FUNDS AVAILABILITY POLICY DISCLOSURE
Effective July 1, 2025.

This disclosure describes your ability to withdraw funds from all your accounts at Charter Oak Federal Credit Union except for funds deposited to certificate accounts. We reserve the right to delay the availability of funds deposited to certificate accounts for periods longer than those outlined in this disclosure. Please ask us if you have a question about which accounts are affected by our availability policy.

For purposes of this disclosure, the terms “you” or “your” mean the member, and the terms “our,” “we,” or “us” mean Charter Oak Federal Credit Union. The term “check” means check or share draft, as applicable.

1. YOUR ABILITY TO WITHDRAW FUNDS — Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds in cash, and we will not use the funds to pay checks that you have written.

If you make a deposit before 3:00 p.m. 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 after our cutoff hour or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

2. DETERMINING THE AVAILABILITY OF A DEPOSIT — 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.

The length of the delay varies depending on the type of deposit and is explained below.

3. SAME-DAY AVAILABILITY — Funds from electronic direct deposits to your account, as well as funds from the following deposits, will be available on the same business day that we receive the deposit:

U.S. Treasury checks that are payable to you
Wire transfers
Checks drawn on Charter Oak Federal Credit Union

4. SAME-DAY AVAILABILITY FOR CERTAIN DEPOSITS MADE IN PERSON — If you make the deposit in person to one of our employees, funds from the following deposits are available on the same business day that we receive your deposit:

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

If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available by the second business day after the day we receive your deposit.

5. AVAILABILITY OF OTHER CHECK DEPOSITS — The first $275.00 from a deposit of other checks will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day after the day of your deposit. For example, if you deposit a check of $700.00 on a Monday, $275.00 of the deposit will be available by Tuesday. The remaining $425.00 will be available by Wednesday.

6. 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 $6,725.00 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.

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 seventh business day after the day of your deposit.

7. SPECIAL RULES FOR NEW ACCOUNTS — If you are a new member, 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 $6,725.00 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 first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $6,725.00 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 $6,725.00 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 ninth business day after the day of your deposit.

8. HOLDS ON OTHER FUNDS FOR CHECK CASHING — If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

9. HOLDS ON OTHER FUNDS IN ANOTHER ACCOUNT — If we accept for deposit a check that is drawn on another financial institution, 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 elsewhere in this disclosure for the type of check that you deposited.

10. FOREIGN CHECKS — Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institution upon which it is drawn.

11. DEPOSITS AT OTHER LOCATIONS — Funds from deposits of cash, U.S. Treasury, state and local government checks, Federal Reserve and Federal Home Loan Bank checks, U.S. Postal Money Orders as well as certain computer-generated payroll checks in amounts of $2,500.00 or less, will be available for withdrawal on the same business day as the date of your deposit.

The first $275.00 from a deposit of other checks will be available by the first business day after the day of your deposit. The remaining funds will be available by the second business day after the day of your deposit. For example, if you deposit a check of $700.00 on a Monday, $275.00 of the deposit will be available by Tuesday. The remaining $425.00 will be available by Wednesday.

For assistance in determining the availability of funds from a check you deposit at a service center, please contact Charter Oak Federal Credit Union.

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