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 checks.


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 funds.