Longer Delays for Check Deposits Clause Samples
The "Longer Delays for Check Deposits" clause allows a financial institution to extend the period before deposited funds become available in a customer's account. In practice, this clause may be invoked when a check is suspected of being fraudulent, is for a large amount, or is drawn on an out-of-state bank, resulting in a hold that exceeds standard availability timelines. Its core function is to protect the bank from potential losses due to uncollected or returned checks, while also informing customers about possible delays in accessing their deposited funds.
Longer Delays for Check Deposits. In some circumstances, a longer hold period may apply before funds deposited by check are available in your Account. For example, a longer delay may apply in the following cases: (i) we believe a deposited check will not be paid; (ii) you deposit one or more checks totaling $5,000 or more in one day; (iii) you redeposit a check that has been previously returned unpaid; (iv) your Account had a negative balance anytime in the previous six (6) months; or (v) we experience an emergency, such as failure of communication or computer delays. We will notify you if we delay your availability to withdraw funds and we will tell you when the funds will be available for withdrawal no later than the seventh business day after the day of your deposit.
Longer Delays for Check Deposits. In some circumstances, a longer hold period may apply before funds deposited by check are available in your Account. For example, a longer delay may apply in the following cases: (i) we believe a deposited check will not be paid;