FUNDS AVAILABILITY POLICY
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 and
the Bank will use the funds to pay checks the customer has written.
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 3:30pm. Regarding Electronic ATM Deposits, the
maximum amount that may be deposited is $25,000.
of Right to Hold
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.
Delays May Apply
deposited by check may be delayed for a longer period under the following
- 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
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
Rule for New Accounts
following special rules will apply during the first 30 days an account is open
for a new customer:
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.
from all other check deposits will be made available on the seventh business
day after the day of the deposit.