Funds Availability Disclosure
I. In General. This Funds Availability Disclosure statement applies to business or personal "transaction" accounts. Transaction accounts 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.
It is our general policy to provide you with the earliest access to your money within the guidelines of sound banking practice. Although we may delay the availability of certain funds deposited to your account, we strictly adhere to Federal Banking Regulations concerning such delays. During the delay, the funds are "unavailable," meaning you may not withdraw the funds. If checks are presented or withdrawals made against "unavailable funds" an overdraft fee may be assessed to your account and the checks may be returned unpaid.
This policy does not apply to deposited items drawn on financial institutions located outside of the United States.
II. DETERMINING THE AVAILABILITY OF A DEPOSIT.
A. Business Day and Cut-off Times. The Bank determines when deposited items are considered collected or available for the payment of checks or withdrawal based on the number of business days from the day of your deposit.
1. Business Day. We determine when deposited items are considered available for the payment of checks or withdrawal based on the number of business days from the day of your deposit. In determining the availability of your deposits, every day is a business day, except federal holidays and any Saturday or Sunday, even if our banking offices are open.
2. Cut-off Times.
a. Deposits Other than at Automated Teller Machines (ATMs) and Night Depositories. Generally, if you make a deposit in person, using a mobile device, or electronically through an automated clearing house (ACH), or by electronic direct deposit or wire transfer (EFT), before 5:00 p.m. ET (or a different time as otherwise posted in our bank offices) (referred to in this disclosure as "our cut-off 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, or in the case of electronic deposits we receive the electronic deposit, after our cut-off time, or on a day we are not open, we will consider that the deposit was made on the next business day we are open. The business day of your deposit is indicated on the deposit receipt provided by the teller or electronically.
b. Deposits through an American Bank owned ATM: If you make a deposit at our American Bank ATM before 5:00 p.m. ET or our cut-off time, whichever is earlier, on one of our business days, we will consider that day to be the day of your deposit. However, if you make a deposit through our ATM after 5:00 p.m. ET or our cut-off time, whichever is earlier, or on other than one of our business days, we will consider our next business day to be the day of your deposit. All ATMs we own or operate are identified as our machines.
c. Deposits through Night Depository: If, on a business day we are open, you make a deposit through a Night Depository after 8:00 a.m. ET (our cut-off time for night depositories during business days we are open), whether or not your deposit was made before our general cut-off time for that business day, or your deposit was made at a time or on a day we are not open, we will consider your deposit as having been made on the next business day we are open.
III. FUNDS AVAILABILITY. Depending upon the type of deposit and manner that it was made, the availability of funds represented by the deposit may be delayed. The length of the delay that may apply is explained below. 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.
A. Cash Deposits. Deposits of cash are available for immediate withdrawal.
B. Check Deposits. Customers' check deposits generally are available on the first business day after the day the deposit is received by the Bank, except as specified herein.
1. Cashed Checks. 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.
2. Checks Drawn on Another Bank. If we accept a check for deposit 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.
C. EFT Deposits. Electronic direct deposits and wire transfers (EFT) are available for immediate withdrawal when received by our cut-off time on any business day. Electronic direct deposits and wire transfers (EFT) received after our cut-off time may not be available for withdrawal until the next business day. Once they are available, you can withdraw the funds in cash, and we will use the funds to pay checks you have written.
D. Mobile Deposits. Except as may otherwise be provided herein, funds deposited to your American Bank account by a mobile device by our cut-off time are available on the second business day after the day we credit your deposit, unless a hold is applied because of the type of deposited item(s).
E. ACH Deposits. If you initiate an ACH transfer through AmericanBank Online from your account at another bank to your American Bank account (called "ACH Direct"), the funds transferred in this manner to your American Bank account will be available on the second business day after the day we receive your deposit. At that time you will have access to use the funds to withdraw in cash, transfer funds from one account to another, or to use for bill payment.
F. ATM Deposits. Funds from any deposits (cash or checks) made at ATMs owned and operated by American Bank will not be available at the earliest until the first business day after the day of your deposit. Longer delays may apply in accordance with this Disclosure.
G. Night Depository Deposits. Funds from cash and check deposits made at a night depository are available under the same rules as described above applied to the applicable business day when your deposit was considered to have been received by us. See Paragraph II.A.2.c. above.
IV. LONGER DELAYS MAY APPLY
In some cases, we will not make all of the funds that you deposit by check available to you according to the preceding schedule. 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. However, the first $200 of your deposits will be available on the first business day.
If we are not going to make all of the funds from your deposit available according to the preceding schedule, 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 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.
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.
- We or you redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last 6 months.
- 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 seventh business day after the day of your deposit.
Longer holds may apply to new accounts.
V. 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 and wire transfers will be available when received prior to our cut-off time on any business day.
- Electronic direct deposits and wire transfers (EFT) received after our cut-off time may not be available for withdrawal until the next business day.
- Deposits of cash are available for immediate withdrawal.
- Funds from deposits for the first $5,000 of a day’s total deposits of U.S. Treasury checks, U.S. Postal Service money orders, cashier’s, certified and teller’s checks, checks drawn on Federal Reserve Bank or Federal Home Loan Bank, checks drawn on, state and local government and traveler’s 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 no later than 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 may not be available until the fifth business day after the day of the deposit. However, the first $200 of your deposit will be available on the first business day after the day we receive your deposit.