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Funds Availability Policy Disclosure
Our policy is to delay the availability of funds that you deposit in your account. During the delay you may not withdraw the funds in cash and we will not
use the funds to pay checks that you have written.
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Determining the Availability of a Deposit. The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays,
and federal holidays. If you make a deposit before 3:00pm 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 3:00pm or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
The length of the delay varies depending on the type of deposit and is explained below.
Same-Day Availability. Funds from electronic direct deposit and wire transfers will be available on the day we receive the deposit.
Next-Day Availability. Funds from the following deposits are available on the first business day after the day of your deposit:
- U.S. Treasury checks that are payable to you.
- State and local government checks that are payable to you.
- Cashier's, certified, and teller's checks that are payable to you.
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
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Availability of Other Check Deposits. The delay for other check deposits depends on whether the check is a local or a non-local check. Our staff will
inform you whether your check is local or non-local.
- Local Checks. The first $100 from a deposit of local checks will be available on the first business day after the day of your deposit.
The remaining funds will be available on the 5-th business day after the day of your deposit. For example, if you deposit a local check of $700 on a Monday,
$100 of the deposit is available on Tuesday. The remaining $600 is available on Friday.
- Non-local Checks. The first $100 from a deposit of non-local checks will be available on the first business day after the day of your deposit.
The remaining funds will be available on the fifth business day after the day of your deposit. For example, if you deposita non-local check of $700 on Monday, $100 of the
deposit is available on Tuesday. The remaining $600 is available on Monday of the following week.
If you deposit both categories of checks, $100 from the checks will be available on the first business day after the day of the deposit, not $100 from each category.
Longer Delays May Apply. We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these
reasons:
- You deposit checks totaling more than $2,500 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last 6 months.
- We believe a check you deposit will not be paid.
- There is an emergency, such as a 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 tell you when the funds will be available. they will generally be available no later than the 11-th business
day after the day of your deposit.
Holds on Other Funds. If we cash a check for you thatis 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 we cashed would have been
available if you had deposited it. If we accept for deposit a check 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 the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
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