Funds Availability

Facts about Funds Availability, Deposits, Holds and Withdrawals

YOUR ABILITY TO WITHDRAW FUNDS

The policy of First National Bank of Moose Lake is to delay the availability of funds of some checks 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.

DETERMINE THE AVAILABILITY OF A DEPOSIT

The length of delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays and federal holidays. If you make a deposit before 3:00 p.m. at our branch office 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 2:00 p.m. at our main office, or on a day that we are not open, we will consider that deposit to be made on the next business day that we are open. If you make a deposit by mail, we will consider the deposit made on the day we receive it. If you make a deposit by night depository, we will consider the deposit made on the day we remove it from the night depository.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

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 same business day of your deposit:

• Cash
• Wire transfers, including electronic direct deposits, such as Social Security benefits and payroll payments
• Checks drawn on the First National Bank of Moose Lake
• Up to $3,000 of U.S. Treasury checks that are payable to you
• Up to $800 of cashiers checks or certified checks that are payable to you
• Up to $3,000 of Federal Reserve checks, Federal Home Loan Bank checks and postal money orders, if these items are payable to you

Any amounts in excess of the above limitations will be available the next business day (first business day after the day of your deposit).

OTHER CHECK DEPOSITS

The first $200 of funds from any other check deposited will be available on the first business day after the day of your deposit. Remaining funds will be available on the second day after your deposit. For example, if you make your deposit on Monday, $200 is available on Tuesday and the remaining funds available on Wednesday.

If you have any questions, be sure to ask us.

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 deposited 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 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.

SPECIAL RULES FOR NEW ACCOUNTS

If you are a new customer, the following special rules 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, the first $5,000 of a day’s total deposits of cashiers, certified, travelers, and federal state and local government checks will be available on the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the seventh business day after the day of your deposit.

Funds from all other checks 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 availabale at the time funds from the check we cashed would have been availabale if you had deposited it.

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.