Funds Availability

REGULATION CC FUNDS AVAILABILITY DISCLOSURE

Bluegrass Community Federal Credit Union

YOUR ABILITY TO WITHDRAW FUNDS AT BLUEGRASS COMMUNITY FEDERAL CREDIT UNION:

Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit.  However, funds from electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and/or we will use them to pay checks that you have written.  For determining the availability of your deposits, everyday is a business day, except Saturdays, Sundays, and federal holidays.

RESERVATION OF RIGHT TO HOLD:

In some cases, we will not make all the funds that you deposit by check available to you on the first business day after the day of your deposit.  Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit.  The fist $200,00 of your deposit, however, will be available on the day of you deposit.  If we are not going to make all the funds from your deposit available on the first business day, we will notify you at the time of your deposit. We will also tell you when the funds will be available.  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 to you a notice by the business day after we receive you deposit, If you need the funds from a deposit right away, you should ask us when your funds will be available.

LONGER DELAYS MAY APPLY:

We may delay your availability to withdraw funds deposited by check into your account an additional number of days for these reasons:

  • Your deposit checks totaling more than $5,000.00 on any one day.
  • You redeposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months.
  • We believe a check you deposit will not be paid.
  • 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 seventh business day after the day of your deposit.

HOLD ON OTHER FUNDS:

If we accept for deposit a check that is drawn on another financial institution, we may make funds available for withdraw 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 withdraw until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.



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