DCU gives 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 immediately available for you to spend.
Imagine that someone gives you a check. You deposit the check into your DCU account. DCU presents that check to the paying bank for payment. When all goes according to plan, the check ‘clears’ the account it was drawn on. But what if the account the check is drawn on has insufficient funds and the paying bank returns it unpaid? DCU would have no choice but to withdraw the funds from your account. Even if the funds were no longer in your account, you would still be liable.
Deposit holds and funds availability policies are designed to protect you and your financial institution.
For DCU's complete Funds Availability Policy, see Part VI of the Account Agreement for Consumers.
For DCU's complete Funds Availability Policy for Business Accounts, see Part IV of the Business Account Agreement.
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 DCU's Schedule of Fees and Service Charges.
Non-members cashing a DCU check will be assessed a $5 check cashing fee. This amount will be withdrawn from the amount disbursed.