NOTICE OF CHANGE TO OUR FUNDS AVAILABILITY POLICY
The funds availability changes are effective July 1, 2020.
We are making changes to our funds availability policy with you. The dollar amounts in BOLD have increased.
In come cases, 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 second business day after the day of your deposit. The first $225 of your deposit, however, will be available on the first business day.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposited will not be paid.
- You deposited checks totaling more than $5,525 on any one day.
- You re-deposited a check that has been returned unpaid.
- $5,525 if you have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of computer or communications equipment.
Special Rule for New Accounts
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 $5,525 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 $5,525 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 your employees, the first $5,525 will not be available until the second business day after the day of your deposit.
The result of this change is that, in the circumstance when the updated dollar amounts apply, more money will be made available sooner.
Please refer to the Funds Availability Policy
FUNDS AVAILABILITY POLICY
|DESCRIPTION OF DEPOSIT||WHEN FUNDS CAN BE WITHDRAWN BY CHASH OR CHECKS|
|Direct Deposit||The day we receive the deposit.|
|US Treasury checks that are payable to you, Wire Transfers, and Checks drawn on U.S. Century Bank||The first business day after the day of deposit.|
|Deposits made in person to one of the Bank's employees for: Cash, Cashier's/Certified/Teller's/State and Local Government checks that are payable to you and a *special deposit ticket is used||The first business day after the day of deposit.|
|Federal Reserve Bank checks, Federal Home Loan Bank checks, and Postal Money orders which are payable to you||The first business day after the day of deposit.|
|First $225.00 of a day's aggregate deposit of other checks||The first business day after the day of deposit.|
Funds of other checks not stated above and the remainder of funds from the items listed above
|The second business day after the day of deposit.|
Longer Delays May Apply: Safeguard Exception Holds: Please note that funds you deposit by check may be delayed longer under the following circumstances: 1) We believe a check you deposit will not be paid; 2) You deposit checks totaling more than $5,525 on any one day; 3) You re-deposit a check that has been return unpaid; 4) You have overdrawn your account repeatedly in the last 6 months; or 5) 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 when the funds will be available. Generally they will be available no later than the seventh business day after the day of deposit.
*Special Deposit Slips: which you must use to get next-day availability for Cashier's Certified, Teller's and state / local government checks, are available upon request.
USA PATRIOT ACT CUSTOMER NOTICE
To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What that means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. You may visit the US Department of Justice to learn more.
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