Our policy is to make funds from your deposits available to you immediately on the day we receive your deposit, personally or by mail, at the Credit Union office. At that time, you can withdraw the funds in cash and we will use the funds to pay checks you have written.
For determining the availability of your deposits, everyday is a business day, except Saturdays, Sundays and holidays. If you make a deposit, or if we receive your deposit by mail before 4:00 p.m. 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, or if we receive your deposit by mail after 4:00 p.m., or on a day we are not open, the deposit will be made on the next business day we are open.
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.
LONGER DELAYS MAY APPLY
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 fifth business day after the day of your deposit. However, the first $200 of your deposits will be available immediately.
If we are not going to make all 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 is made by mail, 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 deposits.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
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 $5,000 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 communications 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 generally be available no later than the eleventh business day after the day of your deposit.
ElecTel Cooperative Federal Credit Union is committed to protecting the privacy of our members. In general, you can visit us on the World Wide Web without disclosing to us who you are or revealing any information about yourself. There are several areas, however, that will collect certain information about you and we want you to know how we handle that information.
If you visit our website, ElecTel Cooperative Federal Credit Union collects and stores information on the domain you use to access our website, the Internet address of the site from which you linked directly to the site, and the date and time of your visit. This information is used to measure the number of visitors to the various pages on our site to better serve our members.
If you send an e-mail, ElecTel Cooperative Federal Credit Union collects and stores personally-identifying information in order to process your e-mail, form or application. This information is not sold to any third parties. Due to the volume of e-mail activity, these messages are deleted after they are answered or completed.
If you visit a secure site, such as Home Banking, you will be asked for personal identification numbers which will give you access to the member only section of our website. This information enables ElecTel Cooperative Federal Credit Union to regulate entry to the member only portions of our website and to measure member usage. Any identifying information gathered is not sold to third parties.
If you link to another site from any of our pages, you are leaving our site pages, and we cannot be held responsible for any information that may be gathered at a linked site. We make every effort however, to ensure that all linked sites follow similar privacy policies as ours to offer you maximum security and privacy.
Important Information About Procedures for Opening a New Account
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you:
When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask for other identifying documents.