Funds Availability

Check Clearing Policies

Your Availability to Withdraw Funds

We may delay the availability of funds from certain types of check deposits. 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 4:00pm on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 4:00pm or on a day that we are not open, we will consider that the deposit was made on the next business day we are open.

Availability

Funds from the following deposits are available on the day of your deposit:

• U.S. Treasury checks that are payable to you
• Wire transfers
• Checks drawn on Granite State Credit Union
• Funds from electronic direct deposits

If you make the deposit in person to one of our employees, funds from cash deposits are available on the day of your deposit.

Funds from the first $6,000 of a day's total check deposits will be available immediately if the checks are payable to you. The excess over $6,000 will be available on the third business day for the following deposits:

• State and local government checks that are payable to you
• Cashier's, certified, and teller's checks that are payable to you
• Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you

Funds from the first $2,500 of a day’s total check deposits will be available immediately and $3,500 on the second business day after the date of your deposit if checks are payable to you. The excess over $6,000 will be available on the fourth business day after the date of your deposit for the following deposits:

• Personal checks that are payable to you
• All check deposits made through a Shared Branching Outlet

Longer Delays May Apply

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

• We believe a check you deposit will not be paid
• You deposit a check that has been returned unpaid
• You have overdrawn your account repeatedly in the last six months
• There is an emergency, such as a failure of communication or computer 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 be available no later than the seventh business day after the day of your deposit.

Although the funds will be made available on a particular date, the credit union maintains the right to debit the account for the amount credited should it be determined later that the check is, for example, counterfeit.

If we cash a check for you that is drawn on another bank, 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 deposit a check that is drawn on another bank, 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.

Special Rules for New Accounts

The following special rules will apply during the first 30 days when a new account is open. Funds from electronic direct deposits, wires and cash to your account will be available on the day we receive the deposit. Funds from the first $2,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, federal, state, and local government checks will be available immediately and $4,000 on the next business day after the day of your deposit if the checks are payable to you. The excess over $6,000 will be available on the third business day after the day of your deposit.

The first $500 of all personal check deposits not made through an ATM will be available on the day of your deposit. The excess over $500 will be available on the fourth business day after the day of your deposit.

Deposits at Automated Teller Machines

Funds from any deposit made at an automated teller machine (ATM) will not have immediate availability; funds up to $6,000 of these deposits will be available by the second business day after the date of your deposit. The remaining funds will not be available until the fourth business day after the date of your deposit.

Foreign Checks

Checks drawn on financial institutions located outside the United States 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 institution upon which it is drawn.