Funds Availability Policy

Benchmark Credit Union’s policy is to make funds from your deposits available to you on the same business day we receive your deposit.  You can withdraw the funds in cash and/or we will use the funds to pay checks you have written. 

To determine availability of your deposits: every day is a business day except Saturdays, Sundays and Federal Holidays.  Benchmark will consider a deposit as being made on a business day if it is made in person to one of our employees during normal business hours.  Deposits made at our night deposit will be considered deposited on the next business day.

Longer Delays May Apply
In some cases, we will not make all funds that you deposit by check available to you on the same business day of your deposit.  Funds may not be available until the second  business day after the day of your deposit depending on the type of check deposited,  .  However, the first $100.00 of your deposit will be available on the business day that you make your deposit. 

If we are not going to make all funds from your deposit available at the time, we will inform you when you make your deposit, Please ask us when the funds will be available should you will need the funds from a deposit right away.

Funds you deposit by check may be delayed for a longer period if:

•      we believe a check you deposit will not be paid,

•      you deposit checks totaling more than $5,000.00 on any one day,

•       you redeposit a check that has been returned unpaid,

•       you have overdrawn your account  more than three times within the last six months, or

•       there is an emergency, such as failure of Benchmark’s communication or computer equipment.

We will notify you if your ability to withdraw funds is delayed by us for any of these reasons, and we will  inform you when the funds will be available.   Funds will generally be available no later than the seventh business day after the date of deposit.

Special Rules for New Accounts
The following special rules will apply during the first thirty days your  any new account is open:

•              The first $5,000.00 from deposit of U.S. Treasury checks will be available on the next business day after your deposit.  The amount over $5,000.00 will be available on the ninth business day after the day of your deposit.  Funds from wire transfers into your account will be available on the next business day after the day we receive the transfer.

•              Funds from a deposit of state or local government, teller’s, cashier’s, certified, and traveler’s checks will be available on the first business day after the day of your deposit if it meets certain conditions.  For example, the check(s) must be payable to you.  The excess over $5,000.00 will be available on the ninth business day after the day of your deposit.  If you do not make the deposit in person to one of our employees, the first $5,000.00 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 deposit.

Truth-In-Savings Account Disclosures

Rate Information
The Dividend rate and APY on your Credit Union Share Accounts, Checking Accounts, and Money Management Share Accounts may change at any time as determined by the Credit Union Board of Directors.  The dividend rate and APY disclosed reflect the prospective dividend rate and APY which the Credit Union anticipates will be paid for the current period.  The interest rate and APY on Certificates of Deposit are fixed and will be paid until the maturity date of the Certificate.  The disclosed interest rate and APY for Certificates of Deposit are those that were offered within the most recent seven calendar days.

Compounding and Crediting

1. Regular and Special Share, IRA Share, and Checking Accounts.  Dividends on all Regular Share Accounts and IRA Share Accounts will be compounded quarterly and credit quarterly.  The dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1st, and the ending date of such dividend period is March 31st. 
2. Money Management Share Accounts.  Dividends on your Money Management Share Account will be compounded daily and credited quarterly.  The dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1st, and the ending date of such dividend period is January 31st.  All other dividend periods follow this same pattern of dates.  The dividend declaration date is the last day of a dividend period and for the example is January 31st.

Effect of Closing
If you close your Money Management Account, before dividends are paid, you will receive accrued dividends.  For all other Accounts, including Certificates of Deposit, if you close your Account before interest or dividends are paid, you will not receive the accrued interest or dividends, as applicable.

Balance Computation Method

1. Regular and Special Share, IRA Share, And Checking Accounts.  Dividends are calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the Account for the period.  Adding the balance in the Account for each day of the period and dividing the figure by the number of days in the period calculate the average daily balance.
2. Money Management Share Accounts.   Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the Account each day.  

Accrual of Dividends and Interests
Interest on Certificates of Deposit, and dividends on all other Accounts will begin to accrue on the business day you deposit cash and non-cash items (such as checks) to your Account

Transaction Limitations

1. During any month, you may not make more than six withdrawals or transfers from your Regular or Special Share Account to another Credit Union Account of yours or to a third party by means of a pre-authorized or automatic transfer (including transfers by way of overdraft protection) or telephonic order or instruction.   If you exceed the transfer limitations set forth above during any month, your account will be subject to closure by the credit union.
2. During any month, you may not make more than three withdrawals from Money Management Share Account.
3. For your Regular Share and Money Management Share Accounts, the Credit Union reserves the right to require at least seven (7) days, and up to sixty (60) days notice to withdrawal or transfer of funds.
4. Your IRA Share Account is subject to penalties for early withdrawal imposed by the Internal Revenue Service.  Please refer to your IRA Agreement with us.

Certificates of Deposit – Additional Disclosures

1. Compounding and Crediting.  Interest on your Certificate of Deposit will be credited monthly and at your option, will be paid either to your Regular Share Account, your Money Management Share Account, or by check mailed to you.
2. Balance Computation Method.  Interest is calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
3. Transaction Limitations.  After your Certificate of Deposit account is opened, you my not make deposits into the account until the maturity date stated on the Certificate.  Your Certificates of Deposit are non-transferable and non-negotiable except for use as collateral on a loan, which you obtain from us. 
4. Penalties for Early Withdrawal.  We may impose a penalty if you withdraw any of the funds in your account before the maturity date.  The penalty will equal ninety (90) days interest on Certificates with a term of 1 year or less.  The penalty will equal 180 days interest on Certificates with a term greater than 1 year.  The penalty will be imposed regardless of whether interest equal to the amount of the penalty has been earned at the time withdrawal.  To the extent that interest in the account at the time of withdrawal is insufficient to pay the entire penalty assessed, the penalty will be assessed against principal.  If any withdrawal, or any penalty assessed reduces the balance in the account below its original face amount, the account will be closed and the funds will be transferred to your Regular Share Account.

Nature of Dividends
Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

Par Value of Shares The par value of a regular share in this Credit Union is $25.00.   National Credit Union Share Insurance Fund The National Credit Union Share Insurance Fund federally insures member accounts in this Credit Union.