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CASE-BY-CASE HOLDS
TO STATUTORY LIMITS, AND § 229.13 EXCEPTIONS
YOUR
ABILITY TO WITHDRAW FUNDS
Our
policy for checking accounts is to make funds
from your cash and check deposits available to
you on the day we receive your deposit.
Deposits of cash, wire transfers, and
electronic direct deposits will be available
immediately. However, if we do not receive the
information necessary to process an electronic
deposit before the day we receive the funds,
then the funds will be available on the first
business day after we receive the funds and the
information. Once the funds are available, you
can withdraw them in cash and we will use them
to pay checks that you have written. This
disclosure describes our policy for holds on
your checking account. Our policy for holds on
other accounts may vary.
Please remember that even after funds are made
available to you, and you have withdrawn funds,
you are still responsible for the checks you
have deposited that are returned to us unpaid
and for any other problems involving your
deposit.
For
determining the availability of your deposits,
every day is a business day, except Saturdays,
Sundays, and federal holidays. If you make a
deposit 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 on a day
we are not open, we will consider that the
deposit was made on the next business day we are
open.
Longer Delays May
Apply
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 $200 of your deposits,
however, may be available on the first business
day.
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.
In
addition, funds you deposit by check may be
delayed for a longer period under the following
circumstances:
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 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. The excess over $5,000 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 $5,000 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 7th business day after the
day of your deposit.
Holds
on Other Funds (Check Cashing)
If we
cash a check for you that is drawn on another
financial institution, 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.
Holds
on Other Funds (Other Account)
If
we accept for deposit a check that is drawn on
another financial institution, we may make funds
from the deposit available for withdrawal
immediately but delay your ability 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.
Deposits
at Automated Teller Machines
Funds
from any deposits (cash or checks) made at
automated teller machines (ATMs) we do not own
or operate will not be available until the fifth
business day after the day of your deposit. This
rule does not apply at ATMs that we own or
operate. |
