We will also tell you when the funds will be available. If we are not going to make all of the funds from your deposit available to you according to the previously stated availability schedule, we will notify you at the time you make your deposit. The first $225.00 of your deposits, however, may be available on the day of deposit.
Depending on the type of check that you deposit, funds may not be available until the second Business Day after the day of your deposit. In some cases, we will not make all of the funds that you deposit by check available to you according to the previously stated availability schedule. Once the funds are available, you can withdraw them in cash and we will use them to pay checks that you have written. Electronic direct deposits will be available on the day we receive the deposit. Our policy is to make funds from your cash and check deposits available to you on the first Business Day after the day we receive your deposit. You must make your deposit before the cut-off time in order for it to be considered to have been made on that Business Day.ġ0314 Shawnee Mission Parkway, Shawnee, Kansasġ0950 Parallel Parkway, Kansas City, KansasĪVAILABILITY SCHEDULE. In order to establish that a deposit is made on a particular Business Day, we establish a cut-off time. The term "Business Day" means any day other than a Saturday, Sunday or federally declared 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 of our banking functions. When we delay your ability to withdraw funds, the length of the delay is counted in Business Days from the day of your deposit. Even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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 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. The length of the delay varies depending on the type of deposit and is explained below. The term "account" includes any demand deposit, negotiable order of withdrawal account, savings deposit, money market account or other non-time deposit account.ĭETERMINING THE AVAILABILITY OF YOUR DEPOSIT. Our complete policy is summarized below.įor purposes of this disclosure, the terms "you"/"your" refer to the customer and the terms "our"/"we"/"us" refer to Community First Bank. In some cases, we may delay your ability to withdraw funds beyond the first Business Day after the day of deposit. Funds from electronic direct deposits will be available on the day we receive the deposit. Our general policy is to allow you to withdraw funds deposited in an account on the first Business Day after the day of deposit. Of course, you can make the funds available sooner than either of those options requires, depending on your policies and your assessment of the risk involved in accepting the check for deposit.Kansas City, Kansas 66105-1328 (913)371-1242 If, on the other hand, the check is not a next day item (issued, perhaps by an insurance company that held the retirement account), you could use a combination of a case-by-case hold and a large deposit hold to make the first $225 available on business day one after the banking day of deposit, $5,300 available on business day two, and the balance of the check available on business day seven. If that is true, and using the new Regulation CC availability requirements, the first $5,525 would be available on the first business day after the banking day of deposit, and a large deposit hold on the remaining funds would make $19.950 available on the 7th business day. That would mean you cannot place a "case-by-case" hold. If it's a check drawn on the bank that issued it, it's a cashier's check and will be a next-day availability item.
In this case, you have said the check was issued from the retirement bank, and I'm not certain what that tells us. First, you have to know whether the check is a cashier's check or teller's check.
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