Beginning December 1, 2020, members were given the option to instantly deposit most ACH deposits.
- An instant deposit is defined as early access to a direct deposit that is scheduled to post to your account. An instant deposit is a way for you to gain access to your funds sooner.
- There will be a $10 fee per instant deposit.
- This fee only applies to instant deposits and does NOT apply to regularly scheduled deposits.
- No checking account required.
- Direct deposit and earlier availability of funds are subject to the timing of the payer’s funding, and Credit Union approval. Honor Credit Union cannot guarantee a payer’s funds will be available for instant deposit.
Changes To Regulation CC
Recently, the Federal Reserve Board increased several of the monetary limits within Regulation CC and tied them to a formula that is derived from data within the Consumer Price Index. In line with this regulation, credit unions are allowed to hold funds in certain circumstances, but only for limited periods, which are outlined below and within our Funds Availability Policy.
- Next Day Availability – $200 is changing to $225. This means that now the first $225 of your total amount deposited daily will be available on the first business day. Depending on the type of the deposit, additional funds may not be available under the day after your deposit is originally made. If we are not going to make all the funds of your deposit available on the first business day, we will notify you at the time you make your deposit.
- Special Exception Holds – $5,000 is changing to $5,525. This means the checks you deposit that exceed $5,525 can be held. This amount is used on certain special exception holds, such as large deposit holds, new account holds, and repeatedly overdrawn holds.
- Hold Extensions – $400 is changing to $450. This means the rule permits financial institutions to extend holds by one business day when a deposit is taken for withdrawal by cash or similar means.
To help you better understand the changes that occurred on July 1, 2020, below is a chart showcasing the previous limits and the now in effect monetary limits.
Regulation CC Policy
|Regulation Reference||Current thresholds||Thresholds on and after July 1, 2020|
|Next day availability (229.10)||$200||$225|
|Large Deposit (229.13(b)), New Account (229.13(a)), and Repeated Overdraft Limits (229.13(d))||Aggregate amounts over $5,000||Aggregate amounts over $5,525|
|Special rules for cash withdrawals (229.12(d))||$400||$450|
|Civil Liability (229.21(a))||$1,000 and $500,000||$1,100 and $552,500|
To review our Funds Availability Policy in full, click here.
If you have any questions, do not hesitate to reach out to our Virtual Member Center by phone/text at 800.442.2800 or through Live Chat with us on our website.
New memberships only. $100 paid when new member opens a checking account with a minimum deposit of $25 and has at least one direct deposit totaling $100 per month. Direct deposit must be made within 60 days of account opening. Bonus will be paid within 30 days of direct deposit posting to new account. New account must remain open and maintain a positive balance for at least 90 days. If criteria is not met, $100 bonus will be withdrawn from account. Limit one $100 bonus per new member. Honor employees and immediate family members ineligible. Offer subject to change without notice. This is a gift, please consult your tax advisor. Not valid with any other offer. Limited time offer. Federally insured by NCUA.
Checking Bonus: $250 paid when new or existing member opens a checking account with a minimum deposit of $25, has at least one direct deposit that totals $100 per month and conducts 6+ debit card transactions within 60 days of checking account opening. Bonus will be paid within 30 days of minimum requirements being met. New account must remain open and maintain a positive balance for at least 90 days. If criteria is not met, $250 bonus will be withdrawn from account. New members must open account at honorcu.com/jointhefam or a local member center and primary address must be verified to be within Berrien, Cass or Van Buren counties in Michigan. Existing members must mention offer at checking account opening in member center. Offer subject to change without notice. This is a gift, please consult your tax advisor. Not valid with any other offer. Insured By NCUA.
Auto Refinance Offer: 1.00% cash back is calculated based on the final total funded loan amount, excluding any ancillary products, with a maximum payout of $300.00. Minimum loan amount required to earn cash back bonus is $5,000.00. Cash back bonus will be paid out upon execution of final loan agreement. Deferred Payment Offer: Interest will accrue during 90-day deferment period. First payment must be made beginning in the 4th month, on the due date disclosed in the loan agreement. New auto purchases excluded, refinances only. Current loans held here at Honor ineligible. Offer subject to change without notice. This is a gift, please consult your tax advisor. Not valid with any other offer. Certain restrictions apply. Subject to credit approval. Limited time offer. Insured By NCUA.
Mortgage Bonus: Must mention this special offer at time of application. Checking account with active direct deposit must be present on account to be eligible for $250 mortgage bonus. Home loan must be $60,000 or more. New mortgage money only. $250 deposited into savings account after closing. Certain credit restrictions apply. Terms and conditions subject to change without notice. This is a gift, please consult your tax advisor. Not valid with any other offer. Checking account must be opened and mortgage applications submitted by January 31, 2021. Equal Housing Opportunity. Insured By NCUA.
Business Membership Bonus: New memberships only. $250 paid when new business member opens a business checking account with a minimum deposit of $25 and has at least (1) incoming or outgoing ACH and (1) online bill pay transaction post to account per month. Initial ACH and online bill pay transaction must be made with 60 days of account opening. Bonus will be paid within 30 days of qualifying transactions posting to new account. New account must remain open and maintain a positive balance for at least 90 days. If criteria is not met, $250 bonus will be withdrawn from account. Limit one $250 bonus per new business member. Must be enrolled in online banking and eStatements. Honor employees and immediate family members ineligible. Offer subject to change without notice. Must visit Honor Credit Union member center to receive offer. This is a gift, please consult your tax advisor. Not valid with any other offer. Insured By NCUA.
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