Beginning June 1, 2015 all VSECU members will have greater access to funds from deposits made in the same day through an ATM or with Mobile Deposit. Business members will also benefit from this increase (Mobile Deposit functionality not yet available for business accounts).
The Funds Availability Policy currently allows members to immediately access $200 of deposits made into their account, via an ATM or with Mobile Deposit, in the same day. A hold is placed on the remainder of the funds to protect the credit union from losses in the event the deposited check doesn’t clear. Visit the Funds Availability Policy page and Mobile Banking Deposit disclosure for more information.
This amount is being increased to $500 beginning June 1, 2015. The increase will not only allow greater access to cash, but makes more funds available for writing checks to pay utilities or other expenses. If you’re a member that deposits your paycheck via an ATM or using Mobile Deposit to “cover” a check you’ve already written, this change will increase the amount available from your paycheck from $200 to $500 to help pay those bills. We encourage you however, to use direct deposit for your paycheck rather than allowing your account balance to run low.
Direct deposit is the fastest way to deposit funds into your account and the full amount of electronic direct deposits is available on the day we receive the funds. We encourage all members to use the direct deposit feature for paychecks and other sources of regular income (social security checks etc.). Print a direct deposit form now and submit it to your employer.
EFT Amount Increases as Well
The Electronic Fund Transfers (EFT) Agreement and Disclosure sets guidelines for accessing cash with a debit or ATM card. Daily withdrawal limits are in place in case your card(s) is lost or stolen. The current limit is $300 per day.
To align with the Funds Availability change, the EFT limit will also increase on June 1, 2015 to $500, allowing members to withdraw up to $500 of available funds per day from an ATM or point-of-sale (POS) transaction.
Please note: ATM owners have the ability to set individual ATM withdraw limits. Although your funds may be available in your account, if an ATM owner has set their machine limit for a lesser amount, you may not be able to withdraw all $500 from that machine. In the event this happens, visiting another machine should allow you access to the reminder of your daily limit. Use our ATM locator to find surcharge-free ATMs available to you.