It is the policy of
the Somerville Municipal Federal Credit Union to make funds from
deposited checks available for use by our members as soon as
prudently possible. In actual practice, for the majority of
transactions, we make funds available the day of deposit.
However, we reserve
the right to withhold availability of funds on a case by case
basis for up to two business days in the case of checks drawn on
non-local financial institutions.
We reserve the right
to withhold availability of funds for up to five business days
in the case of checks drawn on non-local financial institutions.
Generally, we will exercise this right in the case of personal
We will withhold availability of funds for up to nine
business days in the following cases:
● Deposits over $5,000
● Deposits to a new account
● Deposits to accounts repeatedly overdrawn
● Re-deposited items
● Items which we, for good reasons, doubt are collectable
When funds are not
made immediately available, we will notify the member when the
funds will be available at the time of deposit or by mail the
next business day.
Management may make
exceptions to this policy to allow for earlier availability of