Funds Availability

As a customer of our financial services, you need to know when the funds you deposit by check to your accounts are available for you to withdraw and use...

What is it?

Funds availability refers to the time that passes before funds deposited into your account are actually available to you for check writing and cash withdrawals. Our policy has been designed to give you quality service, meet regulatory requirements and protect both you and ourselves from loss.

If we decide to change or further improve any of the availability schedules listed in this disclosure, we will notify you within 30 days of any such change.

This information should take some of the “guesswork” out of the management of your personal finances.  We recommend that you keep this brochure with your other account records so that you may refer to it in the future.

Your ability to withdraw funds at Wonder Lake, Johnsburg, Spring Grove, Lakemoor and Hebron State Bank.

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 may, at our discretion, not use the funds to pay checks that you have written.

Determining the Availability of a Deposit

The length of the 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. 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.  The length of the delay varies depending on the type of deposit and is explained below.

Same Day Availability

Funds from electronic direct deposits to your account will be available on the day we received the deposit. Wire transfer funds are available on the day we receive the wire transfer.

Next-Day Availability

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

• U.S. Treasury checks payable to you.

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

• State and local government checks that are payable to you if you use a special deposit slip available from the tellers.

• Cashier’s, certified, and teller’s checks that are payable to you if you use a special deposit slip available from the tellers.

• Federal Reserve Bank check, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.

Other Check Deposits

Funds from other check deposits will be available one 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.

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 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 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 fifth business day after the day of your deposit.  If you need the funds from a deposit right away, you should ask us when the funds will be available.

Deposits at Automated Teller Machines

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the third business day after the day of your deposit.  This rule does not apply at ATMs that we own or operate.

All ATMs that we own or operate are identified as our machines.  Our ATM machines do not accept deposits.

Special Rules for New Accounts

If you are a new customer, the following special rules may 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.  The first $5,000 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit.

Funds from deposits of cash, wire transfers and the first $5,000 of a day’s total deposits 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 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 may be available on the ninth business day after the day of your deposit.

FUNDS AVAILABILITY PDF

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