REGULATION CC FUNDS AVAILABILITY DISCLOSURE (EFFECTIVE JULY 1, 2020)
YOUR ABILITY TO WITHDRAW FUNDS AT THE BANK OF ST. CROIX
Our policy is to make funds from your deposits available to you on the first business day after the day the deposit is received. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, they can be withdrawn in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If the deposit is received in person at any Bank of St. Croix Banking Center or at any Bank of St. Croix ATM on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make an ATM deposit after 3:00 p.m. or make a deposit on a Saturday or on a day we are not open, we will consider that the deposit was made on the next business day we are open. Remember, even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks deposited that are returned unpaid and any other problems involving your deposit
LONGER DELAYS MAY APPLY
In some cases, all of the funds that have been deposited by check may not be made available to you by the first business day after the day of your deposit. Depending on the type of check, funds may not be available until the second business day after the day of your deposit. However, the first $225 of the deposit may be available on the day of your deposit. If all of the funds from your deposit will not be made available by the first 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, the notice will be mailed to you by the first business day after the deposit was received. If you need the funds from a deposit right away, you should ask us when the funds will be available. 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 $5,525 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.
- Your account has been open 30 days or less.
You will be notified if your ability to withdraw funds is delayed for any of these reasons, and informed when the funds will be available. In general, funds will be available no later than seventh business day after the day of your deposit
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 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. For example, if we cash a $100 local check for you, $100 of funds already in your account will not be available until the next business day after the day we cashed the check.
SPECIAL RULES FOR ACH DEPOSITS
Certain deposits made to your account via the Automated Clearing House (ACH), such as Social Security benefits and payroll payments will be considered deposited as of the payment date. Funds from these deposits will have immediate availability. The availability of any deposit received via ACH, including International ACH Transactions (IAT), may be delayed if the transaction is suspected of violating or violates a U.S. law, regulation or OFAC sanction. Suspect deposits that are verified as not violating a U.S. law, regulation or OFAC sanction will be posted on the business day that the investigation is completed. The posting of the transaction is still considered provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. Once available, funds can be withdrawn in cash and we will use the funds to pay checks as they are presented.
All funds from international checks will be held for a period of twenty-one business days.