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Reminder Notice Re: Expedited Fund Availability Act (9/23/2011)

REMINDER:  IMPORTANT NOTICE

 

As you already know, The Expedited Funds Availability Act (ACT) sets forth requirements for the minimum amount of a check deposit that must be available for withdrawal by the following business day.  An amendment to the Act provides that this minimum amount must be increased from $100.00 to $200.00.  Effective July 21, 2011, the GHA Federal Credit Union Funds Availability Policy Disclosure was amended as follows:

 

AVAILABILITY OF OTHER CHECK DEPOSITS

 

The first $200.00 from a deposit of other checks will be available by the first business day after the day of your deposit.  The remaining funds will be available by the second business day after the day of your deposit.  For example, if you deposit a check of $700.00 on a Monday, $200.00 of the deposit will be available by Tuesday.  The remaining $500.00 will be available by Wednesday.  Please retain this amendment with the original Funds Availability Policy Disclosure provided to you.  You are welcome to contact the credit union with any question you may have regarding this change.