TCP CU’s policy is to make funds from your deposits available on the same business day a deposit is received. At that time funds can be withdrawn and TCP CU will use the funds to pay checks that have been written and presented for payment. For TCP CU, business days are Monday through Friday, except for designated holidays. Deposits received by TCP CU before closing on a day that TCP CU is open are credited on that calendar date.
Longer Delays May Apply
In some cases, TCP CU may delay your ability to withdraw funds beyond the same business day of a deposit. In those cases we will advise you of the date your funds will be available for withdrawal. However, the first $200 of a deposit into a checking account (share draft) will be available on the same business day of deposit. In most instances you will be advised of a delay in funds availability at the time of deposit. However, if a deposit is not made directly to a TCP CU employee or if TCP CU decides to delay availability after you have left the premises, TCP CU will mail a notice by the end of the next business day after the deposit is received. TCP CU will delay funds up to the maximum schedule of funds availability as allowed by the Federal Reserve Bank’s Regulation CC for most checks. In addition to these schedules, funds deposited by check may be delayed for a longer period for special circumstances, such as (but not limited to):
- account is less than 30 days old
- TCP CU is unable to verify that a check will be paid
- there are erasures/alterations or discrepancies on a check
- check deposited was previously returned unpaid
- the account has been overdrawn repeatedly in the last six months
- checks deposited total more than $5,000
- TCP CU is notified that a check previously deposited is being returned unpaid
- there is an emergency such as failure of communications or computer equipment
Holds On Other Funds – Check Cashing: If TCP CU cashes a check drawn on another financial institution; the availability of an equal amount of funds already in any of your TCP CU accounts may be withheld. Those funds will be available at the time funds from the cashed check would have been available, if the check had been deposited. For example: If TCP CU cashes a $500 check for you, $500 of funds already in your account may not be available until up to the seventh business day after the day TCP CU cashed the check. A notice will be sent advising you of this hold by the next business day after the check is cashed.
Holds On Other Funds – Other Accounts: If TCP CU accepts for deposit a check drawn on another financial institution, TCP CU may make funds from the deposit available for withdrawal immediately but delay the availability of an equal amount of funds you have on deposit in another account with TCP CU. The funds in the other account would then be available for withdrawal at the time funds from the deposited check would have been available. A notice will be sent advising you of this hold by the next business day after TCP CU receives the deposit.