NCUA Okays 'Provisional'Credit
ALEXANDRIA, Va. - (03/14/05) -- NCUA said a federal credit union maygive members immediate, 'provisional' credit for deposits a memberhas promised to make within a certain time frame, such as anelectronic deposit, but which the credit union has not yetreceived. In a new legal opinion letter, NCUA said the credit unionproposes to permit members meeting certain criteria withprovisional credit up to $1,500. The funds would immediately startearning dividends (interest) and be available for withdrawal. Themember must present the funds within 10 days and is responsible forreimbursing the credit union if the funds are not deposited. Thecredit union would not charge interest or impose a fee for theprovisional credit.