Funds Availability

Funds Availability Policy

This notice, which is effective 07.01.2025, 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 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 or via mobile deposit, you will have immediate availability for the following checks if they are made payable to you: government, cashier’s, certified, teller and traveler’s checks, money orders and payroll checks (documentation may be required). Our general policy is to make $275 of the total deposits available to you on the day we receive your deposit.
 

Business or personal checks in excess of $275 will be held for 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.

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available to you and you have withdrawn the funds, you are still responsible for checks you deposit which are returned to us unpaid and for any other problems involving your deposit.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 $275 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 $6,725 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 $6,725 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 $6,725 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 $6,725 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 you deposit or cash a check drawn on another financial institution, we may delay access to an equivalent amount of funds already available in your account—or any account on which you are a signer. These funds will be subject to the same hold period that applies to the type of check you deposited or cashed, as outlined in this disclosure.

If a member has a history of depositing or cashing checks that are returned unpaid, Beach Municipal Federal Credit Union reserves the right to refuse to accept any checks from the member or any joint owner in the future.

Deposits at Non-Proprietary ATMs

Deposits made at a non-Beach Municipal FCU Automated Teller Machine (ATM) will not be available until the fifth business day after the date of your deposit.

Foreign Checks

Beach Municipal FCU does not accept checks drawn on financial institutions located outside of the United States.

Electronic Transfers from Outside the U.S.

If you receive an electronic funds transfer from outside the United States, we may delay the availability of those funds while we verify that no party involved in the transfer—including the sender, any intermediary, or other related entity—appears on any list of known or suspected terrorists or terrorist organizations. These lists are issued by United States federal government agencies and designated by the United States Treasury Department in consultation with federal financial regulators.