Personal SavingsFederally InsuredDeposits federally insured up to $250,000 by the NCUA. Show  A savings account with ERCU is what makes you a member of the credit union. A required deposit of $5 into a regular savings account is what gives you ownership of your piece of ERCU. Deposits with ERCU are federally insured up to $250,000 by NCUA. Regular Savings AccountA regular savings account is also what makes you eligible for other services provided by the credit union. Dividends, which are subject to change, are paid quarterly. Deposits to your regular savings account can be made in the following ways:
Special Savings (90 Day Investment) AccountA special savings account allows you to accrue a larger dividend per quarter. A minimum deposit of $500 must be made to open a special savings. Rates are subject to change at the beginning of each quarter. Withdrawals may be made during the quarter with no penalty so long as a minimum balance of $500 remains in the account. Deposits to a special savings must be made in increments of $500 and can be done at any time during the quarter. Account closures during the quarter are subject to early withdrawal penalties. Christmas Club AccountOur Christmas Club Account is a special savings account that helps you prepare for the holiday season. Deposits to your Christmas Club Account can be made at any time and in a multitude of ways including payroll deductions, direct deposit, over the counter transactions, and transfers from other ERCU accounts. Account balances are disbursed on November 1 of each year by transfer into your savings or checking account with ERCU. One early withdrawal can be made from the account per year for a $10 fee. Access your Employee Resources Credit Union accounts 24/7 from anywhere with ERCU Mobile. It's Fast, Secure, and Free for all ERCU members who are enrolled in our Internet banking service! With ERCU Mobile you can: • Check Account Balances Available to all ERCU Internet Banking users, ERCU Mobile uses the same industry standard security technologies as our online banking. Simply use your ERCU Internet Banking LoginID and Password. If you don't yet have a LoginID or Password just visit us at ercu.org to enroll. Experience the convenience of ERCU Mobile today. Download the app and take us with you wherever you go! Our general policy is to allow you to withdraw funds deposited in your account on the first business day after the day we receive your deposit. Funds from electronic deposits will be available on the day we receive the deposit. In some cases, we may delay your availability to withdraw finds beyond the first business day. Then, funds will generally be available by the second business day after the date of deposit. FUNDS AVAILABILITY POLICY DISCLOSURE This disclosure describes your ability to withdraw funds at Shared Resources Credit Union. It only applies to the availability of funds in transaction accounts. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy. 1. GENERAL POLICY — Our policy is to make funds from your cash and check deposits available to you on the next business day after we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 5:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open. 2. RESERVATION OF RIGHT TO HOLD — In some cases, we will not make all of the funds that you deposit by check available to you on the next business day after we receive your deposit. Funds may not be available until the second business day after the day of your deposit. However, the first $225.00 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the next 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 next business 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. 3. HOLDS ON OTHER FUNDS — 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 if you had deposited it. If we accept for deposit a check that is drawn on another financial institution, we may make 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 disclosure for the type of check that you deposited. 4. 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 $5,525.00 on any one (1) day. • You redeposit a check that has been returned unpaid. • You have overdrawn your account repeatedly in the last six (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 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 business day after the day of your deposit. 5. SPECIAL RULES FOR NEW ACCOUNTS — If you are a new member, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525.00 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525.00 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525.00 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 ninth business day after the day of your deposit. |
Employee Resources Credit Union mobile deposit funds availability
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