Bluegrass Community FCU
Funds Availability Policy
Board Approved May 27, 2010
Bluegrass Community FCU has adopted a policy designed to give our members prompt access to their deposited funds but protecting them at the same time. This policy is written in accordance with the Expedited Funds Availability Act known as ‘Reg CC” which was enacted to prevent financial institutions from placing long holds on deposits and to establish a framework for expediting the availability of finds and the return of checks. Bluegrass Community Federal Credit Union will keep its Funds Availability Policy in compliance with Regulation CC and will update the policy any time changes are made to the Expedited Funds Availability Act. This policy is up to date with Reg CC availability regulations as of March 31, 2010.
Bluegrass Community FCU has the following funds availability policy to address member’s deposits as the deposits are presented to BCFCU through the mail, our night drop, performed in person, or by a third party.
Any time a member makes a deposit in cash Bluegrass Community FCU will make the deposit immediately accessible to our members once the deposit has been processed. Electronic direct deposits will be available on the effective date of the deposit. These funds can be immediately used at Point of Sale Transactions, for transfers between accounts, for withdrawal in the office or at an ATM, or for the writing of a check.
Bluegrass Community FCU in compliance with Reg CC has placed funds availability restraints on all checks coming into the credit union for deposit. Any member who makes a deposit of a check into the credit union will have immediate access to the first $100.00 of the deposit. There will be next business day availability on all amounts over $100.00 but less than $5,000.00. If the deposit is over $5,000.00 the remaining amount over $5,000.00 will be available on the second business day following the deposit. Members can withdraw the funds as a check, use the funds for Point of Sale transactions, and transfer between accounts or withdrawal from an ATM machine.
Bluegrass Community FCU may for specific reasons place a second business day hold on a deposit which will be done on a case-by-case basis for specific reasons as allowed under applicable laws. Bluegrass Community FCU will be responsible for mailing to the member a notice that the member’s deposit has been placed on hold that is outside the normal policy. These cases will generally fall into the following categories:
- Redeposited checks- checks that were returned unpaid
- Repeated overdrafts in the last 6 months
- Reasonable cause to doubt the collectability of a check presented for deposit
- Emergency conditions such as severe weather or computer interruptions.
For determining the availability of a member’s deposit every day is a business day except for Saturday, Sunday, and credit union holidays. Deposits made by mail must be directed to the following address: PO BOX 81, Ashland KY, 41105-0081. Deposits can be made from 8:00 am – 5:00 pm, Monday through Friday at our location on 2205 Carter Ave, Ashland, KY 41101.
Deposits cannot be made over the phone, by debit or credit card, or at any other credit union in Ashland, KY.
Bluegrass Community FCU will place a notice in the lobby indicating the availability of checks deposited in members’ accounts. The deposit ticket receipts given to members will also include the words “Deposits may not be available for immediate withdrawal” indicating there are limits to the availability of members’ funds. At the initial opening of an account members will be given a copy of the Bluegrass Community FCU Funds Availability Notice informing new members of their ability to use their funds when deposited into accounts at Bluegrass Community FCU. Any time there is a change to the Funds Availability Policy made by Bluegrass Community FCU a printed notice will be provided within 30 days of the change to the policy to members allowing them to be fully informed of the availability of their funds.