We do not place holds on all deposited items. Additionally, we do not place a hold on an item to inconvenience you. Holds are placed on items in order to ensure the credit union receives payment of the funds the items represent.
When an item is presented for deposit, the credit union does not immediately receive the funds from the paying institution. The check must be sent through several “clearing houses” until it reaches the paying institution. Once received, the paying institution will then remit the funds to our credit union which can take several days. However, we are bound by Federal Regulation CC when placing holds on a deposited item.
Checks are returned by the credit union when there are not enough funds in your share draft account to cover the amount of the item being presented for payment.
Overdraft protection allows the credit union to automatically transfer funds from your share account or money market account directly to your share draft account in order to cover the amount of an item being presented for payment. There is a $2.00 fee for this transfer. Due to Federal Regulation D, some restrictions do apply. We allow up to 6 drafts per month.