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Funds Availability Disclosure

MAINSTREET BANK

YOUR ABILITY TO WITHDRAW FUNDS
 
This policy statement applies to all deposit accounts.
 
Our general policy is to allow you to withdraw funds deposited in a checking, savings, or money market account on the first business day after the day of deposit. Funds from electronic direct deposits, cash, and wire transfers will be available the day we receive the deposit. Funds from 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. 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.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 Saturdays, Sundays, and federal holidays. If you make a deposit before 5:00 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 after 5:00 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 account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
 
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 $225 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, 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 $5,525 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.
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.
 
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.
 
Funds from electronic direct deposits, cash, and wire transfers to your account will be available on the day we receive the deposit. Funds from deposits of the first $5,525 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. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If the cash deposits are made in person to one of our employees, then the funds will be made available on the day we receive your deposit. If the deposits are not made in person to an employee, then the funds will be made available no later than 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.
 
VERIFYING FUNDS AVAILABILITY FOR CHECK.
 
You authorize us to release funds availability information about your account to individuals or merchants who represent to us that they have received a check from you.

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