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Regulation CC

Business Days

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Funding Holds

Savings Only Holds

Exception Holds

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NOTICE OF HOLD If there are any holds on funds, financial institutions are required to inform the member. This can be done by identifying the hold on the receipt or providing a Notice of Hold (found in Common Symforms).

If deposited into a checking share, according to Regulation CC, checks will have the first $225 released by the next business day. Ent Credit Union will satisfy this requirement by releasing $225 the same day the check was deposited into the checking share.

NEW ACCOUNTS All accounts are considered new account for the first 30-calendar days after the account is established. Checks will be placed on a 2-business day hold during this period.

ATM DEPOSITS Proprietary ATM deposits may be placed on a 2-business day hold. (ATM services provided by Ent CU.) Funds from any deposits (either cash or checks) made at non-Ent ATMs may be subject to a 5-business day hold. The first $225 of every deposit into a checking share made on non-proprietary ATMs will be available the next business day unless they are considered a new account.

LOCAL CHECKS All checks drawn off a United States financial institution are considered a local check. A standard 2-Business Day hold would apply.

Funding Holds

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Reasonable cause to doubt collectability. For example: a check is post dated or stale dated.

The account is repeatedly overdrawn within the last six months.

Checks deposited within one business day total more than $5,525.

Exception Holds

There is an emergency, such as a failure of computer and communications equipment, or a natural disaster. For example: When Symitar, Ent’s transactional platform, is down, we are unable to see accurate information regarding the member’s account(s). Likewise, COVID-19 was considered a natural disaster.

The check is being redeposited after being returned. For example: the member may have a Substitute Check because the original check was returned due to Non-Sufficient Funds (NSF) from the payee’s account. Because this didn’t clear the first time, there may be reasonable cause to doubt collectability.

The account is a restricted account. For example: Savings Only accounts are restricted accounts for individuals who did not meet the conditions for stable financial history. Checks deposited on these accounts have an extended 4-business day hold.

The account is considered a new account. For example: Ent Credit Union may be still establishing a relationship with the individual depositing the check.

FINANCIAL INSTITUTIONS MAY EXTEND THE LOCAL 2-BUSINESS DAY CHECK HOLD (KNOWN AS AN EXCEPTION HOLD) FOR ANY OF THE FOLLOWING REASONS:

THERE ARE TWO EXCEPTIONS TO THIS:

ALL CHECKS DEPOSITED INTO A SAVINGS ONLY ACCOUNT WILL GO ON A 4-BUSINESS DAY HOLD.

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If the check being deposited is an On-Us Check

Savings Only Holds

Payroll checks will have the first $300 released immediately while the remainder of the check will go on a 2-business day hold.

Sundays,

and Federal Holidays.

Saturdays,

Every day is a business day except: