'Provisional' Credit Is OK'd
NCUA said a federal credit union may give members immediate, "provisional" credit for deposits a member has promised to make within a certain time frame, such as an electronic deposit, but which the credit union has not yet received. In a new legal opinion letter, NCUA said the credit union proposes to permit members meeting certain criteria with provisional credit up to $1,500.
The funds would immediately start earning dividends (interest) and be available for withdrawal. The member must present the funds within 10 days and is responsible for reimbursing the credit union if the funds are not deposited. The credit union would not charge interest or impose a fee for the provisional credit.