MEMBER PROFILE
Holly Adams Business IDA
Holly Adams, a member since 1994, heard about Individual Development Accounts, but it wasn't until federal art cutbacks affected her work that she started asking questions and opened an IDA. She believes the time she put into the IDA classes, and her commitment to saving, has changed her work-life. "The IDA program is really amazing. It helped me clarify and focus where my energy and resources needed to go, and once I figured that out --- it gave me the money I needed to move forward."
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Check Hold Policy
IMPORTANT INFORMATION REGARDING “AVAILABILITY OF FUNDS”
In compliance with Regulation CC, the money from some kinds of deposits at Alternatives may not be withdrawn immediately. We will place a temporary “hold” on certain deposits. This will help the Credit Union reduce losses. A check written against “held” funds will not be paid and a fee will be charged for insufficient funds.
For checks over $1,000, local checks will be held for 2 business days and non-local checks will be held for 5 business days. A local check is one that uses the same checking processing region. Local checks routing and transit numbers start with 0213, 0220, 0223, 2213, 2220 or 2223.
Any checks (local or non-local) over $5,000 will be held for 7 business days.
CHECK HOLD EXCEPTIONS:
Cash
Checks drawn on Alternatives Credit Union
Government or U.S. Treasury Checks under $5,000
Direct Deposits
Approved payroll checks (Borg Warner, Cayuga Medical Center, City of Ithaca, Cornell, Ithaca College, Emerson, Fraziska Racker Center, Ithaca City School District, TC3, TST BOCES, Tompkins County, Wegmans)
The first $100 of any check or deposit
The first $1,000 of a large check for Alternatives members whose accounts are in good standing and have been open for more than 30 days.
NEW MEMBERS
For the first 30 days of a new member's account, checks for $101 to $5,000 will be held for 5 business days if local and 7 business days if non-local.
FRESH START ACCOUNTS
Fresh Start Account members will follow the NEW MEMBER policy for the first six months of their account.
Checks will be held for 7 to 11 days for the following:
Redeposited Checks (checks previously returned unpaid)
Checks deposited to accounts with 3 or more NSFs (Non-Sufficient Funds) within 6 months
Uncollectible Checks
Emergency Conditions
EXCEPTION REQUESTS
We will consider requests for exceptions to this policy for long-time members who need immediate access to larger amounts of cash. You may contact Melissa Pollack in writing to request an exemption.
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