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Midcoast FCU / Funds Availability Policy

Funds Availability Policy

Effective Date: 3.25.2026

Funds Availability Policy

This disclosure describes your ability to withdraw funds at Midcoast Federal Credit Union. It only applies to the availability of funds in your transaction accounts (e.g., checking accounts). We reserve the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those outlined in this disclosure. Please ask us if you have a question about which accounts are affected by our availability policy.

For purposes of this disclosure, the terms “you” or “your” mean the member, and the terms “our,” “we,” or “us” mean Midcoast Federal Credit Union. The term “check” means check or share draft, as applicable.

1.YOUR ABILITY TO WITHDRAW FUNDS – Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash, and we will use the funds to pay checks that you have written. 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 close of business 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 the close of business 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 Credit Union considers a business day to end at 5:30 PM. The end of day open hours of operation may vary by location but will not be earlier than 4:30 PM.

2.LONGER DELAYS MAY APPLY – In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check you deposit, funds may not be available until the second business day after the day of your deposit. The first $275.00 of your deposits, however, may be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will send you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be
available.

In addition, funds you deposit 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 $6,725.00 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.

3. 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.
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 $6,725.00 of a day’s total deposits of cashier’s, certified, teller’s, travelers’, and federal, state, and local government checks will be available on 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 $6,725.00 will be available on the ninth 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 $6,725.00 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 business day after the day of your deposit.

4. DEPOSITS AT OUR AUTOMATED TELLER MACHINES (ATMs) – Funds from cash deposits will be available the same day a deposit is made. Funds from check deposits at ATMs we own will be available the second business day after the day of your deposit and are subject to holds mentioned in section two. The first $275.00 of your deposits, however, may be available on the first business day after the day of your deposit. ATM deposits are considered received on the business day the deposit is made, unless made after the Credit Union’s cut off time.

5. DEPOSITS AT NONPROPRIETARY AUTOMATED TELLER MACHINES (ATMs) – A nonproprietary ATM is an ATM that is not owned or operated by, or operated exclusively for, the depositary bank. It is not located on the premises or within fifty feet of the depositary bank and is identified as being owned or operated by another entity.
Funds from cash deposits will be available the same day a deposit is made. Funds from check deposits made at ATMs we do not own or operate will not be available until the second business day after the day of your deposit and may be subject to extended holds. The $275.00 next day availability rule mentioned in section two does not apply to deposits received at nonproprietary ATMs.

6.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 this disclosure. Funds from foreign checks will generally be available only after the funds are collected from the paying institution.