Disclosures

Funds Availability Policy Disclosure

The following information describes Meridian Credit Union's policy of making funds deposited in a Share Draft Account (also known as a "transaction account") available to you for withdrawal on the same day of the deposit. This is what is called a Funds Availability Policy. Generally, transaction accounts are accounts, which would permit an unlimited number of payments by check or other order to third persons, and also an unlimited number of telephone and preauthorized transfers to third persons, or other accounts you may have with us. This Disclosure only applies to the availability of funds in transaction accounts. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy.

Your Ability to Withdraw Funds. Our policy is to make funds from your cash and check deposits available to you on the same day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

Automated Teller Machine (ATM) Deposits. Funds from any deposits (cash, checks or drafts) made at automated teller machines that we do not own or operate will not be available until the next business day after the date of your deposit. This rule does not apply to any ATM machines that we own or operate. All ATM machines that we own or operate are identified as our machines.

Determining Availability of Deposits. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and Federal Holidays. If you make a deposit before 4:00 p.m. on a business day that we are open, we will consider that to be the day of your deposit. However, if you make a deposit on a day we are not open or after 4:00 p.m. on a day we are open, we will consider that the de posit was made on the next business day we are open. Our hours of operation and closing times vary according to our office location and those hours are available from the Credit Union and posted in our lobby.

Please be aware, however, that all deposits are subject to proof and verification and if you deposit a check, draft or other non-cash item, which is returned for non-payment for any reason, you authorize us to charge your account for the amount of those funds and we may charge your account without providing prior notice.

Reservation of Right to Hold. There may be delayed availability of funds from some checks that are deposited into your accounts. Your deposits may be made available immediately by the Credit Union, however, in some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Funds may not be available until the second business day after the date of your deposit . Nonetheless, if all of your deposit is not made available on the same business day of the depos it, the first $225.00 of your deposit will be available on the first business day after the date of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also let you know when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available. During any delay, you may not withdraw the funds in cash and Meridian Credit Union will not use the funds to pay checks that you have written. The length of delay is counted in business days from the day of your deposit, including every day except Saturdays, Sundays and Federal Holidays. A deposit is considered received when it is accepted at one of our branch offices with all appropriate endorsements. A deposit accepted while our data processing system is not online will be considered received when the transaction is posted in the Meridian Credit Union records.

Longer Delays May Apply. In some cases, we will not make all of the funds that you deposited available to you on the same business day after the day of your deposit. Depending on the deposit, funds may not be available until the seventh business day after the day of you r deposit. However, the first $225.00 of your deposits will be available on the next business day after we receive the deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

• We believe a check you deposit will not be paid.
• You deposit checks totaling more than $5,525.00 on any one day.
• You redeposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six months.
• There is an emergency, such as failure of computer or communications equipment.
• Your deposits are drawn on foreign financial institutions or foreign entities.

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 your deposit, unless your deposits are drawn o n foreign financial institutions or foreign entities, which are exempt from the policies outlined in this disclosure. We reserve the right to refuse any item for deposit.

Deposits in Non-transaction Accounts. Regulation CC does not apply to non-transaction or savings deposits; therefore, there is no maximum time frame within which the proceeds of savings deposits must be made available for withdrawal. Our general policy for check holds on non-transaction accounts is to follow the same guidelines used for transaction accounts, although we reserve the right to impose longer holds if deemed necessary. We will notify you if we delay your ability to withdraw funds for any reason, and we will tell you when the funds will be available.

Holds on Other Funds (Check Cashing). If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available had you deposited it.

Holds on Other Funds (Other Account). If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately, but delay your ability 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 for withdrawal until the time periods that are de scribed elsewhere in this disclosure for the type of check that you deposited.

Check Endorsements. Federal law requires a proper endorsement on checks to be placed on the back left side of the check within a 1 & ½ inch area. If you fail to properly endorse a check, further delays in processing will be incurred or, the check may be rejected for deposit.

Large deposits. The availability of funds provisions in this disclosure do not apply to the aggregate amount of deposits by one or more check s to the extent that the aggregate amount is in excess of $5,525.00 on any one business day. For customers that have multiple accounts at the Credit Union, the Credit Union may apply this exception to the aggregate deposits to all accounts held by the member, even if the member is not the sole holder of the accounts and not all of the holders of the accounts are the same.

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 $5,525.00 of a day's total deposits of cashier's, certified, teller's, traveler's and federal, state and local government checks will b e 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 (and you may have to use a special deposit slip). The excess over $5,525.00 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525.00 will not be available until the second business day after the day of your deposit. Funds from all other check deposits may not be available until the ninth business day after the day of your deposit. Further delays may apply to checks drawn on foreign entities.

Foreign Check Deposits. Foreign checks originating from outside the U.S. are exempt from the policies outlined in this disclosure. Checks deposited from financial institutions located outside the U.S. cannot be processed the same as checks drawn on U.S. financial institutions. Generally, foreign checks deposited into your account will be available when we collect the funds from the originating foreign financial institution.

Questions. In case you have any questions regarding our Funds Availability Policy, please contact us at: Meridian Credit Union, 1206 N. Jefferson St, Ottumwa, IA 52501; Phone: 641.684.4207; Fax: 641.684.5557.