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Funds Availability Policy Disclosure
The information here describes our policy of holding deposited items in an account before funds are made available to you for withdrawal. This is our Funds Availability Policy. In summary our policy is to make your funds available on the second Business Day after the day of deposit. Please refer to the section DETERMINING THE AVAILABILITY OF YOUR DEPOSIT for the complete policy.
For purposes of this disclosure, the terms “you”/ “your” refer to the customer and the terms “our”/ “we”/ “us” refer to The Milford Bank. The term “account” includes any demand deposit, negotiable order of withdrawal account, savings deposit, money market account or other non-time deposit account.
DETERMINING THE AVAILABILITY OF YOUR DEPOSIT
The length of the delay varies on the type of deposit and is explained below. When we delay your ability to withdraw funds from a deposit, you may not withdraw the funds in cash, and we will not pay checks you have written on your account by using these funds. Even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
When we delay your ability to withdrawn funds, the length of the delay is counted in Business Days from the day of your deposit. The term “Business Day” means any day other than a Saturday, Sunday or federally designated legal holiday, and the term “Banking Day” means that part of any Business Day on which we are open to the public for carrying on substantially all our banking functions.
If you make a deposit before 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 2:00 p.m. or on a day we are not open, we will consider the deposit made on the next Business Day we are open.
AVAILABILITY SCHEDULE
Same Day Availability. Funds from electronic deposits to your account will be available on the day we receive the deposit. In addition funds from deposits of cash (if made in person to an employee of The Milford Bank*), and wire transfers, will also be available on the day of deposit.
Next Day Availability. Funds from deposits of U.S. Treasury checks (if payable to you and deposited into your account), U.S. Postal Service Money Orders (if payable to your and deposited into your account, and the deposit is made in person to an employee of The Milford Bank*), Federal Reserve Bank or Federal Home Loan Bank checks (if payable to your and deposited into your account, and the deposit is made in person to an employee of The Milford Bank*), State or local Government checks (if payable to your and deposited into your account, and the deposit is made in person to an employee of The Milford Bank*), Cashier’s, Certified, or Teller’s checks (if payable to you and deposited into your account, and the deposit is made in person to an employee of The Milford Bank*), and checks drawn on us are available on the first Business Day after the day of deposit.
*If your 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 date of your deposit.
Other Check Deposits. Funds from all other check deposits will be available will be available on the second Business Day after the day of your deposit. The first $225.00 of your deposits, however, will be available on the first Business Day after the day of deposit.
HOLD ON OTHER FUNDS FOR CHECK CASHING
If we cash a check for you that is drawn on another financial institution, 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 and we decided to delay availability on the deposit.
HOLDS ON OTHER FUNDS IN ANOTHER ACCOUNT
If we accept for deposit a check that is drawn on another financial institution, 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 and we decided to delay availability on the deposit.
LONGER DELAYS MAY APPLY
Funds you deposit by check may be delayed for a longer period under the following circumstances: (a) if we believe a check you deposit will not be paid; (b) if you deposit checks totaling more than $5,525 on any one day; (c) if you redeposit a check that has been returned unpaid; (d) if you have overdrawn your account repeatedly in the last six months; or (e) if an emergency condition arises that would not enable us to make the funds available to you, 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 SEVENTH business day after the day of your deposit. If you will need the funds form 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 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. Funds from deposits of cash, wire transfers and the first $5,525 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 $5,525 will be available on the SEVENTH 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 $5,525 will not be available until the second Business Day after the day of deposit.
Funds from all other check deposits will be available on the SEVENTH business day after the day of your deposit.
