First Southern Bank

YOUR ABILITY TO WITHDRAW FUNDS     (Close This Window)

This policy statement applies to transaction accounts. Generally, transaction accounts are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. The most common transaction accounts are checking accounts. Feel free to ask us whether any of your other accounts might also be under this policy.
Our policy is to delay the availability of funds from your check deposits. During the delay, you may not withdraw the funds in cash and we will not 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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
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 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 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 receive the deposit.
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 that are payable to you.
  • Wire transfers, including preauthorized credits, such as payroll payments.
  • Checks drawn on First Southern Bank.
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:
  • Cash.
  • State and local government checks that are payable to you.
  • Cashier's, certified, and teller's checks that are payable to you.
  • Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, that are payable to you.
If you 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 day of your deposit.
OTHER CHECK DEPOSITS
  • Local checks. The first $100 from a deposit of local checks will be available on the first business day after the day of your deposit for cash withdrawal and to pay checks you have written to others. All of the remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a local check of $700 on a Monday, $100 of the deposit is available on Tuesday for cash withdrawal and to pay checks to others. The rest is available on Wednesday.
  • Nonlocal checks. The first $100 from a deposit of nonlocal checks will be available on the first business day after the day of your deposit for cash withdrawal and to pay checks you have written to others. All of the remaining funds will be available on the fifth business day after the day of your deposit. For example, if you deposit a nonlocal check of $700 on a Monday, $100 of the deposit is available on Tuesday for cash withdrawal and to pay checks to others. The rest is available on Monday of the following week.
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 computer or communications equipment.
  • New account funds may be held for 30 days.
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 eleventh business day after the day of your deposit. If you deposit both local and nonlocal checks, $100 from the checks will be available on the first business day after the day of your deposit, not $100 from each category of check.



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