Account Opening Procedures

Customer IdentificationRequirements

 In accordance with Section 326 of the USA PATRIOTACT signed October 26, 2001, Self Reliance (NY) Federal Credit Union isrequired to obtain a copy of the documents used in identifying our new accountcustomers and in identifying signatory individuals added to an existing or newaccount. 

In some cases,identification will be requested for those individuals banking with SelfReliance (NY) Federal Credit Union prior to the effective date of the customeridentification requirements because original documentation was not obtainedwith the opening of the account, or the Credit Union is unable to form areasonable belief that it knows the true identity of the existingcustomer. 

In all cases wepledge to protect our member’s identity and confidentiality.


Deposit Availability Policy

When a deposit is made to your account, the funds may not be available immediately. For example, if you deposit a check on Tuesday, you may not be able to withdraw the funds from that check, and we may not pay another check with those funds, until Wednesday or even later. See the Availability Timeline below for details about when you can use the funds from different types of deposits. 

If you withdraw funds from a check deposit, and the check is later returned unpaid, we may charge the check back to your account. 


Availability Timeline for Deposits to Established Accounts

Below is our general policy for deposits to accounts open for more than 30 days. Longer delays may apply , and different rules apply for checks deposited to accounts open 30 days or less

A business day is any day of the week except Saturday, Sunday, and Federal holidays. A deposit made before 2:00 p.m. on a business day is considered deposited that day. A deposit made after that time, or on a day we are closed, is considered deposited the next business day. 

When a deposit is made by... Deposited funds are available...
Electronic Payment - Direct Deposit The same business day
Cash The next business day
Wire Transfer The next business day
Check from an account at this bank (On-US check) The next business day
U.S. Treasury check payable to you

Government, cashier's, certified, or teller's check payable to you

Postal money order, Federal Reserve Bank check, or Federal Home Loan bank check payable to you
Up to $5,000.00 is available on the next business day. Any remainder over $5,000.00 is available in 2 business days. 
Other checks not specifically described above - i.e. personal checks, employer checks, re-imbursement checks The first $200.00 is available on the next business day. Up to $4,800.00 is available in 2 business days. Remainder over $5,000.00 available in 7 business days. 
Re-Deposited Checks - returned unpaid one already, repeated overdrafts, etc. (See Longer Delays May Apply below) 7 business days


Check Cashing, Immediate Availability, and Holds on Other Funds 

We may cash a check or make a check deposit available immediately if you have funds to cover that check in any of your accounts with us. If we do, we will hold those funds (equal to the amount of the check) in your account(s) according to the timelines described elsewhere in this policy.


Longer Delays May Apply 

Funds from check deposits may be delayed for up to 7 business days if: 

  • We believe a deposited check will not be paid. 
  • You deposit checks totaling more than $5,000 on any one day. 
  • You redeposit a check that has been returned unpaid. 
  • You have overdrawn your account repeatedly in the last 6 months. 
  • There is a bank emergency, such as failure of computer or communications 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. 
        Third party (double endorsed) checks will not be accepted.
            The credit union will not cash checks for non-members. The credit union may cash a check, drawn on a credit union member’s account, for a non-member upon presentation of adequate identification documents, and subject to a manager’s approval.


            Availability Timeline for Deposits to New Accounts

            (Open 30 days or less)

            When a deposit is made by... Deposited funds are available...
            Electronic Direct Deposit The same business day
            Wire Transfer The next business day
            U.S. Treasury check payable to you The first $5,000.00 is available on the next business day. Any remainder over $5,000.00 is available in 9 business days. 
            Government, cashier's, certified, teller's, or traveler's check that is payable to you

            Postal money order, Federal Reserve Bank check, or Federal Home Loan Bank check payable to you
            The first $5,000.00 is available on the next business day. Any remainder over $5,000.00 is available in 9 business days. 
            Other checks not specifically described above - i.e. personal checks, employer checks, reimbursement checks, etc. Credit Union Policy - No Maximum (consider 7 business days minimum)