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CHECK CLEARING POLICIES AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS YOUR ABILITY TO WITHDRAW FUNDS Our policy is to delay the availability of funds from your cash and 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. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. If you have any questions, be sure and ask us. Determining the Availability of a Deposit The length of the delay is counted in business days from the day of your deposit. Every day except Saturday, Sunday, and a federal holiday is a business day. If you make a deposit before 6:00 p.m. on a business day that we are open or before 12:00 p.m. through our Automated Teller Machine (ATM), we will consider that day to be the day of your deposit. However, if you make a deposit after the above mentioned times 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 to your account will be available on the 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:
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:
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 of your deposit. Other Check Deposits The delay for other check deposits will be available on the second business day after the day of deposit. For example, funds from a check deposited on Monday will be available for withdrawal on Wednesday. Holds on Other Funds (Check Cashing) 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. For example, if we cash a $200 local check for you, $200 of funds already in your account will not be available until the second business day after the day we cashed the check. Holds on Other Funds (Other Account) 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. • Your account is a new account. • You deposit checks totaling more than $5,000.00 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 a failure of communications or computer 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. 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 your 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 seventh 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 seventh business day after the day of your deposit. Special Rules For Savings Accounts The availability schedules and policies are the same for savings accounts. 3/10RVLST
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