ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES
Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.
Electronic Fund Transfers Initiated By Third Parties: You may authorize a third party to initiate electronic fund transfers between your account and the third party's account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearinghouse (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. In some cases, your authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transaction will require you to provide the third party with your account number and financial institution information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your financial institution and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include:
Preauthorized credits - You may make arrangements for certain direct deposits (for example, from: U.S. Treasury,) to be accepted into your checking, savings or money market.
Preauthorized payments - You may make arrangements to pay certain recurring bills from your checking, savings or money market.
Electronic check conversion - You may provide your check to a merchant or service provider who will scan the check for the encoded financial institution and account information. The merchant or service provider will then use this information to convert the transaction into an electronic fund transfer.
Electronic returned check charge - You may authorize a merchant or service provider to electronically collect a charge in the event a check is returned for insufficient funds.
Expedited Funds Availability Disclosure
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 2:00 p.m. 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 2:00 p.m. 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 before noon 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 at an ATM after noon 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 the 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 case, 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 fifth 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 receiving 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:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn you account repeatedly in the last six months.
- 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 eleventh business day after the day of your deposit.
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.
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 (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.
The delay for other check deposits depends on the routing number of the check:
Personal Check
| ___________ 20_____ | |
| Pay to the order of: ______________________________________________________ | |
| ___________________________________________________________________ dollars | |
|
Bank Name and Location 123456789 0000000000 000 |
_________________________ |
Business Check
|
Name of Company Address City state |
___________ 20_____ |
| Pay to the order of: ______________________________________________________ | |
| ___________________________________________________________________ dollars | |
|
Bank Name and Location 000000000 123456789 0000000000 000 |
_________________________ |
If the first four digits of the routing number (1234 in the examples above) are 0610, 2610, 0611, 2611, 0612, 2612, 0613, 2613, 0620, 2620, 0621, 2621, 0622, & 2622 then the check is a local check. Otherwise, the check is a non-local check. Some checks are marked 'payable through' and have a four- or nine- digit number nearby. For these checks, use the four-digit number (or the first four digits of the nine- digit number), not the routing number on the bottom of the check, to determine if these checks are local or non-local. Our policy is to make funds from local and non-local checks available as follows:
- Local checks: Funds will be available on the 7th business day after the date of the deposit.
- Non-local checks: Funds will be available on the 11th business day after the date we receive the deposit.
