General Funds Availability Policy. Information contained in this section is provided to assist you in understanding the Bank’s Funds Availability Policy. All deposits into accounts opened through the Bank are processed at a Bank processing facility. Bank makes funds available according to the type of deposit and when the funds are applied or credited to your Account. Some types of deposits may not be available for immediate use. When Bank delays the availability of funds or place a hold on a deposit made to your Account, you may not withdraw those funds, and Bank will not use them to pay any debits, such as ACH transfers or payments, check payments or, if available, transactions using your Debit Card during the hold period. Bank has the right to refuse any deposit. If final payment is not received on any item you have deposited into your Account, or if any direct deposit, ACH transfer credit is returned to Bank for any reason, you agree to pay Bank the amount of the returned item. Policy is to make funds from your check deposits available to you on the same business day as the day Bank receives your deposit. Once the funds are available, you can withdraw them in cash and/or Bank will use them to pay items presented for payment against your account. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit a before 4:00 PM Central Time on a business day that Bank is open, Bank will consider that day to be the day of your deposit. However, if you make a deposit after 4:00 PM CT or on a day Bank is not open, Bank will consider that the deposit was made on the next business day Bank is open.
Appears in 2 contracts
Sources: Consumer Deposit Account Agreement, Consumer Deposit Account Agreement
General Funds Availability Policy. Information contained in this section is provided to assist you in understanding the Bank’s Funds Availability Policy. All deposits into accounts opened through the Bank are processed at a Bank processing facility. Bank makes funds available according to the type of deposit and when the funds are applied or credited to your Account. Some types of deposits may not be available for immediate use. When Bank delays the availability of funds or place a hold on a deposit made to your Account, you may not withdraw those funds, and Bank will not use them to pay any debits, such as ACH transfers or payments, check payments or, if available, transactions using your Debit Card during the hold period. Bank has the right to refuse any deposit. If final payment is not received on any item you have deposited into your Account, or if any direct deposit, ACH transfer credit is returned to Bank for any reason, you agree to pay Bank the amount of the returned item. Policy is to make funds from your check deposits available to you on the same business day as the day Bank receives your deposit. Once the funds are available, you can withdraw them in cash and/or Bank will use them to pay items presented for payment against your account. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit a before 4:00 PM Central Time on a business day that Bank is open, Bank will consider that day to be the day of your deposit. However, if you make a deposit after 4:00 PM CT Central Time or on a day Bank is not open, Bank will consider that the deposit was made on the next business day Bank is open.
Appears in 1 contract
Sources: Consumer Deposit Account Agreement