FUNDS AVAILABILITY POLICY
Our policy is to make funds from a customer's deposit available to them on the first business day after the day we receive the deposit. Electronic direct deposits will be made available on the day we receive them. Once the deposits are available a customer may withdraw the funds in cash and the Bank will use the funds to pay checks the customer has written.
For determining the availability of a deposit, everyday is a business day, except Saturdays, Sundays, and federal holidays. If a deposit is made before our cut-off time on a business day that we are open, we will consider that day to be the day of the deposit. However, if a deposit is made after the Bank's cut-off time, or on a day the Bank is not open, the Bank will consider that the deposit was made on the next business day that the Bank was open. The Bank's cut-off time will be 6:00pm for the main bank, 4:00 PM for branch offices and 5:00 for the Elmwood Branch. Internet and telephone banking cut-off time is 3:30 pm.
Reservation of Right to Hold
In some cases, not all of the funds deposited by check may be available immediately. Dependent 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 $200 of your deposit, however, will be available immediately. If all the funds are not going to be made from your deposit immediately available, notification will be made to you at the time of your deposit. The notification will include when the funds will be available. If the deposit is not made in person to one of our employees, or if circumstances are discovered after the customer has left the premises, a notice of delayed availability will be mailed the business day after we receive your deposit. If the funds from a deposit require immediate availability, inquire as to when the funds will be available.
Longer Delays May Apply
Funds deposited by check may be delayed for a longer period under the following circumstances:
- If the Bank believes a check that was deposited will not be paid.
- If checks totaling more than $5,000.00 are deposited on any one day.
- If a check is redeposited that was returned unpaid.
- If an account has been overdrawn repeatedly over the past six months.
- If there is an emergency, such as failure of communications or computer equipment.
The Bank will notify the customer if the availability to withdraw funds is delayed for any of these reasons, and the Bank will notify the customer of when these funds will be available. Depending upon the type of check you deposit, funds may not be available until the seventh business day after the day of your deposit. However, the first $200 of your deposits will be available on the first business day.
Special Rule for New Accounts
The following special rules will apply during the first 30 days an account is open for a new customer:
Funds from electronic direct deposits to the account will be made available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000.00 of a day's total deposits of cashier's, certified, teller's, traveler's and federal, state, and local government checks will be available 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 customer may have to use a special deposit slip). The excess over the $5,000.00 will be available on the ninth business day after the day of the deposit. If the deposit of these checks (other than a U.S. Treasury check) is made in person to one of the Bank's employees; the first $5,000.00 will not be available until the second business day after the day of the deposit.
Funds from all other check deposits will be made available on the seventh business day after the day of the deposit.