Rules and Regulations
Understanding the terms and agreement of your Local Government Federal Credit Union (LGFCU) account is an important responsibility. You have a right to be informed on the facts that affect your account’s performance and service. Here at the Credit Union, we make a special effort to disclose the conditions and rules that govern your deposits. This section explains four important subjects of Credit Union service: Funds Availability, Truth-In-Savings, Service Fees and Agreement for Account Services.
Funds Availability - Deposits made to a Credit Union account may not always be available immediately. The availability of some deposits may be delayed because of an out-of-state check, non-sufficient funds or other circumstances. Our funds availability disclosure lists our policy and rules for handling deposits.
Truth-In-Savings - The advertisement of financial services can be misleading and confusing. Some financial ads only disclose a partial list of terms and fail to list all the features of a service. Our Truth-In-Savings disclosure provides a complete list of Credit Union terms and fees for depository accounts.
Service Fees - For your information, we have included a description of fees for Credit Union services and products.
Agreement for Account Services - This is the agreement that appears on the membership card you sign when opening any new account— for your convenience and information it is repeated in this section.
Your Ability to Withdraw Funds
Our policy is to make funds from your deposits available to you on the same business day we receive your deposit. At that time you can withdraw the funds and we will use the funds to pay checks you have written.
For determining the availability of your deposits, everyday is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before 2:00 p.m. on a business, we will consider that day to be the day of your deposit. However, if you make a deposit after 2:00 p.m. or on a day we are not open, we will consider the deposit made on the next business day.
Longer Delays May Apply
In some cases, we will not make all of the funds deposited by check available on the same business day we receive the deposit. This will depend on the type of check that you deposit.
If we are not going to make all of the funds from your deposit available on the same business day, we will notify you by the next business day after 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 directly after you have left the premises, we will mail you the notice by the day after we have received 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 may be unable to verify that a check will be paid.
- There may be erasures or discrepancies on a check.
- A check you deposited previously returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- You deposit checks totaling more than $5,000 on one day.
- We may be notified that a check previously deposited is being returned unpaid.
- There may be an emergency such as failure of communications or computer equipment.
