Funds Availability Policy
Our policy is to delay the availability of funds that you deposit in your account. 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. The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays and federal holidays. The length of the delay varies depending on the type of deposit.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Funds from the following deposits are available on the first business day after the day of deposit:
- Wire transfers
- U.S. Treasury checks that are payable to you
- Checks that are drawn on The Savings Bank
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:
- State and local government checks that are payable to you.
- Cashier’s, certified, and teller’s checks that are payable to you.
- Federal Reserve Bank checks, Federal Home Loan Bank checks and U.S. Postal Money Orders that are payable to you.
If you make any of the types of deposits listed above without making the deposit in person to one of our employees (for example, if you make the deposit by mail), funds from the deposit will be available on the second business day after the day of your deposit.
Other Check Deposits
Funds from other types of checks you deposit will be available on the second business day after the day we receive your deposit. The first $225.00 of your deposits, however, will be available on the first business day after the day of the deposit.
Deposits at ATMs
Funds from a deposit made at an automated teller machine that we own if made before 1:00 p.m. on a business day that we are open will be considered that day to be the day of your deposit. However, if you make a deposit after 1:00 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. Funds from any deposit (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day following the business day of your deposit. The provision allowing up to $225 of an aggregate daily deposit to be available for withdrawal on the next business day after the business day of the deposit does not apply.
Longer Delays May Apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
- if we believe a check you deposit will not be paid;
- if you deposit checks totaling more than $5,600.00 on any one day;
- if you redeposit a check that has been returned unpaid;
- if you have overdrawn your account repeatedly in the last six months; or
- if an emergency condition arises that would not enable us to make the funds available to you, such as the 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 to you no later than seven business days after the day of your deposit. 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 day after we receive 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 opened. 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 $5,600 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 of over $5,600 will generally 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 $5,600 will generally 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 ninth business day after the day of your deposit.
Holds On Other Funds (Other Account)
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 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 bank, 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.
All checks drawn on banks located outside of the United States (foreign checks) must be sent for collection. Funds from these checks will be available on the day we receive payment and make a deposit to your account.