Hello everyone, At the meeting on Tuesday, there was apparently some misunderstanding about the legality of our credit union holding our $15,000 deposit for a period of time. I have done some research, and have found the following information:
First, everyone needs to be aware that we use a credit union, not a bank, as our financial institution. Specifically, SYN/HAK is a member of BFG Credit Union, headquartered in Akron. As such, the regulations that apply to banks and bank customers do not entirely apply to us. Second, the Expedited Funds Availability Act of 1987 classifies our deposit of $15,000 as a “Large Deposit”, which means that over $5,000 was deposited in one day. The federal regulations for requiring fund availability on deposits above $5,000 is $5,000 on the second business day, and the remainder on the 7th business day. Keep in mind, I’m not an expert on the financial industry by any means. I have just gone and done a bit of Googling to try to figure this out and make sure we weren’t getting screwed. In my personal opinion, we aren’t. Thanks, Chris _______________________________________________ Discuss mailing list [email protected] https://synhak.org/mailman/listinfo/discuss
