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Funds Availability

This policy statement applies to all transaction accounts such as Checking and Interest Bearing Checking Accounts, Money Market, Savings, and Time/Certificate of Deposit Accounts.

Your Ability to Withdraw Funds

Our general policy is to make funds from your cash, certain check deposits and electronic direct deposits available to you on the same business day we receive your deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

Determining the Availability of a Deposit

Timing – For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before closing 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 closing 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 is counted in business days from the day of your deposit.

ATM Deposits – If you make a deposit at a Belmont Savings Bank ATM before 8:00 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 at a Belmont Savings Bank ATM after 8:00 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. All ATMs that we own or operate are identified as our machines by the Belmont Savings Bank logo.
Night Deposits – Deposits made at a Belmont Savings Bank night depository are considered as received on the next business day.

Mobile Deposits – If you make a deposit through Mobile Deposit before 4:30 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 through Mobile Deposit after 4:30 P.M. or on a Saturday, Sunday or federal holiday, we will consider the deposit made on the next Business Day we are open.

Bank by Mail – If you mail funds to us, the funds are considered deposited on the Business Day we receive them.
Foreign Checks – A foreign check (a check drawn on a bank outside of the United States or on a branch of a United States bank located outside the United States) is accepted on a collection basis. The funds may be withdrawn only when we have received payment for the check and have credited it to your account.

Foreign Checks – A foreign check (a check drawn on a bank outside of the United States or on a branch of a United States bank located outside the United States) is accepted on a collection basis. The funds may be withdrawn only when we have received payment for the check and have credited it to your account.

Same-Day Availability

Funds from the following deposits to your account will be available on the same day we receive the deposit.

A. Cash deposits made in person

B. Checks drawn on Belmont Savings Bank

C. Electronic direct deposits

D. Treasury Checks that are payable to you

E. Wire Transfers

Longer Delays May Apply

In some cases, we will not make all the funds that you deposit by check available at the times shown in this Policy.

Depending on the type of check you deposit, funds may not be available until the second (2nd) Business Day after the day of your deposit. The first $200 of your deposit, however, will be available no later than the first (1st) Business Day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the first (1st) Business Day, we will notify you at the time you make your 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 by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, funds deposited by check may be delayed for a longer period under the following circumstances:

a) You deposit checks totaling more than $5,000 on any one day (Note: The first $200 will be made available no later than the first (1st) Business Day after the day of your deposit);

b) We believe a check you deposited will not be paid;

c) You re-deposit a check that has been returned unpaid;

d) You have overdrawn your Account repeatedly, or would have overdrawn your Account if checks had been honored in the last six (6) months;

e) There is an emergency, such as failure of communications or computer equipment. (Note: The first $200 will be made available no later than the first (1st) Business Day after the day of your deposit).

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 third (3rd) Business Day after the day of your deposit.

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.

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.

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 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 $5,000 of a day’s total deposits of cashier’s, certified, teller’s, travelers, 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. The excess over $5,000 will be available on the fourth (4th) 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 will be available on the fourth (4th) business day after the day of your deposit.

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