We will also tell you when the funds will be available. If your deposit is not made the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
Holds on other funds – if we cash a check for you that is drawn on another financial institution, we withhold the availability of a corresponding amount of funds that are already in our account. Those funds will be available at the time 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 described elsewhere in this disclosure for the type of check you deposited.
Longer delays may apply- we may delay your ability to withdraw funds deposited by check into you account.