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YOUR ABILITY TO WITHDRAW FUNDS
This policy statement applies to
"transaction" accounts. Transaction accounts, in general, are
accounts which 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. Feel free to ask us whether any of your other
accounts might also be under this policy.
Our policy is to make funds from your
cash and check deposits available to you on the first business day after the
day we receive your deposit. Electronic direct deposits will be available
on the 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made funds available to you and you have withdrawn the funds, you are still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.
Determining the Availability of a 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 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. 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 one of your accounts. 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 $100 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, after we receive your deposit,
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 first
business 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
Exception Delays -In addition, funds you deposit by check may be delayed
for a longer period under the following circumstances:
·
You deposit checks totaling more than $5,000 on anyone day.
·
You have overdrawn your account repeatedly in the last six months.
·
You redeposit a check that has been returned unpaid.
·
There is an emergency, such as failure of computer or communications
equipment.
·
We believe a check you deposited will not be paid.
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, travelers, 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 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 NINTH
business day after the day of your deposit.
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