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Your Ability to Withdraw Funds Policy
Regulation CC establishes the maximum period a depositary financial institution may wait between receiving a deposit and making the deposited funds available for withdrawal. Regulation CC requires that Kingsville Area Educators Federal Credit Union notify members within 30 days after implementing a change that improves the availability of funds.
KAEFCU’s policy has been to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day the deposit is received.
Check Cashing, Immediate Availability, and Holds on Other Funds
We may cash a check or make a check deposit available immediately if you have funds to cover that check in any of your accounts with us. If we do, we may hold those funds (equal to the amount of the check) in your other account(s) according to the timelines described elsewhere in this policy. If you withdraw funds from a check deposit or cash a check, and the check is later returned unpaid, we may charge the check back to your account.
Effective July 21, 2011, the first $ 200.00 of the deposit will be available on the next business day.
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Case-by-case delays:
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In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit.
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New accounts-open 30 days or less:
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The maximum delay of availability is seven business days after the day of your deposit.
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If you will need the funds from a check deposit right away, ask us when the funds will be available.
If you have any questions, contact the credit union, 361-592-5148, or 800-338-7041.
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