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FUNDS AVAILABILITY POLICY

 

YOUR ABILITY TO WITHDRAW FUNDS AT TERRABANK N.A.

Our general policy is to make funds available on the second business day after the day of deposit.  The first $200.00 of your deposit will be available on the first business day after the day of deposit. Electronic direct deposits, cash, and wire transfers will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash or we will use the funds to pay checks that you have written.  Under certain circumstances when depositing cashier’s checks or government checks a “special deposit code” is available and this would make the entire deposit amount available on the first business day after the day of deposit.  For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and Federal Holidays.  If you make a deposit in person at one of our branches 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 on a day we are not open, or if you use the after-hours depository, we will consider that the deposit was made on the next business day we are open. If you make an ATM 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.

Description of Deposit Funds can be withdrawn by cash/check
Electronic Direct Deposits Available the day we receive the deposit
Cash, Wire Transfers Available the day we receive the deposit
Government Checks, Certified/Cashier’s Checks
**(using a special deposit slip or code)**
Available the 1st business day after the day of deposit
Local Checks Available the 2nd business day after the day of deposit


Longer Delays may Apply.

If we are not going to make all of the funds from your deposit available by the 2nd business day after the day of your deposit, we will notify you at the time of the 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 of hold by the next business day after the day of your deposit.  We may delay your ability to withdraw funds deposited by check into your account an additional number of days for any of these reasons:

  •  if we believe a check you deposit will not be paid;
  •  if you deposit checks totaling more than $5,000 on any one day;
  •  if you redeposit a check that has been returned unpaid;
  •  if you have overdrawn your account repeatedly in the last six months; or
  •  if an emergency condition arises such as the 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 7th business day after the day of your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available. 

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 opened. Funds from electronic direct deposits, cash, and wire transfers to your account will be available on the day we receive the deposit. Funds from cashier's checks, certified, 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, cashier’s checks must be payable to you and you may have to use a special deposit slip. Funds from all other check deposits will be available as follows:  the first $200.00 of your deposit will be available on the first business day after the day of deposit, the next $5,000 will be available on the 5th business day after the day of deposit and any excess over $5,000 will be available on the 7th business day after the day of deposit.

 

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