Capital Bank Policies - Availability of Funds and Collection of Checks
Holds on Other Funds
If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds already in your account. Those funds will be available when those from the check you 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 then would not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
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 communications or 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 7th business day after the day of your deposit.
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, traveler’s, and federal, slate 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 $5,000 will be available on the next 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 according to the local and non-local schedule contained elsewhere in this disclosure.
Factors Affecting Your Ability to Withdraw Money From Your Account
NOW, Super NOW and
Business Checking Accounts
Like most financial institutions, our policy is to delay the availability of funds that you deposit in your account. 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 them, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
If you have any questions, be sure and ask us.
How Long It Takes for Your
Check to Clear
The length of the delay is counted in business days from the day of your deposit. Every day except Saturday, Sunday, and a federal holiday is a business day. If you make a deposit on a business day that we are open, we will consider that day to be the day of your deposit. The length of the delay varies depending on the type of deposit and is explained below.
Funds from the following deposits will be available on the day we receive the deposit:
- Cashier’s, certified, and teller’s checks payable to you
- Checks drawn on us
- Wire transfers, including preauthorized credits, such as social security benefits and payroll payments
Funds from the following deposits are available on the first business day after the day of your deposit:
- U.S. Treasury checks payable to you.
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:
- State and local government checks payable to you.
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.
If you do not make your deposit in person to one of our employees (for example, if you mail your deposit), funds from these deposits will be available on the second business day after the day of your deposit.