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Cornerstone Bank & Trust Funds Availability Disclosure
Your Ability to Withdraw Funds
at Cornerstone Bank & Trust, N.A.
Our policy is to make funds from your deposits available to you
on the first business day after the day we receive your deposit.
Electronic direct deposits will be available on the day we receive
the deposit. Once they are available, you can withdraw the funds
in cash and we will use the funds to pay checks that you have written.
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 4:00 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 4:00 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 you make a deposit at an ATM before 2:00 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 at an ATM after 2:00
p.m. or on a day we are not open, we will consider that 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 one of your accounts. Those funds will be available
at the time funds from the check we cashed would have been available
if you had deposited it.
If we accept for deposit a check that is drawn on another bank,
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 described elsewhere in this disclosure
for the type of check that you deposited.
Longer Delays May Apply
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 fifth business day after the
day of your deposit. However, the first $100 of your deposits 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 the notice to you 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.
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 $5,000 on any day.
- You re-deposit 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 communications or
computer 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
eleventh 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 to your account will be
available on the day we receive the deposit. Funds from deposits
of cash, wire transfers, and the first $5,000 of a day's total deposits
of cashier's, certified, teller's, and federal, state and local
government checks may 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 (and you may have
to use a special deposit slip). The excess over $5,000 will be available
on the ninth business day after the day of your deposit. If your
deposit of these checks (other than a U.S. Treasury check) is not
made in person to one of our employees, the first $5,000 will not
be available until the second business day after the day of your
deposit.
Funds from all other check deposits will generally be available
no later than the eleventh business day after the day of your deposit.
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