Common use of Next Business Day Availability Clause in Contracts

Next Business Day Availability. The funds represented by the following items shall have be available on the next business day after the deposit: checks payable to the owner of the account (first endorsement), such as: US Treasury Checks, Federal Reserve Bank Checks, Federal Home Loan Bank Checks and Postal Money Orders, checks issued by the Government of the Commonwealth of Puerto Rico, its agencies and municipalities, and the bankers checks, managers checks and certified checks payables to the owner of the account and the wire transfers, including preauthorized credits such as Social Security benefits or payroll payments. Those deposits not made in person or to an employee of the Cooperative, may be available the second business day. Example: sent though mail, night deposits and those made though our deposit urns located in the Institution. The deposits not available immediately, shall have availability of funds according to the locations of the drawing bank, nevertheless the regulations grants two hundred twenty five dollars ($225) of the available amount for availability on the next business day.