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This disclosure statement applies to "transaction" accounts. Transaction accounts, in general, 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.
DETERMINING THE AVAILABILITY OF A DEPOSIT
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.
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.
Deposits of cash are available for immediate withdrawal. Electronic direct deposits and wire transfers (EFT) are available for immediate withdrawal when received by 3:00 P.M. (ET) on any business day. Electronic direct deposits and wire transfers (EFT) received after 3:00 P.M. (ET) 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.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
If you make a deposit before 4:00 P.M. (ET) (or when otherwise posted in our bank offices) 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 after 4:00 P.M. (ET) (or when otherwise posted in our bank offices) 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 length of the delay varies depending on the type of deposit and is explained below.
If you initiate an ACH transfer through American Bank’s online banking system 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.
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 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.
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 $100 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.
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 3:00 P.M. (ET) on any business day. Electronic direct deposits and wire transfers (EFT) received after 3:00 P.M. (ET) 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 $100 of your deposit will be available on the first business day after the day we receive your deposit.
DEPOSITS AT AUTOMATED TELLER MACHINES (ATM)
American Bank ATMs (Proprietary ATMs): 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 our Funds Availability Disclosure.
If you make a deposit at a proprietary ATM before 4:00 P.M. (ET) or our cut-off time, whichever is earlier on one of our business days (i.e. any day except Saturdays, Sundays and federal holidays), we will consider that day to be the day of your deposit. However, if you make a deposit at a proprietary ATM after 4:00 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.
Non-American Bank ATMs (Non-Proprietary ATMs): If permitted by the ATM owner, funds from any deposits (cash or checks) made at ATMs we do not own or operate will not be available until the fifth business day after the day of deposit.
For deposits made at non-proprietary ATMs, “cut-off times” (i.e. the time after which the transaction is considered as having been made on the next business day) vary according to the financial institution or other owner that operates the non-proprietary ATM. American Bank does not establish the cut-off times for non-proprietary ATMs. However, signs may be posted on the ATMs that state the cut-off time. If the time is not posted, in general, a deposit made before noon Monday through Friday (excluding federal holidays) will likely be processed that same day and treated as if made that same day.
If you make a deposit at a non-proprietary ATM before the non-proprietary ATM “cut-off time”, provided the time of your deposit, when expressed as Eastern Time, is prior to 4:00 P.M. (ET) or our cut-off time, whichever is earlier or on one of our business days, we will consider that day to be the day of your deposit. However, if you make a deposit at a non-proprietary ATM after the non-proprietary ATM “cut-off time”, regardless of the fact that the time of your deposit was prior to 4:00 P.M. (ET) or our cut-off time, whichever is earlier, or if you make the deposit other than on one of our business days, we will consider our next business day to be the day of your deposit.
Rev. 4/10
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