Funds Availability

Your Ability To Withdraw Funds
 

Effective 11/1/2023


This policy statement applies to all deposit accounts
Our policy is to make funds from your check deposits available to you on the first business day after the day we receive your deposit. Funds from the deposit of cash and electronic direct deposits will be available on the business day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

Deposits of cash and/or checks made at an ATM will be available to you on the first business day after the business day we receive your deposit. External Transfer deposits done via Online Banking will be available to the customer on the second business day after the deposit request is initiated. As long as it is initiated before our 5:00 P.M. EST cut off time. However, if you initiate the transfer after the cut off time or on a day we are not open, we will consider that the transfer was initiated on the next business day we are open.

For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and Federal holidays. If you make a deposit at our teller line before closing (or before 5:00 P.M. EST at one of our ATMs or using our Mobile Banking product) 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 after 5:00 P.M. EST at one of our ATMs or using our Mobile Banking product) 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 initiate a deposit before 11:00 P.M. EST on a business day the bank is open using our Online Banking product or our telephone banking service, we will consider that day to be the day of your deposit. However, if you make a deposit after these cut off 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. 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.

Longer Delays May Apply
Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending 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 $225 of your deposits, however, will be available on the first business day after the business day of your deposit.

If we are not going to make all of the funds from your deposit available on the first business day, 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 will be available.

Safeguard exceptions. 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 $5,525 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 fifth 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 the deposit. Funds from incoming External Transfers done via the Bank’s Online Banking service will be available on the fifth business day after the deposit was initiated. Funds from deposits of cash or wire transfers will be available immediately and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and Federal, State and local government checks will be available by 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 $5,525 will be available by the fifth 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 will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available by the fifth business day after the day of your deposit.
 

Think Forward

Tools to help you get ahead