When you see money in your checking account, especially after making a deposit, you might think you can spend that money right away.  However, financial institutions often place “holds” on your deposits consisting of checks, preventing you from using the money for a period.  As a result, you could end up with bounced checks or having problems with automatic deductions that occur from your account.

A check hold is a temporary delay in making funds available.  Your account history shows all deposits and the money is added to your actual account balance, but the money is not part of your available balance.  The key word to remember is “available.”

Rockland Federal Credit Union will use your Available Account Balance when determining whether a transaction will overdraw your account.  Your checking account has two types of balances:  The Actual Account Balance and the Available account balance.  It is important to understand how the two balances work so that you can avoid unnecessary overdraft fees.

Actual Account Balance:

The full amount of money that can be in your account at any given time.  It reflects the full amount of any deposits made to your account without regard to any portion of a deposit that may be on hold.  It also reflects payment transactions that have “posted” to your account, but not payment transactions that have been authorized and are pending.  While the term “actual” may sound as though the number you see is an up-to-date display of what is in your account that you can spend, that is not always the case.  Any holds on deposits, holds on funds authorized for purchases, payments, fees and other charges made on your account that have not yet posted will not appear in your Actual Account Balance.

Available Account Balance:

The Available Account Balance takes into account items like holds placed on deposits and pending transactions (such as debit card purchases) that the credit union has authorized, but have not yet posted to your account.  It is important to keep track of debit card purchases that you have authorized the credit union to pay but have not yet posted to your Actual Account Balance.

RFCU’s Funds Availability Policy:

Effective July 1, 2025

YOUR ABILITY TO WITHDRAW FUNDS

This policy statement applies to all accounts.

Our policy is to make funds from your check deposits available to you on the second business day after the day we receive your deposit, with the first $500 available on the first business day after the day of your deposit. Electronic direct deposits will be available on the day we receive the deposit. Cash, wire transfers, and some specified check deposits will also be available before the second business day, as detailed below. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

DETERMINING THE AVAILABILITY OF A DEPOSIT

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 4:30 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 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. If you make a deposit at an ATM before 12:00 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 at an ATM after 12:00 P.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.

Same-Day Availability

Funds from the following deposits are available on the day we receive the deposit:

• Electronic direct deposits to your account.
• U.S. Treasury checks that are payable to you.
• Wire transfers.
• Checks drawn on Rockland Federal Credit Union.
• 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.
• The first $2,000.00 from the deposit of payroll checks or workers compensation made payable to you.

Other Check Deposits Subject to Second-Day Availability

The first $500 from a deposit of other checks will be available on 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 check of $700 on a Monday, $500 of the deposit is available on Tuesday. The remaining $200 is available on Wednesday.

If we cash a check for you that is drawn on another bank or not made payable to you, we may withhold 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 bank or not made payable to you, 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.

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 redeposit 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 seventh business day after the day of your deposit.