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Important Information About Procedures for Opening a New or Online Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you.

We may also ask to see your Driver's License or other identifying documents.


Regulation CC: Funds Availability Policy

Ability To Withdraw Funds

Advantage Financial Federal Credit Union's policy concerning the availability of money the member has deposited into their share draft account depends on the form in which the funds were received. In some instances the member will be entitled to immediate availability of the funds; in other cases the member's ability to have access to the funds may be delayed. During the delay, the member may not withdraw the funds in cash, and we will not use the funds to pay checks that the member has written.  Other rules apply to funds deposited in other types of share accounts.

Determining the Availability of a Deposit

The length of the delay is counted in business days from the day of deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. Deposits received after 3:00 pm are considered received on the next business day. The length of the delay varies depending on the type of deposit and is explained below.

Advantage Financial reserves the right to not accept instruments for the following reasons: stale dates (more than 6 months old); postdated; third-party instruments; improperly endorsed; or any instrument we deem not acceptable under customary banking practice.

Immediate Availability

  • U.S. Treasury checks that are payable to you.
  • Wire transfers and preauthorized credits, such as social security benefits, military allotments, and other payroll payments.
  • Cash.
  • State and local government checks that are payable to you.
  • Cashier's, certified, and teller's checks that are payable to you.
  • Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
  • Advantage Financial checks payable to you.
  • Certain payroll checks payable to you.

Our policy is to make all other check deposits available as follows.

The first $225 from a check deposit will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.

Longer Delays May Apply

Funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We 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.
  • There is an emergency, such as failure of computer or communications equipment.
  • Large deposits to inactive accounts. Deposits greater than $1,000, no activity within the last 6 months.
  • The funds are deposited in an account other than a share draft account.

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. Funds will generally be available no later 5 business days from the date of your deposit but longer delays may apply.

Special Rules for New Accounts

For new members the following special rules will apply during the first 30 days the account is open:

  • Funds from deposits of cash and electronic direct deposits to your account will be available on the day we receive the deposit.
  • Funds from wire transfers and the first $5,525 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 first business day after the day of deposit if the deposit meets certain conditions. For example, the checks 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 the 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 will not be available until the second business day after the day of deposit.
  • Funds from all other check deposits will be available on the 9th business day after the day of your deposit.

How Regulation D Affects Your Transactions

Federal Regulation D impacts the number of transactions Advantage Financial may allow on your deposit accounts. The Regulation was implemented by the Board of Governors of the Federal Reserve System, whose job is to ensure that financial institutions maintain adequate reserves for the funds they have on deposit.

Federal Regulation D affects you by limiting certain withdrawals and transfers that may be made from your savings and special savings accounts. The following transactions (or any combination thereof) are limited to six (6) per month:

  • Overdraft agreements where money is automatically withdrawn from a share account to cover overdrafts in any of your other accounts.
  • Tele-Connect transfers or other Call Center telephone transfers from a share account to other accounts or third parties.
  • Online Banking transfers from a share account to other accounts or third parties.
  • ATM fund transfer.
  • Pre-authorized, automatic transfers (ACH) made at a predetermined time to third parties or to your other accounts.

There is no limit on the frequency or dollar amount of transfers for the purpose of repaying loans and associated expenses where the loan has been made to you by the credit union or is serviced by the credit union. And, there are no limitations on the number of transactions that you handle on any account in person, by mail or through an ATM. You should know that Advantage Financial will refuse any transactions that are not in compliance with Regulation D (checks may be returned and fees applied).


Digital Wallet Terms

Funds Availability Policy

Membership Agreement and Disclosures