Disclosures

Online Banking

Login

Business Banking

(Demo) Login
 

FUNDS AVAILABILITY POLICY
YOUR ABILITY TO WITHDRAW FUNDS

This policy statement applies to all deposit accounts with Connecticut Community Bank, N.A.

When you cash or deposit a check to your account, it must be sent for payment to the institution on which it is drawn. This process is called "check clearing". During this check clearing period, our policy is to delay the availability of funds from your check deposits. During the delay, you may not withdraw funds in cash, and we will not use the funds to pay checks that you have written, or other items that you may have authorized.

Please remember that even after we have made the funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned unpaid and for any other problems involving your deposit(s).

DETERMINING THE AVAILABILITY OF A DEPOSIT

The length of the delay is counted in business days from the day of your deposit. For purposes of this policy, every day is a business day except Saturdays, Sundays, and federal holidays (even if our offices are open on those days).

If you make a deposit at a Connecticut Community Bank 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 a Connecticut Community Bank ATM after 2:00 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.

Prior to 8:00 p.m., if you make a transfer using Online Banking, we will consider that day to be the effective day.

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

Same-Day Availability

If you make your deposit in person to one of our employees, funds from the following deposits are available on the business day your deposit is made:

  • Cash
  • Wire Transfers
  • Checks drawn on Connecticut Community Bank, N.A.
  • Electronic direct deposits (such as Social Security benefits and payroll payments)

Next-Day Availability

Funds from the following deposits are available on the first business day after the day of your deposit:

  • U. S. Treasury checks that are payable to you
  • 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

Our policy is to make funds from checks available as follows:

The first $200 from a check deposit of local checks will be available on the first business day after 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 $500 local check on a Monday, $200 of the check is available on Tuesday. The remaining $300 is available on Wednesday.

Holds on Other Funds

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.

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 ability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would 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

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 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 sixth business day after the day indicated by the above availability schedules.

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 to you 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, traveler's, and federal (including postal money orders), 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 made 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 be available on the ninth business day after the day of your deposit.

Effective July 2011

Proud Divisions of Connecticut Community Bank, N.A. ®

Westport National Bank Norwalk Bank & Trust Darien Bank & Trust Stamford Bank & Trust Greenwhich Bank & Trust Insur Banc
© 2011 Connecticut Community Bank, N.A. All Rights Reserved.
Site Design: Web Interactive a division of The Computer Company, Inc.