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Farmers State Bank
Expedited Funds Availability
Policy
(Fed Forms C-3, C-6, C-7, C-9, and C-10)
Our policy is to make funds from your cash and
check deposits available to you on the first business day after
the day we receive your deposit. Electronic direct deposits will
be available on the day we receive the deposit. Once they are available,
you can withdraw the funds in cash and we will use the funds to
pay checks that you have written.
For determining the availability of your deposit,
every day is a business day, except Saturday, Sundays, and federal
holidays. If you make a deposit before 3:00 P.M. 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 3:00 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.
LONGER DELAYS MAY APPLY
In some cases, we will not make all of the funds that you deposit
by check available to you on the first business day after the day
of your deposit. Depending on the type of check that you deposit,
funds may not be available until the fifth business day after the
day of your deposit. The first $100 of your deposits, however, will
be available on the first business day.
If we are not going to make all of the funds
from your deposit available on the first business day, 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 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.
- You redeposit a check that has been returned
unpaid.
- You have overdrawn your account repeatedly
in the last six months.
- There is an emergency, such as a 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-no
later than the 5th business day after the day of 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 open.
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 $5,000 of
a day’s total deposit 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 (and you may have to use a special
deposit slip). The excess over $5,000 will be available on the
ninth business day after the day of your deposit if the deposit
meets certain conditions.
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 will be
available on the seventh business day after the day of your deposit.
HOLDS ON OTHER FUNDS - CHECK CASHING
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.
HOLDS ON OTHER FUNDS - OTHER ACCOUNT
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.
AUTOMATED TELLER MACHINE DEPOSITS (Extended
Hold)
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 after the day of your deposit. This rule
will not apply to ATMs that we may own or operate.
CASH-WITHDRAWAL LIMITATION
We place certain limitations on withdrawals in cash. In general,
$100 of a deposit is available for withdrawal in cash on the first
business day after the day of deposit. In addition, a total of $400
of other funds becoming available on a given day is available for
withdrawal in cash at or after 1:00 p.m. on that day. Any remaining
funds will be available for withdrawal in cash on the following
business day.
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