CHANGE IN TERMS NOTICE
|
|
Effective February 27, 2010, changes by the Federal Reserve Board have resulted in a single check processing region in the United States. As a result of this change, most checks deposited into the Las Colinas Federal Credit Union on or after February 27 are now considered local for purposes of the Credit Union’s Funds Availability Policy. The Funds Availability Policy was amended on February 27 to reflect this change. In particular, Section 3 of the Funds Availability Policy entitled “Longer Delays May Apply” has been amended so that deposits subject to case-by-case holds generally will be made available by the second business day after the date of your deposit, and funds subject to exception holds generally will be made available by the seventh business day after the date of your deposit. Accordingly, the reference to the “fifth business day” in the second sentence in Section 3 has been revised to read the “second business day,” and the reference to the “eleventh business day” in the last sentence in Section 3 has been revised to read “seventh business day.” Finally, we would like to provide a reminder that deposits made at any of our shared-branch locations are subject to the funds availability policy of the shared branch where the deposit is made. If you have any questions regarding the availability of funds deposited at a shared-branch location, please be sure to ask a representative at the shared branch location when the deposit is made. Please retain this change notice with your Funds Availability Policy. If you would like a full copy of our revised Funds Availability Policy, click here. As always, thank you for your business. |