Common use of Availability Schedule Clause in Contracts

Availability Schedule. Same Day Availability. Funds from electronic direct deposits to your account, excluding External Funds Transfers, will be available on the day we receive the deposit. In addition, funds from deposits of cash (if made in person to an employee of the Bank*), and wire transfers, will also be available on the day of deposit. Next Day Availability. Funds from deposits of U.S. Treasury checks (if payable to you and deposited into your account), U.S. Postal Service Money Orders (if payable to you and deposited into your account, and the deposit is made in person to an employee of Avidia Bank"), Federal Reserve Bank or Federal Home Loan Bank checks (If payable to you and deposited into your account, and the deposit is made in person to an employee of Avidia Bank"), State or Local Government checks (if payable to you and deposited into your account, and the deposit is made in person to an employee of Avidia Bank"), Cashier's, Certified, or Teller's checks (if payable to you and deposited into your account, and the deposit is made in person to an employee of Avldia Bank*), and checks drawn on us are available on the first Business Day after the day of your deposit. 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 no later than the second Business Day after the day of your deposit. Other Check Deposits. Funds from all other check deposits will be available no later than the second Business Day after the day of deposit. The first $200 of your deposits, however, may be available by the first Business Day after the day of deposit. LONGER DELAYS MAY APPLY If you receive an electronic direct deposit as a result of an External Funds Transfer initiated by you while using the Bank’s Consumer Internet Banking application, then those funds will become available no later than five business days after you initiate the Transfer. In some cases, we will not make all of the funds that you deposit by check available to you according to the previously stated availability schedule. 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 $200.00 of your deposits, however, may be available by the first Business Day after the day of deposit. If we are not going to make all of the funds from your deposit available to you according to the previously stated availability schedule, 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 need the funds from a deposit right away, ask when the funds will be available. Funds you deposit by check may be delayed for a longer period under the following circumstances: (a) if we believe a check you deposit will not be paid; (b) if you deposit checks totaling more than $5,000 on any one day; (c) if you redeposit a check that has been returned unpaid; (d) if you have overdrawn your account repeatedly in the last six months; or (e) if an emergency condition arises that would not enable us to make the funds available to you, such as the failure of computer or communications equipment. We will notify you if we delay your availability 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 fifth business day after the day of your deposit. If you will need the funds from a deposit right away, you should ask when the funds will be available.