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This Funds Availability Policy (Policy) applies to deposits made into a checking or savings account at a branch, advanced automated teller machine (AATM), automated teller machine (ATM), or by mail. This Policy does not apply to deposits made remotely through mobile deposit services.
It is our policy to make funds from all check deposits available on or before the first business day after the day we receive your deposit. Cash or electronic direct deposits will be available on the day we receive the deposit. Until funds are available, they are “unavailable,” meaning they cannot be withdrawn. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks or other items.
Determining When a Deposit is Received
If you make a deposit with an associate at a branch (a Branch Deposit), we will consider that day to be the day of your deposit. If you make a deposit on a business day before our cutoff time at a Landmark AATM or ATM, we will consider that day to be the day of your deposit. However, if you make a deposit on a day that is not a business day or make an AATM or ATM deposit after the cutoff time, we will consider the deposit to have been made on the next business day for purposes of funds availability. For example, if you make a deposit at an AATM or ATM at 9:00 p.m. on a Friday, the deposit will be considered received on the following Monday.
- For determining the availability of your deposits, every day is a business day, except Saturday, Sunday, and observed holidays.
- For deposits and transfers at Landmark AATMs and ATMs, the cutoff time is 7:30 p.m. local time. In some cases, the cutoff time may be delayed at Landmark’s discretion. During the delay, your deposit will be treated as if it was received before 7:30 p.m. Please note, the date printed on your AATM or ATM deposit receipt will reflect the calendar day you made your deposit, which may not be the same as the day we consider it received for purposes of funds availability as outlined in this Policy.
- Deposits placed in a night depository are considered received the day we remove them from the night depository; we will remove deposits no later than the next business day.
- Branches in some locations may be closed on business days because of an emergency, and deposits made at a night depository when those branches are closed will be considered received on the next business day when the branch is open.
- Mail deposits are considered deposited when received by Landmark.
- We will not accept cash deposits by mail.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the amount and circumstances of your deposit, funds may not be available until the fifth business day after the day of your deposit; however, the first $225 of your deposits may be available on the first business day after deposit.
If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you 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 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. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We reasonably 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; or
- There is an emergency, such as a natural disaster or failure of communications 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.
Landmark Credit Union AATMs and ATMs: Checks deposited at a Landmark Credit Union AATM or ATM, prior to the posted cutoff time, will be available by the first business day after the day we are considered to have received your deposit. To view a listing of ATMs owned by Landmark Credit Union visit landmarkcu.com. The opening screen on our owned ATMs will display a Landmark Credit Union message.
Deposits at Nonproprietary ATMs: Funds from any deposits made at ATMs we do not own or operate may not be available until the fifth business day after the day you make the deposit.
Special Rules for New Memberships
If you are a new member, the following special rules may apply during the first 30 days your account is open.
For in-person deposits at a Landmark branch or through an ATM or AATM:
- Deposit of funds from cash, electronic (wire and ACH), will be available on the business day we receive the deposit.
- Funds from deposits made in person at a Landmark branch or through a Landmark AATM not exceeding $5,525 of a day’s total check deposits will be available on the first business day after the day we are considered to have received your deposit, if the deposit meets certain conditions. For example, the check must be made payable to you. The excess over $5,525 will be available to you on the fifth business day after the day of your deposit.
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 are already in your account. Those funds will be available at the time funds from the check we cashed would have been available.
Holds on Other Funds
If we accept for deposit a check for you that is drawn on another financial institution, we may make the 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 policy.
Checks drawn on financial institutions located outside of the United States (foreign checks) cannot be processed in the same manner as those drawn on United States financial institutions. Foreign checks are specifically excluded from the policies set forth herein. The availability of funds from foreign checks will be delayed until such time as it takes us to collect the funds from the financial institution on which it is drawn.
Availability and Notice for Electronic Entries
In the case of credit entries subject to Article 4A of the Uniform Commercial Code, Landmark hereby provides notice that such entries may be transmitted through the Automated Clearing House (ACH) Network pursuant to the ACH Rules governed by the National Automated Clearing House Association (NACHA). Your rights and obligations concerning these entries shall be governed by and construed in accordance with the laws of the State of Wisconsin. Credit provided by Landmark as the Receiving Depository Financial Institution (RDFI) to you for these entries is provisional until we have received final settlement through a Federal Reserve Bank. If we do not receive such payment for the entry, we are entitled to a refund from you in the amount of the credit to your account, and the payor of the entry will not be considered to have paid the amount of the credit to you. Landmark has not agreed to provide you with notice if we have received a credit entry subject to Article 4A of the Uniform Commercial Code.
Landmark reserves the right to:
- Accept or reject any check presented;
- Revoke any settlement with respect to a check accepted by us, charge back to your account the amount of the check based on the return of the check or a receipt of notice of non-payment of the check, or claim a refund for such credit, and assess applicable fees; and
- Require that the space reserved for endorsement by Landmark on the back of any check accepted for deposit be free and clear of any prior markings or endorsements.