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NOTICE TO DEPOSITORS – Your ability to withdraw funds at PARDA Federal Credit Union
The Expedited Funds Availability Act, implemented by Regulation CC, requires us to give you this disclosure.
Our Funds Availability Policy applies to deposits made into share draft/checking accounts. We may delay your ability to withdraw funds from a deposit, you may not be allowed to withdraw funds in cash or other negotiable means, and we will not pay checks you write on your account by using these delayed funds. Even after you have withdrawn the funds, you are still responsible for checks you deposit or cash that are returned to us unpaid and for any other problems involving your deposit.
For purposes of this disclosure, the terms: you” or ”your” refer to the depositor and the terms “our” “we” or “us” refer to PARDA Federal Credit Union.
Determining Availability of Your Deposits
For determining the availability of your deposits, every day is a business day except, Saturdays, Sundays and federally declared legal holidays. The “banking day” portion is that part of the “business day” in which we are open for business and may determine the availability of your funds. If you make your deposit before or during our banking day, consider that day to be the day of your deposit. If you make your deposit after our banking day, consider the next business day to be the day of your deposit. The length of the delay is counted in business days from the day of your deposit. The length of the delay varies depending on the type of deposit, which is explained below.
Same Day Availability
The following types of deposits will be made available to you on the banking day that you make your deposit:
(a) U.S. Treasury checks
(b) electronic payments, including wire transfers
(c) check/share drafts drawn on PARDA Federal Credit Union
(d) cash
(e) state and local government checks, if they are payable to you
(f) cashier’s, certified and guaranteed checks, if they are payable to you
(g) Federal Reserve bank checks, Federal Loan Bank checks and US Postal money orders, if they are payable to you
(h) personal checks of $100.00 or less, or an aggregated amount of $100.00 or less.
Other Check Deposits
The delay for check deposits other than those previously indicated depends on whether your check is local or nonlocal. Checks that are subject to delayed availability include:
(a) Personal checks or share drafts over $100.00 or an aggregate of checks or share drafts drawn on the same account and exceed $100.00
(b) Money market account checks
(c) Cash Management Account checks
(d) Credit card or loan advance checks
(e) Money orders other than U.S. Postal Money Orders
(f) Any other check not provided in the Same Day Availability section of this disclosure.
A local check is a check drawn on a financial institution located in the same check-processing region as us. You can determine whether a check is local or nonlocal by looking at the nine digit ABA number printed on the lower left corner of the check.
If the first four numbers are as shown on the chart below and the check is being deposited at the corresponding branch, we will consider the check to be local. All others will be considered as nonlocal checks.
Branch Routing & Transit (ABA) Numbers
Ann Arbor, MI 0720, 0724, 2720, 2724
Auburn Hills, MI 0720, 0724, 2720, 2724
Eastpointe, MI 0720, 0724, 2720, 2724
Holland, MI 0720, 0724, 2720, 2724
Rochester, MI 0720, 0724, 2720, 2724
Greenwood, SC 0532, 2532, 0539, 2539
Lititz, PA 0310, 0311, 0312, 0313
0319, 0360, 2311, 2312,
2313, 2319, 2360
Milford, CT 0111, 0116, 0117, 0118
0119, 0211, 2111, 2116
2117, 2118, 2119, 2211
Morris Plains, NJ 0210, 0212, 0214, 0215
0216, 0219, 0260, 0280
2210, 2212, 2214, 2215
2216, 2219, 2260, 2280
8002, 8006, 8010, 8011
8013
Parsippany, NJ 0210, 0212, 0214, 0215
0216, 0219, 0260, 0280
2210, 2212, 2214, 2215
2216, 2219, 2260, 2280
8002, 8006, 8010, 8011
8013
Rockford, IL 0710, 0712, 1719
2710, 2712, 2719
Our policy regarding the availability of local and nonlocal checks is as follows:
Local Checks
The first $100.00 from a deposit of local checks will be available the same day. The remaining funds will be available on the second Business Day after the day of your deposit.
Nonlocal Checks
The first $100.00 from a deposit of nonlocal checks will be available the same day. The remaining funds will be available on the fifth Business Day after the day of your deposit.
If you deposit both local and nonlocal checks on the same day, $100.00 from the combined check deposits will be available on the same day of your deposit(s), not $100.00 from each category.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you according to the terms previously stated. Depending on the type of check that you deposit, funds may not be available until the fifth Business Day after the day of your deposit. However, the first $100.00 will be available on the first Business Day.
If we are not going to make all of your check deposit funds available, we will notify you at the time you make the deposit. We will also tell you when the funds will be available. If your deposit is made by mail, or we decide to take this action after you have left the branch, we will mail you notification by the day after the decision has been made to place a hold.
Checks subject to delayed availability include:
(a) check(s) being deposited that we believe to be uncollectible
(b) amount of total check deposits made in one day in excess of $5,000.00
(c) check(s) being redeposited that were returned as “unpaid”
(d) you have overdrawn your account repeatedly within the past six month period
(e) an emergency condition does not allow us to make funds available to you, such as computer and/or communication failure.
If this happens, we will notify you and tell you when funds will be available. Funds will generally be available not later than eleven Business Days after they would have been available under the terms of our Funds Availability Policy.
Special Rules For New Accounts
If you have been a member for 30 days or less, we may further limit your funds availability made by check deposits but only for the first 30 days that your account has been opened. You may still withdraw funds on the day of your deposit if you made the deposit in cash or by wire transfer. The first $5,000.00 from a deposit of U.S. Treasury checks will also have same day availability. The excess over $5,000.00 will be available on the ninth Business Day after the day of deposit. The following types of checks also have same day availability, if they are payable to you:
(a) state and local government checks
(b) cashier’s checks, certified checks and teller’s checks
(c) traveler’s checks
(d) U.S. Postal Money Orders.
Your withdrawal of these checks is limited to the first $5,000.00 of the same day total deposit. The remaining funds will be available to you on the ninth Business Day following the deposit. If you do not make the deposit in person at one of our branches, the first $5,000.00 will not be available until the second Business Day after your deposit. Funds from other check deposits will be available under the terms previously stated in this disclosure.
Automated Teller Machine Deposit Availability
Deposits made at automated teller machines (ATM’s) that we own or operate are subject to the terms and conditions described above. If you make a deposit at an ATM that is owned or operated by us before 3:00 p.m. on a Business Day that we are open, we will consider the deposit as being made that day. If you make a deposit at an ATM that we own or operate after 3:00 p.m. on a Non-Business Day or a day that we are not open, we will consider the deposit as being made the following Business Day that we are open.
All ATM’s that we own or operate are identified with the name PARDA Federal Credit Union on the ATM.
Deposits made at ATM’s that we do not own or operate, whether cash or check, may not be available until the fifth Business Day after your deposit.
If you have any questions regarding our Funds Availability Policy, please feel free the contact your local branch office, the Main Office Support Center at 800-860-5640, or e-mail us at info@parda.com.
