Funds Availability Schedule
Effective September 20, 2008

Funds Availability Policy
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.

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

Same-Day Availability
Funds from the following deposits will be available on the day we receive the deposit.
• Electronic direct deposits
• U.S. Treasury checks that are payable to you
• Wire transfers
• Checks drawn on Mid-Hudson Valley Federal Credit Union
• Cash
• State and Local government checks that are payable to you

Next-Day Availability
Funds from the following deposits will be available on the first business day
following the day of deposit.
• Cashier, 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
• The first $100 of all checks deposited

Other Check Deposits
The delay for other check deposits depends on whether the check is a local or a non-local check. To see whether a check is a local or a non-local check, look
at the routing number on the check:

If the first two digits of the routing number are 01, 02, 03, 21, 22 or 23, then the check is a local check. Otherwise, the check is a non-local check. Some checks are marked “payable through” and have a four- or nine-digit number nearby. For these checks, use the first two-digits of the four-digit number (or the first two digits of the nine-digit number), not the routing number on the bottom of the check, to determine if these checks are local or non-local. Our policy is to make funds from local and non-local checks available as follows.

1. Local checks – 2-business day hold The first $100 from the aggregate of deposits will be available on the first business day after the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit. Additionally, aggregate deposits in excess of $5,000 (that are considered local checks) will have the following holds placed: the first $100 will be available on the next business day, the next $4,900 will be available in two business days and the amount over the first $5,000 will be available on the 7th business day.

2. Non-local checks – 5-business day hold – The first $100 from the aggregate of deposits will be available on the first business day after the day of your deposit. The remaining funds will be available on the fifth business day after the day of your deposit. Additionally, aggregate deposits in excess of $5,000 (that are not considered local checks) will have the following holds placed: the first $100 will be available on the next business day, the next $4,900 will be available in five business days and the amount over the first $5,000 will be
available on the 11th business day.

3. Local and non-local checks – If you deposit both categories of checks, $100 from the aggregate deposit will be available on the first business day after the day of your deposit.

Third Party Checks
A Third Party Check is a check payable to one party who endorses the check over to another party. All payees must endorse the check regardless of the amount. All payees must endorse the item and be present (with valid I.D.) or named on the account in order for the credit union to accept these items for deposit. Local or Non-Local check holds will apply to these items. The credit union also reserves the right to accept a Third Party Check on a collection basis only.

Longer Delays May Apply
Additionally, funds deposited by check may be delayed for a longer period under the following circumstances:
• There is reason to believe a check you deposit will not be paid.
• You deposit checks totaling more than $5,000 on any one day.
• A check is re-deposited that has been previously returned unpaid.
• You have overdrawn your account and/or have had return deposits repeatedly in the last six months. An account is considered repeatedly overdrawn if within the last six months (a) on six or more business days, the account balance was negative or would have been negative if checks or charges to the account had been paid or (b) on two or more business days the account balance was negative or would have been negative by more that $5,000 if checks or other charges to the account had been paid.
• There is an emergency, such as a failure of computer or communication 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 deposit for local items and the eleventh business day after the day of deposit for non-local items, after the day of your deposit.

Holds on Other Funds
If we accept a check drawn on another financial institution for deposit or cash, we may make the funds from the deposit or cashed check available to you 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 until the time periods that are described elsewhere in this disclosure for the type of check you deposited or cashed.

Returned Checks
In the event a check which you cashed or deposited to your account is, for any reason, returned (or is in the process of being returned per notification from another financial institution) to us unpaid, we shall have the right to charge the amount of the check to any account which you own individually or jointly with others, even if we have previously made the funds available to you under this Funds Availability Policy.

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 $5,000 of a day’s total deposits of cashier’s, certified, teller’s, travelers, 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 $5,000 will be available on the ninth 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.

Deposits at Automated Teller Machines
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own or operate will be held until the next business day when the deposit can be verified. Upon verification, all checks will be subject to the hold policy stated above.

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) and Point-of Banking (POB) we do not operate will not be available until the fifth business day after the day of your deposit.