This Disclosure describes your ability to withdraw funds at Sylvania Area Credit Union

Our policy is to delay the availability of funds that you deposit to your account. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written.

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1. Determining the Availability of a Deposit. The length of the delay is determined by counting the business days from the day of your deposit. Everyday is a business day except Saturdays, Sundays and federal holidays. If you make a deposit before 2:00 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 after 2:00p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

The length of the delay varies depending on the type of deposit and is explained below.
2. Next-Day Availability Funds from the following deposits are available on the first business day after the day of your deposit:

• U.S. Treasury checks that are payable to you.
• Wire Transfers
• Checks drawn on Cooperative Credit Union

3. Next-Day Availability for Certain Deposits Made in PersonFunds from the following deposits are available on the same business day we receive of your deposit if you make the deposit in person to one of our employees:

• Cash
• 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 postal money orders, if these items are payable to you.

If you do not make your deposit in person to one of our employees (for example, if you mail the deposit) funds from these deposits will be available on the second business day after the day we receive your deposit.

4. Availability of Other Check Deposits. The day 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 or a non local check, look at the routing number on the check; if the first four digits of the routing number (1234 in the examples) are 0410, 0412, 2410, or 2412, then the check is a local check. Otherwise the check is a non local check. Some checks are marked “payable through” and have a four –or nine-digit number nearby. For these checks, use the four-digit number) not the routing number on the bottom of the check, to determine if these checks are local or non local. Our policy is to make the funds from local and non local checks available as follows.

  A.   Local checks. The first $100 from a deposit of local checks will be available the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a local check of $700 on a Monday, $100 of the deposit is available on Tuesday. The remaining $600 is available on Wednesday.

  B.   Non local checks. The first $100 from a deposit of non local checks will be the first business day after the day of your deposit. The remaining funds will be available on the fifth business day after the day of your deposit. For example, if you deposit a $700 non local check on a Monday, $100 of the deposit is available on Tuesday. The remaining $600 is available on Monday of the following week.

  C.   Local and non local checks. If you deposit both categories of checks, $100 from the checks will be available on the first business day after the day of your deposit, not $100 from each category of check.

5. Cash Withdrawal Limitations. We place certain limitations on withdrawals in cash. In general, $100 of a deposit is available for withdrawal in cash on the first business day after the day of deposit. In addition, a total of $400 of other funds becoming available on a given day is available for withdrawal in cash at or after 2”00 pm on that day. Any remaining funds will be available for withdrawal in cash on the following business day.

6. Holds on Other Funds. If we cash a check for you that is drawn on another financial institution, we may with hold 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 financial institution, 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.

7. Longer Delays May Apply. 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 deposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six (6) 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 sixth (6^th) business day after the day of your deposit.

8. Special Rules for New Accounts. If you are anew member, the following special rules will apply during the first thirty (30) days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds form deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of government checks will be available the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth (9^th) business day after the day of your deposit. If your deposit of these checks (other than a U.S Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available on the ninth (9^th) business day after the day of your deposit.

9. Foreign Checks. Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in the disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.