THE AVAILABILITY OF FUNDS YOU DEPOSIT WITH THE CREDIT UNION
This Disclosure applies to all "transaction" accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Checking accounts are the most common transaction accounts. Feel free to ask us whether any of your accounts are covered by these rules. Please read all provisions carefully in order to fully understand when funds may be available from certain deposits.
Funds "availability" means your ability to withdraw funds from your account, whether those withdrawals are to be in cash, by check, automatic payment, or any other method we offer you for access to your account. If deposited funds are not "available" to you on a given day, you may not withdraw the funds in cash and we may not use the funds to pay items that you have written or honor other withdrawals you request. If we pay items that you have written or honor other withdrawals before funds are available to you, we may charge a fee for this.
Please remember that even after the item has "cleared," we have made funds available to you, and you have withdrawn the funds, you are still responsible for items you deposit that are returned to us unpaid and for any other problems involving your deposit.
DETERMINING THE AVAILABILITY OF A DEPOSIT - ALL ACCOUNTS. The day funds become available is determined by counting business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit in person before our "cutoff time" on a business day we are open, we will consider that day to be the day of your deposit for purposes of calculating when your funds will become available. However, if you make a deposit after the cutoff time, or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
The earliest cutoff time at any of our branches is 5:00 p.m. (local time at the branch).
Deposits you send by mail are considered deposited on the business day it arrives if it arrives by the cutoff time at the branch of deposit.
In all cases, availability of any deposit assumes that a requested withdrawal will not overdraw the account.
IMMEDIATE AVAILABILITY FOR CERTAIN ITEMS. The following types of deposits will usually be available for withdrawal immediately:
Cash (if deposited in person to an employee of ours);
Electronic direct deposits;
Wire transfers
Reg CC Funds Availability Notice
Important changes to your account agreement- This is a notice of changes to the agreement of the account(s) you have with us. Your account(s) will be governed by the revised terms of the agreement below. The effective date(s) are indicated below.
If you continue to have your account(s) after the effective date you have accepted, and agreed to, the modified account agreement. If you have any questions about these changes, contact us please call 704-543-8901.
Why did this change?
Due to the Expedited Funds Availability Act for inflation approved in 2020, the policies and regulations set forth by the Federal Reserve and the CFPB will be adjusted every 5 years.
As of July 1, 2025 this Funds Availability Policy is an addendum to the one in our Membership Disclosure Booklet, Section II on page 10, and supersedes any previous Funds Availability Policies.
NOTICE: In accordance with 12 CFR 229, Availability of Funds and Collection of Checks (Regulation CC), we need to inform you of our policy regarding your rights to draw funds against deposits you have made to any transaction account at our institution. Transaction accounts are accounts that do not limit the number or types of withdrawals or transfers you may make. Our Funds Availability policy is outlined below. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy.
General Policy. Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash, and we will use the funds to pay checks that 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 before the close of business on a business day that we are open, we will consider that day to the day of your deposit. However, if you make a deposit after the close of business or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
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 same business day that we receive 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. However, the first $275.00 of your deposit will be available on the next business day after the day of your deposit. If we are not going to make all the funds from your deposit available on the same business day, we will notify you at the time you make 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 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.
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 that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
If we accept for a deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal 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 withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Longer Delays May Apply
• Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you immediately. 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 first $275 of your deposits, however, will be available immediately. If we are not going to make all of the funds from your deposit available immediately, we will notify you at the time you make 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 you the notice by the 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.
• Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
• We believe a check you deposit will not be paid.
• You deposit checks totaling more than $6,725 on any one day.
• You redeposit 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.
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 are available. The maximum availability is no later than the ninth business day after the day of your deposit.
Special Rules for New Accounts . . If you are a new member, the following special rules may apply during the first 30 days the account is open. Funds from electronic payments (wire transfer and ACH credits) to your account are available on the day we receive the deposit. Funds from deposits of cash and the first $6,725of a day's total deposits of U.S. Treasury checks, U.S. Postal money orders, Federal Reserve Bank and Federal Home Loan Bank checks, state or local government checks, and checks drawn on CPM accounts are available no later than the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you and deposited in person to one of our employees. The excess over $6,725is available by the fifth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $6,725will not be available until the second business day after the day of deposit. Funds from all other check deposits are generally available by the fifth business day after the day of your deposit. However, we may place longer holds on certain items for other reasons, such as large deposits (see Longer Delays May Apply above).
Foreign Checks. Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.
Why did this change?
Due to the Expedited Funds Availability Act for inflation approved in 2020, the policies and regulations set forth by the Federal Reserve and the CFPB will be adjusted every 5 years.
Cash and wire transfer deposits are subject to the Special Rules for New Accounts and funds availability is subject to the rule in the section titled Longer Delays May Apply.
IMMEDIATE AVAILABILITY FOR MOST OTHER ITEMS. Our general availability policy for items not listed in the prior section is to make funds available to you immediately / on the first business day after the day of deposit. We generally make some portion of a day’s deposits available for withdrawal immediately. See the previous section for the types and amounts of deposits that are available immediately.
Use of Person to Person Networks
Transaction(s) conducted through a person-to-person payment service provider that transfers funds, such as the Zelle® network and Cash App, is intended for use among friends and family. There are no protections or warranties for the purchase of goods and services. Carolina Cooperative FCU is unable to pursue these merchants or the 3rd party recipient for recovery on your behalf through the dispute process.