Funds Availability Disclosure

Denver Community Check Hold Policy

Effective September 1, 1990, the Federal Reserve Board has enhanced the time that funds deposited in your checking account are actually available to you for check writing or cash withdrawals. Denver Community may place holds on the following types of checks deposited to share savings and share draft checking accounts:

1. Two-party personal checks
2. Third-party checks
3. Personal checks
4. Large dollar amounts ($2,500 or larger, whether it's a single check or several others)
5. Questionable or incomplete endorsements
6. Escrow, title or insurance checks without personal endorsements
7. Deposits made to accounts opened less than 30 days

Third-party checks must be endorsed by the Denver Community member. The check must be signed by the non-member and should be paid over to our member. The payee's signature will be verified.

Checks drawn locally on financial institutions within the Kansas City Federal Reserve District will be available for withdrawal on the second business day after the date of the deposit. The first $100 is available for withdrawal the next business day.

Funds deposited to Share Savings and Share Draft accounts may be placed on hold for a longer period of time under the following circumstances:

1. The credit union believes a deposited check will not be paid.
2. Checks deposited total more than $5,000 on any one day.
3. A check is re-deposited that has been returned unpaid.
4. The account has been repeatedly overdrawn within the last 6 months.
5. The credit union believes the endorsement has been improperly executed.
6. There is an emergency, such as a failure of communications or computer equipment.

What Determines if a Hold is placed?

1. The length of time the account has been open
2. Past experience with the member; i.e., balances maintained, number of overdrafts, etc.
3. The identity of the check maker
4. Redeposit of a returned check
5. Location of the paying institution
6. Dollar amount of the check

There is a $10 fee for returned deposited items to any account. Checks written on funds that are not available will be returned uncollected funds.

Definitions

Business Day: Any day the credit union is open for business, except Saturdays, Sundays and holidays
Banking Day: A business day on which the credit union is open for carrying on all of its functions
Date Posted: The date stamped on all receipts that are returned to the member as proof of deposit
New Accounts: Deposits received on accounts opened less than 30 days
Check Holds: Deposits that are unavailable for use
Paying Bank: Bank on which a check is drawn

Denver Community reserves the right to accept or reject a check for deposit, to charge a deposited item back to a member's account, and to limit the amount of cash withdrawals.

Items Not Normally Subject to a Hold

1. Federal and State checks payable to the Denver Community member
2. Cash deposits, electronic payments, wire transfers and ACH payments
3. Cashier's Checks, Denver Community personal, teller or certified checks, and payroll checks of recognized employers