Check Cashing & Check Holds Policy
The credit union may delay the availability of checks deposited until the second business day after the day of your deposit. Checks deposited may be held for a period of four business days available on the 5th business day after the date of deposit for these reasons:
- We believe a check you deposit will not be paid.
- Check deposits total more than $5,000 on any one (1) day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last 6 months.
- If an emergency condition beyond the control of Members 1st occurs where the suspension of payment from another institution occurs.
- There is an emergency, such as failure of communications or computer equipment.
Regardless of the above circumstances, in all cases the first $250 of all deposits will be made available the day of deposit.
If the funds are deposited to a new account (for new member) that is less than 30 days old, all funds deposited will be available on the 5th business day after the date of deposit. The first $5,000 of the day’s total deposits will be available on the next business day that we receive your deposit of the following items (other than a U.S. Treasury check) deposited in person. The excess over $5,000 will be available on the second business day after the day of your deposit. If not made in person to one of our employees, the first $5,000 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 fifth business day after the day of your deposit.
Funds granted next day availability includes:
- U.S. Treasury Checks
- U.S. Postal Money Orders, Federal Reserve and Federal Home Loan Bank Checks
- Checks drawn by a state or local unit of government in the Commonwealth of Pennsylvania
- Cashiers and Certified Checks (certain restrictions may apply based on drawer bank and your account relationship with us).
This policy does not apply to check deposits made through Mobile Deposit.