KNOXVILLE TEACHERS FEDERAL CREDIT UNION FUNDS AVAILABILITY POLICY GENERAL POLICY Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. At that time, you may withdraw the funds, and we will use the funds to pay checks that you have written.
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. Our Funds Availability Policy applies only to deposited items drawn on institutions located in the United States. A business day is defined as Monday through Friday, excluding federal holidays. The day of deposit is determined as follows:
Knoxville Teachers Federal Credit Union reserves the right to refuse all or a portion of a deposit, if we determine there is a reason to refuse an item. DELAYED AVAILABILITY In certain cases, we may not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. 1. Irrevocable Transactions In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $200 of your deposits, however, may be available on the first business day. 2. Exceptions The credit union’s general policy of providing next business day availability may not apply whenever:
In the case of delayed availability for any of the reasons outlined above, deposited funds may be held for up to 11 days. NOTIFICATION OF HOLD If your deposited funds are held for any reason, we will notify you in writing. The notice will tell you when funds will be available to you.
SPECIAL RULES FOR NEW ACCOUNTS If you are a new customer, 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 $5,000 of a day’s total deposits of cashier’s, certified, teller’s, travelers, 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 checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,000 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 $5,000 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 11th business day after the day of your deposit. OTHER INFORMATION When we permit you to withdraw deposited funds before an item has been finally paid, and it is not paid for any reason, we have the right to charge your account with the item or to obtain a refund from you. This means that you are responsible for any returned items which you have deposited, and for any problems involving deposited items. Whenever a check is accepted for deposit, the payee is required to endorse it. This endorsement should always be found in an area 1 1/2 inches from the trailing edge of the check. Failure to endorse the back of a check in the correct area may result in payee liability if a check is returned late due to the unreadability of the endorsement of another financial institution. How long does it take for a check to clear with TFCU?The first $225 from a deposit of checks 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.
How long does it take a check to deposit TFCU?Funds from deposits of cash, wire transfers, and the first $5,000.00 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.
How long until mobile deposit funds are available?In some cases, a mobile check deposit can be available within just a few minutes of uploading the check into the mobile banking app. However, it usually takes around one business day for deposits to go through. Following instructions from the bank carefully regarding uploads can speed up the deposit timeline.
What is Teachers Credit Union mobile deposit limit?With the MYPSFCU on the Go, available on iOS and Android, you have easy access to your accounts and more! Use our Mobile app's remote deposit feature to deposit checks up to $2,500. Take advantage of contactless payment with Apple Pay and Samsung Pay. Available now for iOS and Android devices.
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