Funds Availability Policy

Our policy is to give same day availability, or to delay the availability of funds that you deposit in your account depending on the type of item that is deposited.

During the delay, members may not withdraw funds in cash and we will not use the funds to pay checks that you have written.

The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit before we close on a business day that we are open or on a Saturday that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after we close or on a day we are not open, we will consider that the deposit was made on the next business day we are open. The length of the delay varies depending on the type of deposit and is explained below.

Funds from the following deposits are available on the same business day of the day of your deposit unless the check falls into an exception category:

• US Treasury checks that are payable to you.
• Employer sponsor group (SEG) business checks that are payable to you.
• Payroll Checks from local known businesses that are payable to you.
• Wire transfers, including pre-authorized credits such as social security benefits and payroll payments.
• Checks drawn on NECU that are payable to you.
• Cash
• State & local government checks that are payable to you.
• Cashiers, certified, and tellers checks, money orders, travelers 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.
• Insurance checks (auto, home, disability, medical) that are payable to you.
• Official Checks from 401K and mutual fund companies that are payable to you.
• Workman's Compensation checks that are payable to you.
• Escrow Checks from sale of real estate that are payable to you.

If you make a deposit on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Length of delay varies depending on the type of deposit.

If you do not make your deposit in person to one of our employees or by mail, funds from these deposits will be available on the next business day after the day of your deposit.

The delay for other check deposits depends on whether the check is a local or non-local check.

If a check is payable through a financial institution in Maine, New Hampshire, Vermont, Massachusetts, Connecticut or Rhode Island, the check will be considered a local check and subject to a two day hold.

Otherwise, the check is a non-local check.

1. Local checks.
Our policy is to make funds from these checks available as follows: The first $500 from a deposit of local checks will be available on the same day of your deposit. The remaining funds will be available on the second business day following the day of your deposit. For example, if you deposit a local check of $700 on a Monday, $500 of the deposit is available on Monday. The remaining $200 is available on Wednesday.

2. Non-local checks.

The first $500 from a deposit of non-local checks will be available on the same day of your deposit. The remaining funds will be available on the fifth business day following the day of your deposit. For example, if you deposit a $700 non-local check on a Monday, $500 of the deposit is available on Monday. The remaining $200 is available on the following Monday.

We will not place holds on checks for less than $500 with the following exceptions:

Third party checks, checks deposited to new NECU accounts (less than 30 days), checks deposited that are numbered lower than 300, and checks deposited through ATMs until verification has been completed.

If you 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 believe a check you deposit will not be paid.
• 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 communications or computer 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. They will generally be available no later than the eleventh business day after the day of your deposit.

Completion of Notice of Delayed Availability

Notice must be completed at the time of the transaction.

An extended hold applies to the amount in excess of $5,000. The first $500 will be available on the day of the deposit. If the check is a local check, $4500 would be available on the 2nd business day (if local), or 5th business day (if non-local) following the deposit and any excess of the $5000 will be available on the 7th business day (if local) or 9th business day (if non-local) following the day of deposit.

Example: Local Check in the amount of $12,000 deposited on Monday

• $500 available on the day of the deposit
• $4500 available on the second business day following the day of the deposit
• $7000 available on the seventh business day following the day of the deposit

Example: Non-local Check in the amount of $12,000 deposited on Monday

• $500 available on the day of the deposit
• $4500 available on the fifth business day following the day of the deposit
• $7000 available on the ninth business day following the day of the deposit

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account or funds that you have on deposit in another account with us. Those funds will be available at the time funds from that check we cashed would have been available if you had deposited it.

Check cashing requires corresponding funds availability in any account type, or certificate held by the member. A hold may be at discretion of supervisor.

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described previously for the type of check that is deposited.

The first $500 of a deposit at an ATM will be immediately available on the day of your deposit.¹  The remaining funds will be available on the next business day* following the day of your deposit if your deposit was by cash, NECU Employer Group payroll check, cashier's check, certified check, government check or a check drawn on NECU. The remaining funds will be available at a specific time based upon the type** of check deposited. Additional restrictions may apply for third party checks, new accounts and/or deposit items with large amounts. Refer to NECU Funds Availability Policy for additional information.

*Saturday, Sunday and federal holidays are not a business day. 
**Local: Available on third business day following the day of deposit. 
**Non-Local: Available on fifth business day following the day of deposit.

• NECU 100 Borthwick Avenue, Portsmouth, NH
• NECU 9 Members Way, Dover, NH
• NECU (at Brooks Pharmacy) 679 Central Ave., Dover, NH
• NECU PNSY Kittery, ME
• NECU 82 Portsmouth Ave, Exeter, NH
• NECU 200 Charles St, Rochester, NH
• NECU 145 Calef Highway, Lee, NH

The following special rules will apply during the first 30 days a new member account is open.

The first $100 of a day's deposits will be available on the same business day. The remaining funds will be available on the 5th business day for local checks and on the 6th business day for non-local checks.

The first $5000 from a deposit of US Treasury checks will be available on the first business day after the day of the deposit. The excess over $5000 will be available on the seventh business day if local or eleventh business day if non-local after the day of your deposit. Funds from wire transfers into the account will be available on the first business day after the day we receive the transfer.

Funds from deposits of cash and the first $5000 of a day's total deposits of cashiers, certified, tellers, travelers, state and local government checks will be available on the first business day after the day of the deposit if the deposit meets certain conditions.

For example, the check must be payable to the member. The excess over $5000 will be available on the seventh business day if local or eleventh business day if non-local after the day of the deposit.

If the member does not make the deposit in person to one of our employees, the first $5000 will not be available until the second business day after the day of the deposit.

Funds from all other check deposits will be available on the fifth business day if local or sixth business day if non-local, after the day of the deposit.

For all new accounts or new share types open, members must receive a copy of our Funds Availability Policy (contained in the combined disclosure brochure).