Funds Availability Policy Disclosure

EXCEPT FOR CHECKS DRAWN ON FOREIGN BANKS IN FOREIGN COUNTRIES, THIS DISCLOSURE DESCRIBES YOUR ABILITY TO WITHDRAW FUNDS FROM TRANSACTION ACCOUNTS AT MOOG EMPLOYEES FEDERAL CREDIT UNION.  YOU SHOULD ALSO REFER TO THE SECTION OF THESE AGREEMENTS AND DISCLOSURES THAT DESCRIBES THE DETAILS OF YOUR SPECIFIC ACCOUNT TYPE FOR ADDITIONAL INFORMATION.

Your Ability to Withdraw Funds.  Our policy is to delay the availability of funds from Your cash and check deposits.  During the delay, You may not withdraw the funds in cash and We will not use the funds to pay checks that You have written.

Determining the Availability Of A Deposit.  The length of the delay is counted in 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 before closing on a business day that We are open, We will consider that day to be the day of Your deposit.  However, if You make a deposit after closing 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 length of the delay varies depending on the type of deposit and is explained below.

Same-Day Availability

Funds from electronic direct deposits to Your Account will be available on the day We receive the deposit.

Same-Day Availability

Funds from the following deposits are available the business day We receive Your deposit:

  • U.S. Treasury checks that are payable to You

  • Wire Transfers

  • Checks drawn on Us

If you make the deposit in person to one of Our employees, funds from the following deposits are also available on the business day We receive Your deposit:

  • Cash

  • State and local government checks that are payable to You

  • Cashier’s, certified, and teller’s checks that are payable to You

  • Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to You

If You do not make Your deposit in person to one of Our employees (for example, if You mail the deposit), funds from these deposits will be available on the 2nd business day after the day We receive Your deposit.

Other Check Deposits

The first $225.00 of funds from a deposit of other checks will be available on the business day We receive Your deposit.  The remaining funds will be available on the 2nd business day after the day of Your deposit.  For example, if You deposit a $700.00 check on a Monday, $225.00 of the deposit is available on Monday.  The remaining $475.00 is available on Wednesday.

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 $5,525.00 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 7th business day after the day of Your deposit.

Special Rules for New Accounts.  If You are a new member, the following special rules will apply during the first 30 calendar days Your Account is open.  Funds from electronic direct deposits to Your Account will be available on the day We receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525.00 of a day’s total deposits of cashier’s, certified, teller’s, and federal, state, and local government checks will be available on the 1st business day after the day of Your deposit if the deposit meets certain conditions.  For example, the checks must be payable to You. The excess over $5,525.00 will be available on the 7th business day after the day of Your deposit.  If Your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of Our employees, the first $5,525.00 will not be available until the 2nd business day after the day of Your deposit.  Funds from all other check deposits will be available on the 2nd business day after the day or Your deposit.

ATM Deposits.  For deposits made at Automated Teller Machines (ATMs), such deposits will become available for withdrawal on the 2nd business day following the day of the deposit.

Holds on Other Funds.  If We cash a check for You that is drawn on another institution, We may withhold the availability of a corresponding amount of funds that are already in Your Account.  Those funds will be available to You at the time that the funds from the check We cashed for You would have been available if You had deposited it. If We accept for deposit a check that is drawn on another 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 are described elsewhere in this policy for the type of check that You deposited.

Location of Check Endorsements.  Federal law requires all check endorsements to be in the first 1-1/2 inches of the trailing edge of the back of the check.  The trailing edge is opposite the left side of the face of the check, the side of the check just behind Our address. You will be responsible for any costs incurred by Us due to delays in returning checks deposited into Your Account that do not comply with the endorsement standards.

Dividend Payment Policy.  See the Accounts – Member Disclosure tab on this website for Our policy on the payment of dividends.