Funds Availability Policy

Effective July 1, 2020; check deposits not subject to next day availability amount will increase from $200 to $225. Large deposits and new accounts not subject to next day availability amount will increase from $5,000 to $5,525. 

Smart Financial Credit Union (SFCU) has adopted the following policy to comply with The Federal Reserve’s Regulation CC.

The Regulation is designed to:

  • Make your deposited funds available as soon as possible, and
  • Establish maximum time limits that your deposit may be held.

Our policy is to delay the availability of funds from certain check deposits. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Electronic Direct Deposits will be available on the day we receive the deposit.

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 subject to the Funds Availability Policy upon receipt of the deposit.
If you make a deposit on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after we close, or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Determining the Availability of a Deposit

The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Sundays and federal holidays. The length of the delay varies depending on the type of deposit and is explained below.

Same Day Availability

Funds from the following deposits presented to us will be given same day availability:

  • U.S. Treasury Checks that are payable to you.
  • Wire Transfers, including preauthorized credits, such as Social Security benefits and payroll payments.
  • Checks drawn on a Smart member’s checking account.
  • Cash.
  • Texas state and local government checks that are made payable to you.
  • Cashier’s, Certified and Teller’s Checks that are made payable to you.
  • U.S. Postal Money Orders and Traveler’s Checks that are made payable to you.
  • Federal Reserve Bank and Federal Home Loan Bank Checks that are made payable to you.
  • Payroll Checks (items clearly identifiable as being drawn on a payroll account) that are made payable to you.
  • First $225 of the day’s other check deposits.

Exceptions May Apply

Funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,525 on any one day.
  • You redeposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months.
  • There is an emergency, such as failure of communications or computer equipment.

We will notify you if we delay your availability 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 business day after the day of your deposit.

Special Rules for New Accounts

If you are a new member, the following special rules will apply during the first 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 the deposits of cash, wire transfers and the first $5,525 of a day’s total deposits of Cashier’s, Certified, Teller’s, Travelers and Federal, State and Local Government Checks will be available on the business day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury Check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the seventh business day after the day of your deposit.

Holds On Other Funds (Check Cashing)

We reserve the right to refuse to cash any check drawn on another financial institution or a check made payable to someone other than our member or their joint owner(s).

If we cash a check for you that is drawn on another financial institution we may withhold the availability of a corresponding amount of collected funds you have 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.

Additional Information

When you present a check and you are the payer of the check, the check is to be made payable to Smart Financial Credit Union. 

We reserve the right to refuse checks that are made payable to someone other than our members or to their joint owner(s). We may offer you the option to handle certain checks as collection items. In doing so, charges may be assessed as specified in our Truth-In-Savings Fee Schedule.