Common use of Negative Information Notice Clause in Contracts

Negative Information Notice. We may report information about your loan, share, or deposit accounts to credit bureaus and Chex Systems. Late payments, missed payments, or other defaults on your accounts may be reflected in your credit report. This Disclosure describes your ability to withdraw funds at Light Commerce Credit Union. It 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. Please ask us if you have a question about which accounts are affected by this policy. 1. GENERAL POLICY — Our policy is to make funds from your cash and check deposits available to you on the same business day that 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. 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. at a staffed facility, we will consider that day to be the day of your deposit. However, if you make a deposit after our cutoff hour or on a day we are not open, we will consider that the deposit was made on the next business day we are open. The exception is shared branch transactions. Transactions will post based upon the acquirer credit union’s policy.