YOUR ABILITY TO WITHDRAW FUNDS
Effective September 11, 2023
This policy statement applies to all deposit accounts.
Our policy is to make funds from your deposits available to you immediately. Once available, you can withdraw the funds in cash and we will use the funds to pay checks you have written or other debits you have initiated from your account. Deposits made in person at one of our branches and funds from electronic direct deposits (such as ACH credits and wire transfers) to your account will be available on the day we receive the deposit. Deposits made at an ATM will be available on the first business day after the day of your deposit. Deposits made through the Bank’s Mobile Deposit service will be made available as follows, subject to your meeting the requirements of our Mobile Banking Terms and Conditions: Deposits made and accepted by the Bank by 4 p.m. Eastern or earlier on a business day will be made available to you on the next business day following the deposit. Deposits made and accepted by the Bank after 4 p.m. Eastern will be made available to you on the second business day following the deposit. References to “checks” in this policy statement includes eChecks, which are electronic checks that contain the same elements as traditional checks and are printed into paper form.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned unpaid and for any other problems involving your deposit.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 after closing or on a non-business day, we will consider that the deposit was made on the next business day we are open.
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 immediately. Depending on the type of check that you deposit, funds may not be available until the second business day after your deposit. The first $225.00 of your deposits, however, may 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 immediately, 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 believe a check you deposit will not be paid.
You deposit checks totaling more than $5,525.00 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 computer or communications 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 seventh business day after the day of your deposit.
HOLDS ON OTHER FUNDS
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 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 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 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.
SPECIAL RULES FOR NEW ACCOUNTS
If you are a new customer, the following special rules will apply during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525.00 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available immediately if the deposit made 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 $5,525.00 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525.00 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.