Here’s what you need to know:
- Checks you deposit: The first $275 will be available the next business day. The rest will be available on the second business day.
Example: If you deposit a $700 check on Monday, $275 will be available on Tuesday, and the remaining $425 on Wednesday. - Cash withdrawals from deposits: You can withdraw up to $275 in cash on the same business day as your deposit.
- Larger check deposits: If you deposit checks totaling more than $6,725 in one day, the amount over $6,725 may take up to nine business days to be fully available.
- Electronic deposits (direct deposit, wires, etc.): Funds will be available on the next business day.
- Government & cashier’s checks: The first $6,725 will be available the next business day if certain conditions are met (e.g., the check is payable to you). Any amount over this limit will be available on the ninth business day.
Why did this change?
Due to the Expedited Funds Availability Act for inflation approved in 2020, the policies and regulations set forth by the Federal Reserve and the CFPB will be adjusted every 5 years. Please see the 2020 notice below.
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July 1, 2020 NOTICE
Volt Credit Union is part of the National Credit Union Administration and thereby adheres to policies and regulations set forth by the Federal Reserve and the Consumer Financial Protection Bureau (CFPB).
The Federal Reserve and CFPB in late June finalized amendments to Regulation CC to implement a statutory adjustment to adjust the dollar amounts under the Expedited Funds Availability (EFA) Act for inflation. The final rule is effective as of July 1, 2020.
The dollar amounts will be adjusted every five years beginning July 1, 2020. The next adjustment of the dollar amounts will occur On July 1, 2025, and on July 1 of every fifth year after 2025.
The adjustments to the thresholds include:
- The minimum amount of deposited funds that credit unions must make available for withdrawal by the opening of business on the next day for certain check deposits is $250 (up from the current $200);
- The amount a credit union must make available when using the EFA Act’s permissive adjustment to the funds-availability rules for withdrawals by cash $450 (up from the current $400);
- The amount of funds deposited by certain checks in a new account that are subject to next-day availability is $5,525 (up from the current ($5,000);
- The threshold for using an exception to the funds-availability schedules if the aggregate amount of checks on any one banking day exceed the threshold amount is $5,525 (up from $5,000);
- the threshold for determining whether an account has been repeatedly overdrawn is now $5,525 (up from the current $5,000).
The adjustment to Regulation CC also adjusted civil liability amounts for failing to comply with the EFA Act’s requirements.
Additionally, the agencies amended Regulation CC to incorporate the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) amendments to the EFA Act, which include extending coverage to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam and certain other technical amendments.
