Funds Availability

Funds Availability Disclosure

Regulation CC

2ND DAY AVAILABILITY The first $100 from a deposit of non-Merck Employees Federal Credit Union Check(s) to your credit union account will be available immediately. The next $125 will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day after the day of your deposit. For example, if you deposit a check of $600 on a Monday, $100 of the deposit would be available immediately, $125 would be available on Tuesday and the remaining $375 would be available by Wednesday.

Our business days are every day except Saturdays and Sundays and Federal Holidays. We may also be closed due to weather or other extreme circumstances and these will be considered non-business days. Our hours of operation vary by office and are displayed at every office, on our website (www.merckcu.com), and in our quarterly newsletter. If you make a deposit at any office before that office closes for business, we will consider that day to be the day of your deposit.

If you mail a deposit, the day it is received by the Credit Union will be the day of your deposit.

Please remember that even after we have made funds available to you and you have withdrawn those funds, you are still responsible for Checks you deposit that are returned to us, unpaid, and for any other problems involving your Accounts.

SAME DAY AVAILABILITY All funds from the following deposits are available on the first business day after the day of your deposit at the Credit Union:

  • S. Treasury Checks that are payable to you.

  • Wire transfers including preauthorized credits such as Social Security benefits and payroll payments.

  • Checks drawn on Merck Employees Federal Credit Union.

  • State & local government checks that are payable to you.

  • Cashier’s, Certified & Teller Checks that are payable to you.

  • Federal Reserve Bank Checks, Federal Home Loan Bank Checks, & Postal Money Orders if these items are payable to you.

If you do not make your deposit in-person (i.e. you make your deposit via ATM, RDC or CU Service Center Shared Branch) funds from these deposits will be available on the same schedule outlined in the first paragraph of this column under 2nd Day Availability.

LONGER DELAYS MAY APPLY 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 (1) day.

  • You deposit a Check that has been returned unpaid.

  • You have overdrawn your account repeatedly in the last 6 months.

  • There is an emergency, such as failure of communications or computer equipment.

We will notify you if we delay your ability to withdraw your 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 seventh (7th) business day after the day of your deposit.

SPECIAL RULES FOR NEW ACCOUNTS

If you are a new Member and your Account has been open for 30 days or less, we may further limit your ability to withdraw funds deposited by Check during this period. Funds from Electronic Funds Transfer (EFT) to your Account will be available on the day we receive the deposit. Funds from deposit of cash, wire transfers and the first $5,525 of a day’s total deposit of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the check must be payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury Checks) 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 all other check deposits will be available according to the previously stated availability schedules.

2020. Merck Employees Federal Credit Union. 

All Rights Reserved.

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