REGULATION CHANGE TO TAKE EFFECT ON JULY 1, 2020

FUNDS AVAILABILITY POLICY DISCLOSURE

The following information describes Fremont Federal Credit Union’s policy of making funds deposited in a Checking Account (also known as a “transaction account”) available to you for withdrawal immediately. This is what is called 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. Funds availability policies for accounts that are not transaction accounts are described elsewhere in your Account Agreement(s).

Determining Availability of Deposits. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and Credit Union observed holidays. If you make a deposit before closing time 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 after closing time or on a day we are not open, we will consider that the deposit was made on the next business day we are open. Our hours of operation and closing times are available from the credit union.

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

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.

Other Check Deposits Availability – Case by Case Availability. There may be delayed availability of funds from some checks that are deposited into your accounts. Your deposits may be available immediately by the Credit Union, however, in some cases, we will not make all of the funds 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 and some checks deposited may not be available until the seventh business day after the deposit. Nonetheless, if all of your deposit is not made available on the same business day of the deposit, the first $225.00 of your deposit will be available on the same day 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 the 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 Fremont Federal 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 Credit Union observed 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 Fremont Federal Credit Union records.

Longer Delays May Apply. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit and those funds may not be available until the second business day after the day of your deposit.

If we are not going to make all of the funds from your deposit available on the first business day after the deposit, we will notify you at the time you make your deposit. We will also tell you 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 day after we receive your deposit.

If you will need the funds from the 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 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 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 on foreign financial institutions or foreign entities, which are exempt from the policies outlines in this disclosure. We reserve the right to refuse any item for deposit.

Credit of Deposits and Payments. Deposits or payments made in an ATM, whether in cash, check, draft, or money order are subject to verification, and the funds of such deposits and payments accounts may be held until they can be collected from the machine, verified and entered into our accounting systems. Further delay may occur if the transaction is made on or immediately prior to a Saturday, Sunday or holiday on which we are closed. If you place a check, draft or money order in the machine as a deposit or payment, it is subject to collection in accordance with your account agreement with us and Regulation CC.

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 from withdrawal 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 for withdrawal until that time periods that are described elsewhere in this disclosure for the type of check.

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.

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 an electronic direct deposit 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 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the first Business Day after the day of the deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The amount of the deposit in excess of $5,525 shall be available for withdrawal not later than the 9^th business day following the banking day on which funds are deposited. Further delays may apply to checks drawn on foreign entities.

Large Deposits. The availability of funds provisions in this disclosure do not apply to the aggregate amount of deposits by one or more checks to the extent that the aggregate amount is in excess of $5,525 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.

Night Depository. Deposits made via a night depository are not considered as having been received until the deposit is removed from the depository. Items placed in the night depository will be removed from the depository no later than the next business day (does not include Saturday, Sundays or holidays). You agree that your use or your agent’s use of the night depository will be at your sole risk at all times and that our records as to the presence in or absence from the depository of any envelope or package or the contents thereof shall be conclusive and binding upon you. What we finally credit as currency via night depository is subject to our count and acceptance.

Questions. In case you have any questions regarding our Funds Availability Policy, please contact us at:

Fremont Federal Credit Union, 315 Croghan Street, Fremont, OH 43420. If you phone us, you MUST call at: (419) 334-4434.