Funds Availability Policy

Your Ability to Withdraw Funds at Beacon Federal Credit Union

Our general policy is to make funds from your deposits available to you on the day of your deposit, whenever feasible. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you may withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit to a credit union employee prior to closing 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 closing, or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

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 we already 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.  

If we accept for deposit a check that is drawn on another financial institution, 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.

Reservation of Right to Hold

In some cases, we will not make all of the funds that you deposit by check available to you on the next business day after we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $225.00 of your deposit will be available the 1st business day after your deposit. If we are not going to make all of the funds from your deposit available on the next business day, we will notify you at the time you make your deposit when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.

LONGER DELAYS MAY APPLY

Safeguard Exceptions

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 $5,525 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 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 fifth business day after the day of your deposit. We reserve the right to refuse an item for deposit or encashment.

The daily limit on cash withdrawals is $25,000.  The rest will be in the form of a cashier’s check or official check.  The CEO or Vice President of Sales and Service are the only ones authorized to make an exception to this limit and may do so only under extraordinary circumstances. (passed by Board vote 1/28/2015). Cash withdrawals using the drive-thru are normally limited to $2,500 but limit may be changed depending on circumstances.

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 deposits of cash, wire transfers and the first $5,525 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 after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525.00 will be available on the 9th 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 deposits of checks drawn on Beacon Federal Credit Union will be available on the same business day as the day of your deposit.

Funds from all other check deposits will be available on the sixth business day after the day of your deposit.

Remote Deposit Capture

• Following receipt of notification approving member use of the Remote Deposit Capture (i.e., Services), member is authorized to remotely deposit paper checks to member’s Beacon account (the “Account”) by electronically transmitting a digital image of the paper checks to Beacon FCU for deposit. There is no guarantee that all members will be immediately authorized to utilize Remote Deposit Capture. Initially, Beacon will limit maximum to $2500 per day unless a previously approved payroll check not to exceed $5000. Endorsement must include “For mobile Deposit only- Beacon FCU”, along with account number and signature.
• Upon receipt of the digital image, Beacon will review the image for acceptability.
• Receipt of an image does not occur until after notification of receipt of the image via onscreen messaging and/or email notification.
• Such notification does not mean that the image contains no errors or that BFCU is responsible for any information member has transmitted.
• Beacon is not responsible for any image believed transmitted, but not received.
• Following receipt of the image, Beacon may process the image by preparing a “substitute check” or clearing the item as an image.
• Notwithstanding anything to the contrary, Beacon reserves the right, within its sole and absolute discretion, to accept or reject any item for remote deposit into member’s Account.
• Any amount credited to his/her Account for items deposited using the Services is a provisional credit and member therefore agrees to indemnify Beacon against any loss suffered because of acceptance of the remotely deposited check.
• For purposes of deposits made using the Services, the place of deposit is La Porte, TX. With regard to the availability of approved deposits made using the Services, such funds will be available by close of business the second business day after the day of deposit to member account.
• Cut-off time for deposits via Remote Deposit Capture is 3:00 PM Monday through Friday. Deposits made on weekends and holidays will be considered received on the next business day.