• Loan Rates
  • Savings Rates
(New Vehicles (2011 & newer)) 1.99%APR
Effective date: 11/28/2014  VIEW RATES >
Regular Share Account 0.10%APY
Christmas Club 0.25%APY
Vacation, Special, Kirby Kangaroo, Under 21 Share Draft Checking 0.10%APY
Effective date: 11/28/2014  VIEW RATES >

Funds Availability Policy

General Policy

Our policy is to make funds from your 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 or drafts that you may 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 5:00 pm on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 pm on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Reservation of Right to Hold

In some cases, we will not make all of the funds that you deposit by check or draft available to you on the same business day that we receive your deposit.  Depending on the type of check or draft that you deposit, funds may not be available until the second business day after the day of your deposit.  However, the first $100 of your deposit will be available on the first 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 same business day, 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 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.

Holds on Other Funds

If we cash a check or draft 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 or draft we cashed would have been available if you had deposited it.  If we accept for deposit a check or draft that is drawn on another financial institution, we may make funds from the deposit available for 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 time periods that are described elsewhere in this disclosure for the type of check or draft that you deposited.

Longer Delays May Apply

We may delay you ability to withdraw funds deposited by check or draft into your account an additional number of days for these reasons:

  • We believe a check or draft you deposited will not be paid.
  • You deposit checks totaling more than $5,000 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 communications or computer equipment.


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 fifth business day after the day of your 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 electronic direct deposits to your accounts will be available on the day we receive the deposit.  Funds from deposited cash, wire transfers and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks or drafts will be available on the next 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 $5,000 will be available on the ninth business day after the day of your deposit.  If you do not make the deposit in person to one of our employees, the $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the ninth business day after the day of your deposit.

Deposits at Non-proprietary ATMs

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate may not be available until the fifth business day after the date of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

Foreign Checks

Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.

Truth-in-Savings Account Disclosures

Except as specifically described, the following disclosures apply to all of the accounts. All accounts in this Rate Schedule are share accounts.

  1. Rate Information - The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Regular Share/Savings, IRA Share/Savings, Christmas Club, Vacation Club, Special Share/Savings, 21 and under Share/Savings, Pee Wee Penguin and Premier Money Market accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Union’s Board of Directors. For Share Draft/Checking accounts, the dividend rate and annual percentage yield may change monthly as determined by the Credit Union's Board of Directors.  The dividend rates and annual percentage yield are the rates and yields as of the last dividend declaration date which is set forth in the Rate Schedule.  The Money Market Savings account is a tiered rate account.  If your average account balance is $100.00 to $1,499.99, the first dividend rate and annual percentage yield listed for this account in the Rate Schedule will apply.  If your average account balance is $1,500.00 to $9,999.99, the second dividend rate and annual percentage yield will apply.  If your average account balance is $10,000.00 to $24,999.99, the third dividend rate and annual percentage yield will apply.  If your average account balance is $25,000.00 to $99,999.99, the fourth dividend rate and annual percentage yield will apply.  Once a particular balance range is met, the dividend rate and annual percentage yield for that balance will apply to the full balance of your account.
  2. Nature of Dividends - Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.
  3. Dividend Compounding and Crediting -  The compounding and crediting of dividends and the dividend period applicable are set forth in this Rate Schedule.  The Dividend Period is the period of time at the end of which an account earns dividend. The Dividend Period begins on the first calendar day of the period and ends on the last calendar day of that period.
  4. Accrual of Dividends -  For all accounts, dividends will begin to accrue on non cash deposits (e.g. checks) on the business day you make the deposit to your account.  For all accounts, if you close your account before accrued dividends are credited, accrued dividends will not be paid.
  5. Balance Information -  To open an account, you must deposit or already have on deposit at least the par value of one full share in any account.  The par value amount is stated in the Fee Schedule.  Some accounts may have an additional minimum opening deposit requirement.  The minimum balance requirements applicable to each account are set forth in the Rate Schedule.  For Money Market savings and Premier Money Market accounts, a minimum average daily balance is required to avoid a service fee for the dividend period.  If the minimum average daily balance is not met, you will not earn the stated annual percentage yield.  For all accounts using an average daily balance method, dividends are calculated by applying a periodic rate to the average daily balance in the account for the period.  The average daily balance is determined by adding the full amount of the principal in the account for each day of the period and dividing that figure by the number of days in the period.
  6. Account Limitations -  For  Regular Share/Savings, IRA Share/Savings, IRA Roth, Coverdell IRA, Money Market Savings,  Christmas Club, Vacation Club, Special Share/Savings, 21 and Under Share/Savings, Pee Wee Penguin and Premier Money Market accounts, no more than six (6) pre-authorized, automatic, or telephone transfers may be made from these accounts to another account or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft, or debit card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed. For a Christmas Savings accounts, the entire balance will be available to withdrawal anytime during October through January, otherwise the balance remains in the account.  If you withdrawal any of the account balance from February through September, we will close your account and pay you the full account balance.  You may make transfers or withdrawals in the first seven (7) days after the account is opened without restrictions.  For Share Draft/Checking accounts, no account limitations apply.
  7. Fees for Overdrawing Accounts - Fees may be imposed on each check, draft, item, ATM card withdrawal, debit card point of purchase, preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance.  The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item.  You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account.  Fees for overdrawing you account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction.  If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit.  Please refer to the Fee Schedule for current fee information. 

USA Patriot Act – Customer Identification Program Policy

To our account holders and potential account holders: In accordance with Section 326 of the USA Patriot Act of 2001, which requires the credit union to help the government fight the funding of terrorism and money laundering activities, the credit union is required to obtain basic identifying information from you and verify that information when you open a new account.

This means the credit union staff will ask you for some basic information such as your name, address, date of birth, and other information designed to help us identify you. The credit union staff will also ask to see documents identifying you such as a driver’s license and/or some other government-issued document.

Identification will also be requested from those individuals that were conducting business with the credit union prior to the effective date of the member identification requirements. This is because original documentation was not obtained with the opening of the account or the credit union is unable to form a reasonable belief that it knows the true identity of the existing account holder.

In all cases, protection of our member’s identity and confidentiality is the credit union’s pledge to you.  Kellogg Midwest Federal Credit Union appreciates your patience and understanding as we all do our part in complying with the account identification procedures required by the federal USA Patriot Act of 2001.

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