Imagine that someone paid you with a bad check. You didn't know it was bad and deposited or cashed it at a financial institution in good faith. When the financial institution attempted to present the check for payment to the issuing bank, it bounced. By law, you would be liable to return the funds you received to the financial institution that paid you. Deposit holds and funds availability policies are designed to protect you and the financial institution in those instances.
DCU's policies give you immediate credit for deposited funds so you can start earning on the money if in a dividend-bearing account. However, depending on a number of factors, all or a portion of that deposit may not be available for you to spend for a period.
Below is a summary of DCU's Funds Availability Policy.
For checks deposited on a Monday, for example:
Funds I deposit by check may be delayed for a longer period of time under the following circumstances:
I will be notified if a longer delay was applied.
Any delay beyond the time limits prescribed above shall be excused if caused by interruption of communication facilities, suspension of payment by a bank or savings institution, emergency conditions, or other circumstances beyond our control.
In no event does the above policy affect our right to accept or reject an item for deposit or to require written notice of an intended withdrawal.
The expiration of the hold period, and subsequent availability of the deposited funds in your DCU account does not necessarily mean the deposited item has in fact cleared the account against which it was drawn. To confirm this you must contact the paying bank. If any item you cash or deposit with us is returned unpaid by the paying bank, we may debit from your account both the amount of the item and the applicable fee as listed in your Schedule of Fees and Service Charges.
For DCU's complete Funds Availability Policy, see Part VI of the Account Agreement for Consumers.
Non-members cashing a DCU check will be assessed a $5 check cashing fee. This amount will be withdrawn from the amount disbursed.