Bay-Vanguard - Banking : Funds Availability Policy

Funds Availability Policy
(Regulation CC)
Effective September 1, 1990

YOUR ABILITY TO WITHDRAW FUNDS

CHECKING, NOW AND MONEY MARKET DEMAND ACCOUNTS

Like most financial institutions, our policy is to delay the availability of funds that you deposit in your account. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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 have any questions, be sure and ask us.

DETERMINING THE AVAILABILITY OF A DEPOSIT

The length of the delay is counted in business days from the day of your deposit. Every day except Saturday, Sunday, and a federal holiday, is a business day. If you make a deposit in person to one of our employees prior to 2:00 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 the above mentioned 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 length of the delay varies depending on the type of deposit and is explained below.

SAME-DAY AVAILABILITY

Funds from the following deposits are available on the day of your deposit:

Cash
Wire transfers and electronic deposits, including preauthorized credits, such as social

Checks drawn on Bay-Vanguard Federal Savings Bank.

NEXT-DAY AVAILABILITY

If you make the deposit in person to one of our employees, funds from the following deposits are available on the first business day after the day of your deposit:

U.S. Treasury checks that are payable to you.
State and local government checks that are payable to you.
Cashier's, certified, teller's, and traveler's checks that are payable to you.
Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money
orders, if these items are payable to you.

If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day of your deposit.

OTHER CHECK DEPOSITS

To find out when funds from other check deposits will be available, look at the first four digits of the routing number on the check.

Some checks are marked "payable through" and have a four or nine-digit number nearby. For these checks, use this four-digit number (or the first four digits of the nine-digit number), not the routing number on the bottom of the check, to determine if these checks are local or non-local. Once you have determined the first four digits of the routing number (1234 in the examples above), the following chart will show you when funds from the check will be available:

First four digits from routing number

When funds are available

When funds are available if a deposit is made on a Monday

0520 2520 0521 2521 0522 2522 0540 2540 0550 2550 0560 2560 0570 2570

$100 on the first business day after the day of your deposit.

Remaining funds on the second business day after the day of your deposit.

Tuesday

Wednesday

All other bank numbers

$100 on the first business day after the day of your deposit.

Remaining funds on the fifth business day after the day of your deposit.

Tuesday

Monday of the following week

If your deposit includes both local and non-local checks, only a total of $100 from the checks will be available on the first business day after the day of your deposit.

DEPOSITS NOT MADE IN PERSON

Funds are considered deposited when they are received at our office. If you mail your deposit it is considered deposited on the day we receive it.

Funds deposited to a night depository or similar facility are considered deposited on the day on which the deposit is removed from the facility and is available for processing.

ATM DEPOSITS

If you make a deposit before 4:00 p.m. on a business day at an ATM owned and operated, by Bay-Vanguard Federal Savings Bank the following availability will apply:

Next-Day Availability

U.S. Treasury checks that are made payable to you and endorsed by you.
Bay-Vanguard Federal Savings Bank On-Us checks.
Cash.

Second-Day Availability

State and local government checks that are payable to you and endorsed by you and are drawn on a bank in the same state and check processing district.
Federal Reserve checks, Federal Home Loan Bank checks, and postal money orders made payable to you and endorsed by you.

All other deposited items will have the same availability as if they were made at a staffed location.

If you have any questions about when funds from your deposit will be available, please contact your retail banking office.

HOLDS ON OTHER FUNDS (Check Cashing)

If we cash a check for you that is drawn on another bank, we may withhold 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. For example, if we cash a $100.00 local check for you, $100.00 of funds already in your account will not be available until the second business day after the day we cashed the check.

HOLDS ON OTHER FUNDS (Split Deposit)

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for immediate cash back, but delay the availability of a corresponding amount of funds that are already in your account. Those funds will be available if the entire check amount had been deposited. For example, if from a $500.00 local check, $400.00 is deposited and $100.00 is given back to you, $100.00 of funds already in your account will not be available until the next business day, and the $400.00 deposited will not be available until the second business day after the deposit.

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.

LONGER DELAYS MAY APPLY

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 have overdrawn your account repeatedly in the last six months.
You redeposit a check that has been returned unpaid.
There is an emergency, such as failure of communications or computer equipment.
There is a suspension of payments by another institution.
There is a war.
There is an emergency beyond the control of the depository institution.

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.

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 deposits of U.S. Treasury checks, U.S. Postal Service money orders, Federal Reserve or Federal Home Loan Bank checks, 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 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 ninth business day after the day of your deposit.

DEPOSITOR LIABILITY

Customers are responsible for all problem deposits, even when funds have been made available and have been withdrawn. Problem deposits include deposited checks which have been returned unpaid to us.

We limit over-the-counter cash withdrawals to $1,000 per business day. For larger sums of cash, please make arrangements with the bank at least a week in advance.

REFUSAL OF DEPOSIT

We continue to reserve the right to refuse any deposit. In some circumstances, items unacceptable for deposit may be processed as collection items.

PAYMENT OF INTEREST POLICY

Interest will not be paid on funds deposited by a check that is returned unpaid to Bay-Vanguard Federal Savings Bank