Funds Availability |
Funds Availability DisclosureThis disclosure is effective beginning July 5, 2022. PURPOSE OF THIS DISCLOSURE The information here describes our policy of holding deposited items in a transaction account before funds are made available to you for withdrawal. This is our Funds Availability Policy. In summary, our policy is to make your funds available on the first Business Day after the day of deposit. Please refer to the section DETERMINING THE AVAILABILITY OF YOUR DEPOSIT for the complete policy.
DETERMINING THE AVAILABILITY OF YOUR DEPOSIT The length of the delay varies depending on the type of deposit and is explained below. When we delay your ability to withdraw funds from a deposit, you may not withdraw the funds in cash, and we will not pay checks you have written on your account by using these funds. Even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for the checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
AVAILABILITY SCHEDULE 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 them to pay checks that you have written. HOLDS ON OTHER FUNDS FOR 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 and we decided to delay availability on the deposit. HOLDS ON OTHER FUNDS IN ANOTHER 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 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 and we decided to delay availability on the deposit. LONGER DELAYS MAY APPLY In some cases, we will not make all of the funds that you deposit by check available according to the previously stated availability schedule. Depending on the type of check that you deposit, funds may not be available until the second
SPECIAL RULES FOR NEW ACCOUNTS If you are a new customer, the following special rules may apply during the first 30 days your account is open. Same Day Availability: Funds from electronic direct deposits, cash (if made in person to an employee of First Harrison Bank*) and wire transfers made to your account will be available on the day we receive the deposit. In addition, the first $5,525 of a day’s total deposits of checks drawn on us will also be available on the day of deposit. Next Day Availability: Funds from the first $5,525 of a day’s total deposits of U.S. Treasury checks (if payable to you and deposited into your account), U.S. Postal Service Money Orders (if payable to you and deposited into your account, and the deposit is made in person to an employee of First Harrison Bank*), Federal Reserve Bank or Federal Home Loan Bank checks (if payable to you and deposited into your account, and the deposit is made in person to an employee of First Harrison Bank*), State or Local Government checks (if payable to you and deposited into your account, and the deposit is made in person to an employee of First Harrison Bank*) Cashier’s Certified, or Teller’s checks (if payable to you and deposited into your account, and the deposit is made in person to an employee of First Harrison Bank*) are available on the first Business Day after the day of your deposit.
FOREIGN CHECKS Checks drawn on financial institutions outside of the U.S. (foreign checks) cannot be processed the same day as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds from deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which they are drawn. DEPOSITS AT AUTOMATED TELLER MACHINES If you make a deposit at an automated teller machine (ATM) that is owned and operated by us before 12:00 noon EST on a Business Day that we are open, we will consider the deposit made that day. However, if you make a deposit at an ATM that is owned and operated by us after 12:00 noon EST or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.
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