Mobile Deposit Funds Availability Sample Clauses

Mobile Deposit Funds Availability. Business Days and Cutoff Time: We are open Monday through Friday excluding federal holidays. Check Images received and accepted for processing prior to 6:00PM Eastern Time on a business day that we are open are considered received as of that day. Otherwise, the Check Images will be considered the work of the next business day. Funds are available on the next business day after the day of deposit for U.S. Treasury Check. Funds are available on the second business day after the day of deposit for other checks drawn on a bank in the United States, including: ● Personal and Business Checks ● State and Local Government Checks ● Treasurer's/▇▇▇▇▇▇▇'s Checks ● Certified Checks ● Federal Reserve Bank Checks ● Federal Home Loan Bank Checks ● U.S. Postal Service Money Orders The first $225.00 from a deposit of checks will be available on the next business day after the deposit is applied to the Varo Bank Account. The remaining funds in excess of $225.00 will be available on the second business day after the day the funds from Mobile Deposit are applied to the Varo Bank Account. For example, if a check of $725.00 is applied to the Varo Bank Account on a Monday that we are open, $225.00 of the deposit is available on Tuesday. The remaining $500.00 is available on Wednesday. We may, at our sole discretion, make funds available for certain checks earlier than stated above, based on the amount of time the Varo Bank Account has been open and prior Varo Bank Account activity. Under certain circumstances, a longer hold period may apply before funds deposited by check are available. A longer delay may apply if, for instance: ● We believe a deposited check will not be paid; ● You deposit checks totaling more than $5525.00 in one (1) calendar day; ● You redeposit a check that has been previously returned unpaid; ● The Varo Bank Account has had a negative balance anytime in the last six (6) calendar months; ● We experience an emergency, such as failure of communications or computer delays. We will send an Electronic Notice informing you if your ability to withdraw funds is delayed for any reason including information on when the funds will be available. Generally, funds will be available no later than the ninth (9th) business day after the deposit is accepted for processing. For new customers, these special rules will apply for a Varo Bank Account open less than thirty