FUNDS AVAILABILITY
II. Ability to Withdraw Funds
Our policy is to delay the availability of funds from your check deposits. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Depending upon the type of deposit that you make, generally your funds may not be available until the 2nd business day after the day of your deposit. However, the first $100 of your deposit will be available on the first business day.
Determining the Availability of a Deposit:
For determining the availability of your deposit, every day is a business day except Saturdays, Sundays, and Federal Holidays. If you make a deposit before 4:00 PM (Eastern Time “ET”) on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit after 4:00 PM ET or on a day that we are not open, we will consider that the deposit was made on the next business day we are open. The length of the delay varies depending on the type of deposit and is explained below.
Same-Day Availability:
Funds from cash deposits and electronic direct deposits to your account will be available on the day we receive the deposit.
Next-Day Availability:
Funds from the following deposits are available on the first business day after the day of your deposit: (a) U.S. Treasury checks that are payable to you; (b) wire transfers; (c) checks drawn on Bank; and (d) the first $100.00 of your deposit, in addition to deposits covered in sub-paragraph (a) through (c) of this paragraph. If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit: Cash and if payable to you, state and local government checks, cashier’s, certified and teller’s checks, Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders. If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day of your deposit.
Other Check Deposits:
Funds from all other check deposits will be made available as follows: $100 will be available on the first business day following the day of your deposit. The remaining funds will be available on the second business day following the day of your deposit.
For Example:
When funds are available if a deposit is made on a Monday:
$100 on the first business day following the day of your deposit - Tuesday
Remaining funds on the second business day following the day of your deposit – Wednesday
Longer Delays May Apply:
Funds you deposit by check may be delayed for a longer period under the following circumstances: (a) we believe a check you deposit will not be paid; (b) you deposit checks totaling more than $5,000 on any one day; (c) you redeposit a check that has been returned unpaid; (d) you have overdrawn your account repeatedly in the last six months; or (e) 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 7th business day after the day of your deposit.
Holds on Other Funds:
If Bank cashes a check for our customer 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. 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 in the Depository Agreement for the type of check that you deposit.
Deposits at Automated Teller Machines
All ATM's that we own or operate are identified as our machines. Funds deposited at our ATM machines will be available as follows:
The first $100, from a deposit of a check, will be available at the time of deposit. All remaining funds will be available on the second business day, after the day of deposit.
wwwDeposits made at a foreign ATM, not an ISN Bank ATM, will have $100 on the first day after the day of your deposit available and remaining funds on 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 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. 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 10th business day after the day of your deposit.