YOUR ABILITY TO WITHDRAW FUNDS

Your Ability to Withdraw Funds at BayVanguard Bank. This policy statement applies to all deposit accounts. Our policy is to delay the availability of funds from your check deposits. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. 

Determining the Availability of a Deposit

When we delay your ability to withdraw funds, the length of the delay is counted in Business Days from the day of your deposit. The Bank will consider a business day to be Monday through Friday, with the exception of a Federal Holiday, between the hours of 9:00AM and 4:30PM, Monday, Tuesday, Wednesday and Thursday, and Friday between the hours of 9:00AM and 6:00PM. If a customer makes a deposit on 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.

The length of the delay varies depending on the type of deposit and is explained below.

Same-Day Availability
Funds from the following deposits are available on the day we receive the deposit:

• Cash
• Electronic direct deposits
• Wire transfers
• U.S. Treasury checks that are payable to you
• Checks drawn on BayVanguard Bank

Next-Day Availability
Funds from the following deposits are available on the first business day after the day of your deposit, if you make the deposit in person to one of our employees:

• State and local government checks that are payable to you
• Cashier’s, certified, and teller’s checks that are payable to you
• Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you.

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 on the second business day after the day we receive your deposit.

Other Check Deposits
The first $225.00 from a deposit of checks will be available on the day of your deposit. The remaining funds will be available on the second business day after the day of your deposit.

For example, if you deposit a check of $700.00 on a Monday, $225.00 of the deposit is available on Monday. The remaining $475.00 is available on Wednesday.

Holds on other funds for Check Cashing
If we cash a check for you that is not subject to same-day availability, 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 based on the availability schedules defined above.

Holds on Other Funds in Another Account
If you deposit a check that is not subject to same-day availability, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are defined in the availability schedules above.

Longer Delays May Apply
Under some circumstances, we will not make all of the funds that you deposit by check available to you according to the defined availability schedules above.

If we are not going to make all of the funds from your deposit available to you as defined in the availability schedules above, 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, you should ask us when the funds will be available.

Funds you deposit by check may be delayed for a longer period under the following circumstances:

• You deposit checks totaling more than $5,525.00 on any one day. The first $225.00 from a deposit of checks will be available on the day of your deposit. The next $5,300.00 will be available on the second business day after the day of your deposit. The remainder of the deposit will be available on the fifth business day after the day of your deposit.
• There is an emergency, such as failure of computer or communications equipment.

Holds placed under the below circumstances are for the entire deposit amount and will be available on the fifth business day after the day of your deposit.

• We believe a check you deposit will not be paid.
• You redeposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six months.

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 cash, electronic direct deposits, wire transfers, U.S. Treasury check that are payable to you and checks drawn on BayVanguard to your account will be available on the day we receive the deposit.

Funds from the first $5,525.00 of a day’s total deposits of State and local government, cashier’s, certified, teller’s, traveler’s Federal Reserve Bank, Federal Home Loan Bank checks and postal money orders will be available on the first business day after the day of your deposit if they are payable to you. The excess over $5,525.00 will be available on the fifth business day after the day of your deposit.

Foreign Checks
Checks drawn on financial institutions outside of the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds from deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which they are drawn.

Deposits at Automated Teller Machines
If you make a deposit at an automated teller machine (ATM) that is owned and operated by us before 2:00PM on a Business Day that we are open, we will consider the deposit made that day. However, if you make a deposit at an ATM that is owned and operated by us after 2:00 PM or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.

 We only allow deposits to be made at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.