FUNDS AVAILABILITY POLICY
Your Ability to Withdraw Funds at the First National Bank of Moose Lake. Our policy is to delay the availability of funds of some checks that you deposit. During the delay you may not withdraw the funds in cash nor may the funds be used to pay checks you may have written.
Determining the Availability of a Deposit. The length of the delay is counted in business days from the day your deposit. Every day is a business day, except Saturdays, Sundays and Federal Holidays. If you make a deposit before 5:00pm Central Time (CT) on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit after 5:00pm CT it will not be considered deposited until the next business day we are open.
If you make a deposit through our Remote Deposit Capture program called Speede Deposit before 5:00pm CT on a business day that we are open, we will consider that day to be the day of your deposit.
If you make a deposit by night depository we will consider the deposit made on the day we remove it from the night depository. If you make a deposit by mail, we will consider the deposit made on the day it is received at First National Bank of Moose Lake.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid, and for any other problems involving your deposit.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 will be available on the day we receive your deposit. Funds from the following deposits are available on the same business day of your deposit.
- Wire transfers
- Electronic direct deposits to your account
- Checks drawn on the First National Bank of Moose Lake
Next Availability. Funds will be available the first business day after the day we receive your deposit
- U.S. Treasury checks payable to you
- State and local government checks payable to you
- Cashier, certified and teller checks payable to you
- Federal Reserve checks, Federal Home Loan Bank checks and Postal money orders payable to you
Other Check Deposits totaling $5,525 or less. The first $225 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, $225 is available on Tuesday and the remaining funds are available on Wednesday.
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 $5,525 on any one day
- You deposit a check that has been returned unpaid
- You have repeatedly overdrawn your account in the last six months
- There is an emergency situation, such as failure of computer or communication 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 fifth business day after the day of your deposit.
Special Rules for New Accounts. If you are new customer, the following will apply during the first 30 days your account is open:
Funds from an electronic direct deposit to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier, certified, teller’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 deposited in person to a bank employee. The excess over $5,525 will be available on the fifth business day after the day of your deposit. If your deposit of these checks (other than a US Treasury Check) is not made in person to a bank employee the first $5,525 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 fifth 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.
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.
Foreign Items: If you deposit a check drawn on a bank outside the United States (including Canadian financial institutions) and not payable through a U.S. branch or bank, we will make these funds available when we receive notification of payment.