FUNDS AVAILABILITY POLICY UPDATE – REG CC
APPLIES ONLY TO DEMAND DEPOSIT ACCOUNTS (CONSUMER & COMMERCIAL)
EFFECTIVE JULY 1, 2020
Our general policy is to make funds from your check deposits available to you on the first business day after the day we receive your deposit. In accordance with our policy, in the event that we have to hold any of your deposit for a longer period, the first $225.00 of your deposit will be made available on the first business day after your deposit. Electronic direct and direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit in person at a branch location before 5:00 PM 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 in person at a branch location after 5:00 PM, 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 make a deposit at an ATM or a branch night depository box, we will consider the day of your deposit to be the day the branch processes the deposit, which may be the next day we are open.
If you make a deposit via the Bank’s Remote Deposit Capture (RDC) service before 5:00 PM 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 via the Bank’s RDC service after 5:00 PM, or 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: Funds you deposit by check may be delayed for a longer period under the following circumstances: (1) We believe a check you deposit will not be paid. (2) You deposit checks totaling more than $5,525 on any one day. (3) You redeposit a check that has been returned unpaid. (4) You have overdrawn your account repeatedly in the last six months. (5) 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 and cash deposits to your account will be available on the day we receive the deposit. Funds from deposits of wire transfers, and the first $5,525 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, you must make your deposit in person at a branch location, and you must request accelerated availability by requesting to use a special deposit slip. The excess over $5,525 will be available on the fifth 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.