Funds Availability Policy

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.  Once the funds 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 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 on a day we are not open, we will consider that the deposit was made on the next business day we are open.  Even after the funds have been made available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for other problems involving your deposit.
    
If we cash for you a check 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 (local, non-local).

If we are not going to make all of the funds from your deposit available on the first 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 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.

Next-Day Availability

  • Electronic Payments (ex. wire transfers, ACH credits)
  • Cash
  • Checks drawn on Laredo Federal Credit Union
  • U. S. Treasury checks that are payable to you
  • 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 U.S. Postal money orders, if these items are payable to you

If you do not make your deposit in person to one of our employees, funds from these deposits may be available on the second business day after the banking day we receive your deposit.

Other Check Deposits

The delay for other check deposits depends on whether the check is a local or a non-local check.  To see whether a check is a local check or a non-local check, look at the routing number on the check.

Our policy is to make funds from local and non-local checks available as follows:

  1. Local Checks.  The first $200 from a deposit of local checks will be available on the first business day after the banking day of your deposit.  The remaining funds will be available on the second business day after the banking day of your deposit. For example, if you deposit a local check of $700 on a Monday, $200 of your deposit is available on Tuesday.  The remaining $500 is available on Wednesday.
  2. Non-local Checks.  The first $200 from a deposit of non-local checks will be available on the first business day after the banking day of your deposit.  The remaining funds will be available on the fifth business day after the banking day of your deposit.  For example, if you deposit a $700 non-local check on a Monday, $200 of the deposit is available on Tuesday.  The remaining $500 is available on Monday of the following week.

Exception Holds

Exception holds may be applied to any check deposit.  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 (ex. post, stale dated, or altered check).
  • 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 computer or communications equipment

Add for: On us checks: 1 (one) business day; Local checks: 5 (five) business days; Non-local checks: 6 (six) six business days.  Under certain conditions, longer extensions of the schedules may apply.

Special Rules for New Accounts

If you are a new member, the following special rules will apply during the first 30 days your account is open.

Funds from cash or electronic direct deposits to your account will be available on the first business day after the banking day of your deposit.  The first $5,000 of funds deposited to a new account on any one banking day by checks such as U.S. Treasury checks, U.S. Postal Service money orders, checks drawn on Federal Reserve Banks and Federal Home Loan Banks, state and local government checks, cashier’s checks, certified checks, teller’s checks, and, traveler’s checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions such as the deposit has to be made in person to an employee of the depositary bank and the checks must be payable to you.  If your deposit of these checks (other than U.S. Treasury checks) is not made in person to one of our employees, the first $5,000 will be available until the second business day after the banking day of deposit.  The excess over $5,000 will be available on the ninth business day after the banking day of your deposit.

Forms & Documents

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