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Effective: 11/20

 

Your Ability To Withdraw Funds. Our policy is to delay the availability of funds from Your check deposits. 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 or other items that are presented for payment.

 

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.

 

Except for deposits received in Our night depositary and through Our remote deposit capture system, if You make a deposit before closing 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 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.

 

For deposits received in Our night depository, We will consider the day the deposit is removed from such depository, and available for processing by Us as the day received.

 

For deposits received through Our remote deposit capture system, if You make a deposit before 8:00 p.m. 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 8:00 p.m. or on a day We are not open, We will consider that the deposit was made on the next business day We are open.

 

For deposits made at automated teller machines (ATMs) We own and operate (which are identified as Our machines), if You make a deposit before 12:00 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 after 12:00 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.

 

The length of the delay varies depending on the type of deposit and is explained below.

 

Same-Day Availability. Funds from electronic direct deposits will be available on the day of deposit. Funds from deposits of cash, wire transfers to Your Account, and checks drawn on Us will be available on the business 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.

 

If You make the deposit in person to one of Our employees, funds from the following deposits are also available on the first business day after the day of Your deposit:

  • 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.

If You do not make Your deposit in person to one of Our employees (for example, if You mail the deposit), funds from these deposits will be available on the second business day after the day We receive Your deposit.

 

Other Check Deposits. The first $225.00 from a deposit of other checks will be available on the first business day after the day of Your deposit. The remaining funds will be available on the second business day after the day of Your deposit. For example, if You deposit a local check of $700.00 on a Monday, $225.00 of the deposit is available on Tuesday. The remaining $475.00 is available on Wednesday.

 

Remote Deposit Capture Deposits. The first $225.00 from a deposit of other checks will be available on the first business day after the day of Your deposit. The remaining funds will be available on the second business day after the day of Your deposit. For example, if You deposit a local check of $700.00 on a Monday, $225.00 of the deposit is available on Tuesday. The remaining $475.00 is available on Wednesday.

 

Deposits at Automated Teller Machines. For deposits made at automated teller machines (ATMs) We own and operate (which are identified as Our machines), deposits will become available for withdrawal based on the availability schedule described above. Funds from any deposits (cash or checks) made at ATMs We do not own or operate will not be available until the 2nd business day after the day of Your deposit.

 

Holds on Other Funds. 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.

 

Longer Delays May Apply. 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 8th business day after the day of Your deposit. We reserve the right to refuse an item for deposit or encashment.

 

Special Rules For New Accounts. If You are a new member, the following special rules may 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 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. 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 fifth business day after the day of Your deposit.

 

Location of Check Endorsements. Federal law requires all check endorsements to be in the first 1-1/2 inches of the trailing edge of the back of the check. The trailing edge is opposite the left side of the face of the check, the side of the check just behind Our address. You will be responsible for any costs incurred by Us due to delays in returning checks deposited into Your Account that do not comply with the endorsement standards.

 

Dividend Payment Policy. See the Account Disclosures section in this brochure for Our policy on the payment of dividends.