Funds Availability Disclosure

Funds Availability Disclosure

This disclosure is effective 5-Nov-2019 and may be amended from time to time.

YOUR ABILITY TO WITHDRAW FUNDS

General Policy—This policy statement generally applies to all accounts; however, your right to withdraw funds when they become available (either with or without penalty) and to deposit funds is subject to the specific limitations contained in the Truth- In-Savings Disclosure and Agreement for your type of account. In most cases, our policy is to make funds from your cash and check deposits available to you on the same day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay Orders (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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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 When a Deposit Is Made—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 4:00 p.m. Eastern Standard Time (EST) 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 4:00 p.m. Eastern Standard Time (EST) or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Holds on Other Funds—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 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 period described elsewhere in this document for the type of check you deposited.

LONGER DELAYS MAY APPLY

Remote Delivery Channel delays. We may make funds that you deposit by check at Remote Delivery Channels, such as a Shared Branch Facility or the Mobile Check Deposit service available for withdrawal on the second business day after the day of your deposit. The first $1,000 of the total of the checks that you deposit, however, may be available on the same day your deposit is received.

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 same day we receive 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 same day. If we are not going to make all of the funds from your deposit available on the same day 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 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 $7,500 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 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 member, the following special rules may 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 credit your account. Funds from deposits of cash, wire transfers, and the first $7,500 of a single days total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state, and local government checks will be available on the same day as the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $7,500 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 $7,500 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 eleventh business day after the day of your deposit.

DEPOSITS AT AUTOMATED TELLER MACHINES

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own or operate are subject to proof and verification and will be available on the second business day after the day of deposit, except that U.S. Treasury checks that are payable to you will be available on the first business day after the day of deposit. Also, the first $200 of a deposit will be available on the first business day after the day of deposit. Checks drawn on Black Opal® will be available on the first business day after the day of deposit if the deposit is made at an ATM located on our premises. All ATMs that we own or operate are identified as our machines.

Different rules apply to insurance drafts and checks drawn on non-U.S. banks or payable in foreign currencies. These checks are usually processed as special collection items and funds made available when actually paid by the drawee bank or approved by the maker.