FUNDS AVAILABILITY AND YOUR ABILITY TO WITHDRAW FUNDS AT BANK OF RIPLEY/BANK OF TIPTON (Branch of Bank of Ripley) RIPLEY, TENNESSEE MEMBER FDIC
0ur policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit; however, receivers of ACH transactions should be aware that from time to time there may be a need to temporarily suspend the processing of a transaction for greater scrutiny or verification, which may affect the settlement and/or availability of funds. Electronic direct deposits will be available on the day we receive the 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
For the purpose of determining availability of deposits, Saturdays, Sundays, and Federal Holidays are not considered as business days. Deposits made before 5:00 p.m. on a business day that we are open, at any of our locations, we will consider that day to be the day of deposit. However, if you make a deposit on a day that we are not open, or after 5:00 p.m., we will consider that the deposit was made on the next business day we are open. Deposits made on a business day after 1:30 p.m. at our automated teller machines (ATM’s) owned and operated by us, will be considered deposited on the next business day the bank is open.
LONGER DELAYS MAY APPLY
In some cases, we will not make all of the funds deposited available to you on the first business day after the day of your deposit. Depending on the type of funds deposited, funds may not be available until the second business day after the day of your deposit. However, the first $225 of your daily deposits will be available on the first business day after we receive your deposit, unless deposits are received through ACH and the funds are temporarily suspended as noted above.
If we are not going to make all of the funds from your deposit available on the first business day after we receive your deposit, we will notify you at the time that 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. Receivers of ACH transactions should be aware that from time to time there may be a need to temporarily suspend the processing of a transaction for greater scrutiny or verification, which may affect the settlement and/or availability of funds.
If you will need funds from a deposit right away, you should ask us when the funds would be available.
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 prescribed elsewhere in this disclosure for the type check that you deposited.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposited will not be paid.
- You redeposited a check that had been returned unpaid.
- You deposited checks totaling more than $5,525 on any one day.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of communications/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 seventh business day after the day of your deposit.
SPECIAL RULES FOR NEW ACCOUNTS
If you are a new customer, the following rules will apply during the first 30 days your account is open.
The first $5,525 from a deposit of U.S. Treasury checks will be available on the first business day after the day of your deposit. The excess over $5,525 will be available on the ninth business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer.
Funds from deposits of cash and the first $5,525 of a day's total deposits of cashiers, certified, teller's, travelers' and 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 $5,525 will be available on the ninth business day after the day of your deposit. If you do not make the deposit in person to one of our employees (e.g. at the ATM before the 1:30 P.M. cutoff time), the first $5,525 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits to new accounts will be available on the eleventh business day after the day of your deposit if the new account exception is applied.