On Feb 27, 2014 3:51 PM, Chris Egeland <[email protected]> wrote: > > 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.
Yeah, I'm still not sure why a hold is an issue since we aren't spending any of it within 10 days. > > Thanks, > Chris > _______________________________________________ > Discuss mailing list > [email protected] > https://synhak.org/mailman/listinfo/discuss _______________________________________________ Discuss mailing list [email protected] https://synhak.org/mailman/listinfo/discuss
