IMPORTANT ACCOUNT INFORMATION FOR OUR CUSTOMERS
FROM
THE KILLBUCK SAVINGS BANK COMPANY
165 N. MAIN STREET
KILLBUCK OH 44637
(330) 276-4881
165 N. MAIN STREET
KILLBUCK OH 44637
(330) 276-4881
YOUR ABILITY TO WITHDRAW FUNDS
This policy statement applies to all “transaction” accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfer to other accounts of yours with us. Checking accounts are the most common transaction accounts. Feel free to ask us whether any of our accounts might also be under this policy.
Generally, our bank will make funds from deposits available for withdrawal on the date of deposit. Funds from electronic deposits will be available on the day our bank receives the deposit. Once the funds are available, you can withdraw them 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Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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 determining the availability of your deposits, every day is a business day, except for Saturdays, Sundays, and federal holidays. If you make a deposit before closing on Monday through Friday, 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 on Monday through Friday or on a day we are not open, we may consider that the deposit was made on the next business day that we are open. If you make a Mobile Deposit before 4:00 pm EST 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 Mobile Deposit after 4:00 pm EST or on a day that we are not open, we will consider the deposit made on the next Business Day we are open. If you make a deposit at an ATM before 3:30 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 at an ATM after 3:30 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.
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 accounts. 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.
Longer Delays May Apply
Case-By-Case Delays – In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your 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. The first $200 of your deposits, however, will be available on the first business day.
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 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.
Safeguard Exceptions – In addition, 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.
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.
Deposits at Automated Teller Machines
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own or operate will be made available on the first business day after the day of deposit.
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the day of your deposit. This rule does not apply at ATM’s we own or operate.
Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the day of your deposit. This rule does not apply at ATM’s we own or operate.
All ATMs that we own or operate are identified as our machines.
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.
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, 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 (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth 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 ninth business day after the day of your deposit.