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Change to Standard Hold Policy: Effective July 21, 2011, the first $200 of your deposits, may be available on the first business day after the day of your deposit. This amount was changed from $100.
Disclosure
This disclosure applies to “transaction” accounts. Transaction accounts, in general, are accounts that permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Checking accounts are the most common transaction accounts. Our general policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will also be available on the same business day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.
Collected Funds
Funds made available to you may not necessarily be collected funds. In other words, we may make funds available to you before those funds are actually withdrawn from the financial institution they are drawn upon. You are still responsible for checks you deposit or cash that are returned to us unpaid for any reason.
Business Days
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit in person, before closing on a business day we are open, we will consider that day to be the day of deposit. However, if you make a deposit after closing 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 deposit at an ATM we own before noon 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 at an ATM we own after noon or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
ATM Deposits Special Holds May Apply
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate may not be available until the fourth business day after the day of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines and deposits made at those machines are subject to our standard hold policies.
Standard Hold Policy
In some cases, we will not make all of the funds that you deposit by check available on the day of your deposit. The check that you deposit may not be available until the second business day after the day of your deposit. The first $200 of your deposits, however, may be available on the first business day after the day of your deposit.
Notice of Hold
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 would be available.
Special Circumstances
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 $5,000 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 fourth business day after the day of your deposit.
Special Rules for New Accounts
If you are a new member, 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 $5,000 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 your deposit if the deposit 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 $5,000 will be available on the fifteenth 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 $5,000 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 fifteenth 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.
Funds Availability Disclosure, 07/2011
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