Funds Availability Policy and Disclosure

You may withdraw funds deposited to your account at United Maryland Employees Federal Credit Union based on the following policy.

1. Determining the Availability of a Deposit. The date on which you may withdraw funds is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, federal holidays, and days the Credit Union is closed. If you make a deposit before 3:00 p.m. on Monday, Tuesday or Friday, or before 2:00 p.m. on Wednesday or Thursday that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 3:00 p.m. on Monday, Tuesday, or Friday, or after 2:00 p.m. on Wednesday or Thursday 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.
   
   
2. Same day availability. Funds from the following deposits are available on the same business day as your deposit is received.
   • Cash.
   • Direct deposit.
   • Payroll deduction.
   • Government, cashier's, certified, or teller's checks, money orders, traveler's checks.
   • Checks written on accounts at United Maryland Employees Federal Credit Union.
   • Checks from sponsors.
   
   
3. 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 business day following the day of deposit.
   • Any payroll check.
   • City, County or State government checks.
   • U.S. Treasury checks.
   • Pension, annuity, dividend or interest checks.
   • Federal Reserve Bank checks, Federal Home Loan checks, and postal money orders 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 (2nd) business day following the day of your deposit.
   
   
4. Availability of Other Check Deposits. The delay for other check deposits depends on whether the check is a local or a nonlocal check. To see whether a check is a local or nonlocal check, look at the routing number on the check.
   
   If the first four digits of the routing number are 0520, 0521, 0522, 0540, 0550, 0560, or 0570, then the check is a local check. Otherwise, the check is a nonlocal check. Some checks are marked "payable through" and have a four or nine-digit number nearby. For these checks, use the four-digit number (or the last four digits of the nine-digit number) not the routing number on the bottom of the check, to determine if these checks are local or nonlocal. Our policy is to make fund from local and nonlocal checks available as follows:
   
   
   1. Local Checks. The first $100 from a deposit of local checks will be available on the next business day following the day of your deposit. The remaining funds will be available on the second business day following the day of your deposit. For example, if you deposit a local check in the sum of $700 on a Monday, $100 of the deposit is available on Tuesday. The remaining $600 is available on Wednesday.
   2. Nonlocal Checks. The firs $100 from a nonlocal check will be available on the next business day following the day of your deposit. The remaining funds will be available on the fifth (5th) business day following the day of your deposit. For example, if you deposit a local check in the sum of $700 on a Monday, $100 of the deposit is available on Tuesday. The remaining $600 is available on Monday of the following week.

   If you deposit both categories of checks, $100 from the checks will be available on the next business day following the day of deposit, not $100 from each category.

5. Longer Delays May Apply. We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:
   • We believe a check you deposit will not be paid.
   • You deposit checks totaling more than $5,000 on any day.
   • You deposit a check that has been returned unpaid.
   • You have overdrawn your account repeatedly in the last six (6) months.
   • There is an emergency, such as a failure of communications or computer 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 (7th) business day after the day of your deposit.

6. Holds on Other Funds. If we cash a check for you that is drawn on another financial institution, 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 financial institutions, 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.
   
   
7. Special Rules for New Accounts. If you are a new member, the following special rules will apply during the first thirty (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 $5,000 of a day's total deposits of cashier's, certified, teller's, traveler's, and federal, state and local government checks will be available on the next business day following the day of your deposit if your deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth (9th) business day following the day of your deposit. If your deposit of one of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second (2nd) business day following the day of your deposit.
   
   Funds from all other check deposits will be available as disclosed in our policy for those types of checks.