Funds Availability Disclosure
Your Ability To Withdraw Funds
Our policy is to make funds from all check deposits, electronic direct deposits to your account, deposits of cash, and wire transfers 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 and electronic items that are presented for payment. Remember, even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned unpaid for any reason.
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 closing 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 business hours or on a day we are not open, we will consider that the deposit was made on the next business day we are open. Also, if you make a deposit at our 256 Court Street or 325 Sabattus Street ATM after 5:30 p.m. 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 through Mobile Deposit before 5:00 PM. Eastern Time, 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 through Mobile Deposit after 5:00 PM or on a Saturday, Sunday or federal holiday, we will consider the deposit made on the next Business Day we are open. Deposits via Mobile Deposit may be delayed in the event of early closing due to a holiday or unforeseen circumstances (e.g., inclement weather). In these instances, deposits will be confirmed on the following Business Day that we are open.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you as specified on this availability schedule. Depending on the type of check that you deposit or to whom it is made payable, funds may not be available until the 2nd (second) business day after the day of your deposit.
If we are not going to make all of the funds from your deposit available by the first business day after the day of 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 need the funds from a deposit right away, you should ask us when the funds will be available.
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 $5,525 in 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 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 sixth 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 that your account is open.
Funds from electronic direct deposits to your account, deposits of cash, on-us checks*, and wire transfers will be available on the day we receive the deposit. Funds from the first $1,000 of a day’s total deposits of cashier’s, certified, teller’s, and traveler’s checks, U.S. Postal Service money orders, and federal, state, and local government checks (together called “special checks”) will be available on the business day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. Funds from $1,001 to $5,525 of a day’s total deposits of “special checks” will be available on the 1st (first) business day after the day of your deposit if the deposit again meets certain conditions. The excess over $5,525 will be available on the 9th (ninth) business day after the day of your deposit. Funds from all other check deposits will be available on the 9th (ninth) business day after the day of your deposit.
Foreign Checks
Checks that are not drawn on a U.S. financial institution, in U.S dollars, are not covered by this Funds Availability Schedule. These items will be forwarded to the foreign bank to collect the funds, which may delay availability by up to 30 days. These items will also be subject to the Collection Item Fee as disclosed on our current Schedule of Fees and Charges.
Notwithstanding the above provisions, all items are subject to final collection by the Bank.
* Checks drawn on Auburn Savings Bank, FSB and presented in person or in the Night Depository