Your Ability to Withdraw Funds

Our policy is to delay the availability of funds from your cash and check deposits. 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.

Determining the Availability of a Deposit

The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit before closing 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 closing 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.

Same-Day Availability

• Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
• State and local government checks that are payable to you.
• Cash and Postal Money Orders.
• Wire transfers.
• Checks drawn on Philadelphia Federal Credit Union.
• U.S. Treasury checks that are payable to you.

Next-Day Availability

If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:

• Cashier’s, certified, and teller’s checks that are payable to you.
• Federal Reserve Bank checks, Federal Home Loan Bank checks, 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.

Other Check Deposits

The first $275 will be available on the business day We receive Your deposit. The remaining funds will be available on the 2nd day after the day of Your deposit. For example, if You deposit a check of $700 on a Monday, $275 of the deposit is available on Monday. The remaining $425 available on Wednesday.

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 $6,725 on any one day.
• You deposit 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.

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 7th business day after the day of your deposit.

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. (Includes deposits you make at Automated Teller Machines (ATMs) owned and operated by Philadelphia Federal Credit Union).

Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Funds from deposits of cash, wire transfers, and the first $6,725 of a day’s total deposits of cashier’s, travelers, and federal, state and local government checks will be available on the day we receive your deposit if the deposit meets certain conditions.
For example, the checks must be payable to you (and you may have to use a special deposit slip).
The excess over $6,725 will be available on the 7th 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 $6,725 will not be available until the 2nd business day after the day of your deposit.
Funds from all other check deposits will be available on the 7th business day after the day of your deposit.

A copy of our complete policy is available to you, upon request.