Funds Availability

This notice, which is effective 12.07.2016, serves as a statement of Beach Municipal Federal Credit Union’s Funds Availability Policy and applies to all accounts.

Your Ability to Withdraw Funds ~ It is the policy of Beach Municipal Federal Credit Union to make funds available from your cash deposit, wire transfer, payroll deduction or direct deposit available to you on the same business day that we receive your deposit. For deposits you make in person, you will have immediate availability for the following checks if they are made payable to you: government, cashier’s, certified, teller, traveler’s checks, money orders and payroll checks (documentation may be required). Our general policy is to make $200 of the total deposits available to you on the day we receive your deposit. Business or personal checks in excess of $200 will be held two business days. Funds will be held for two business days if the check is drawn on a local financial institution. That is, funds will not be available for withdrawal until the second business day after the day of your deposit.  Once the funds are available, you may withdraw them in cash, and we will use the funds to pay checks you have written. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays and Federal Holidays. If you make a deposit at any of our branch offices or at any associated CO-OP Shared Branch before the normal close of business, we will consider that day to be the day of your deposit. However, if you make a deposit after the normal close of business or on a day we are not open for business, we will consider the deposit made on the next business day that we are open. If you make a deposit at an ATM owned by Beach Municipal Federal Credit Union on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make an ATM deposit on a day that we are not open, we will consider the deposit made on the next business day that we are open. Funds from cash deposits made at an ATM we own or operate will be available on the first business day after the day of your deposit. Funds from check deposits may not be available until the fifth business day, depending on the type of check deposited. 

Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit which are returned to us unpaid and for any other problems involving your deposit.

Longer Delays May Apply ~ In some cases, we will not make all of the funds you deposit by check available to you as described above. The first $200 of your deposit, however, will be available on the first business day after the day of deposit. We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

  • We believe a check you deposited will not be paid.
  • You deposited check(s) totaling more than $5,000 on any day.
  • You deposited 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.

If we are not going to make the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also 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. If your deposit is not made directly to one of our employees or if we decide to take this action after you have left the premises, we will mail you the notice by 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.

Special Rules for New Accounts ~ If you are a new member, the following rules will apply during the first 30 calendar days after 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 and wire transfers will also be available the day we receive the deposit. The first $5,000 of a day’s total deposits of government, cashier’s, certified, teller and traveler’s checks, money orders and payroll checks (with documentation) will be available on the first business day after the day of your deposit, if the deposit meets certain conditions. For example, the checks must be made payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury checks) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit.

Holds on Other Funds ~ If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds already in your account. Those funds will be available at the time funds from the check we cashed would have been available had you deposited it. If we accept a check for deposit that is drawn on another financial institution, we may make funds from the deposit available for immediate withdrawal but delay your ability 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 expiration of the hold periods that are described in this disclosure for the type of check you deposited. If a member has a history of depositing or cashing checks that have been returned unpaid, Beach Municipal Federal Credit Union reserves the right not to accept checks from the member or the joint owner.

Deposits at Non-Proprietary ATMs ~ Funds from envelopes that make up a deposit made at Automated Teller Machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs we own or operate. All ATMs that we own or operate are identified as our machines.

Foreign Checks ~ Checks drawn on financial institutions located outside the United States (foreign checks) cannot be presented in the same manner as checks drawn on United States financial institutions. Foreign checks are exempt from the policies described in this disclosure. Foreign checks must be payable in United States Dollars. We reserve the right not to accept a foreign check for deposit. If we accept a foreign check for deposit, the availability of funds are delayed for the time it takes us to collect the funds from the financial institution upon which the check is drawn.

Electronic Transfers from Outside the U.S. ~ If you receive an electronic funds transfer from outside of the United States, we reserve the right to delay availability of those funds pending verification that no sender, intermediary or other party to the transfer appears on any list of known or suspected terrorists or terrorist organizations issued by any Federal government agency and designated as such by The U. S. Treasury Department in consultation with the Federal functional regulators.