YOUR ABILITY TO WITHDRAW FUNDS (Funds Availability Notice)
This policy statement applies to all deposit accounts.
Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written. If you make deposits using our Mobile Deposit Capture, we may not make all funds available the next day. If you need the funds, you should check your account through online banking or call us
to ask when the funds will be available. Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. 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 4 :00 p.m. 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 4:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open. If you make a mobile deposit before 3 :00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. If you make a mobile deposit after 3:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open. If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your accounts. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
If we accept for deposit a check that is drawn on another bank, 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 the account to which the deposit is made. The funds in the account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Longer Delays May Apply
Case-By-Case Delays – In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $225 of your deposits, however, will be available on the first business day.
If we are not going to make all of the funds from your deposit available on the first business day after we receive your deposit, 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 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.
Safeguard Exceptions – In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
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 seventh business day after the day of your deposit.
Special Rules for New Accounts
Deposits in new accounts will be subject to special rules during the first 30 days that the new customer’s account is open. Funds from electronic direct deposits to an account will be available on the day the Bank receives the deposit. Funds from wire transfers into the new account will be available on the first business day after the day the Bank receives the transfer. Funds from deposits of cash and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, or federal checks, U.S. Postal Service money orders, Federal Reserve Bank or Federal Home Loan Bank checks, checks drawn on the State in which the Bank is located, and local government checks will be available on the first business day after the day of the deposit if the deposit meets certain conditions. For example, the checks must be payable to the customer and the Bank may, at its option, require the customer to use a special deposit slip or envelope (except for U.S. Postal Service money orders, and U.S. Treasury, Federal Reserve Bank or Federal Home Loan Bank checks). The excess over $5,525 will be available on the ninth business day after the day of the deposit. If the customer does not make the deposit of these checks (other than a U.S. Treasury check) in person to one of our employees, the first $5,525 will not be available until the second business day after the day of deposit. Funds from all other check deposits will be available 10 business day(s) after the day of the deposit.