Fund Availability Policy Disclosure
This disclosure describes your ability to withdraw funds at Grove Bank & Trust. It applies to the availability of funds in all of your accounts
except for funds deposited to certificate of deposit (CD) accounts. We reserve the right to delay the availability of funds deposited to these
accounts for periods longer than those outlined in this disclosure. Please ask us if you have a question about which accounts are affected by our
availability policy.
except for funds deposited to certificate of deposit (CD) accounts. We reserve the right to delay the availability of funds deposited to these
accounts for periods longer than those outlined in this disclosure. Please ask us if you have a question about which accounts are affected by our
availability policy.
For purposes of this disclosure, the terms "you" or "your" mean customer and the terms "our," "we," or "us" mean Grove Bank & Trust.
YOUR ABILITY TO WITHDRAW FUNDS. Our policy is to make funds from your cash and check 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 that we receive the deposit. 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. 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 the
close of business 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 the close of business or on a day that we are not open, we will consider the deposit made on the next business day we are open.
business day after the day we receive your deposit. Electronic direct deposits will be available on the day that we receive the deposit. 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. 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 the
close of business 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 the close of business or on a day that we are not open, we will consider the deposit made on the next business day we are open.
DEPOSITS AT OTHER LOCATIONS. This availability policy only applies to funds deposited at Grove Bank & Trust. Please inquire for
information about the availability of funds deposited at other locations.
information about the availability of funds deposited at other locations.
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 we receive 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 $275.00 of your deposits, however, may be available on the first business day after the day
of deposit. 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 send 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.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
(a) if we believe a check you deposit will not be paid;
(b) if you deposit checks totaling more than $6,725.00 on any one day;
(c) if you redeposit a check that has been returned unpaid;
(d) if you have overdrawn your account repeatedly in the last six months; or
(e) if an emergency condition arises that would not enable us to make the funds available to you, such as the 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 third business day after the day of your deposit.
business day after we receive 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 $275.00 of your deposits, however, may be available on the first business day after the day
of deposit. 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 send 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.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
(a) if we believe a check you deposit will not be paid;
(b) if you deposit checks totaling more than $6,725.00 on any one day;
(c) if you redeposit a check that has been returned unpaid;
(d) if you have overdrawn your account repeatedly in the last six months; or
(e) if an emergency condition arises that would not enable us to make the funds available to you, such as the 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 third business day after the day of your deposit.
SPECIAL RULES FOR NEW ACCOUNTS. If you are a new customer, the following special rules may apply during the first 30 days your
account is open.
account is open.
Same-Day Availability. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from
the following deposits will also be available on the same business day that we receive the deposit if the deposit meets certain conditions:
- Cash
the following deposits will also be available on the same business day that we receive the deposit if the deposit meets certain conditions:
- Cash
Next-Day Availability. Funds from the following deposits are available on the first business day after the day of your deposit if the deposit
meets certain conditions:
- Wire transfers
- U.S. Treasury checks
- U.S. Postal Service money orders
- Federal Reserve Bank or Federal Home Loan Bank checks
- State or Local Government checks
- Cashier's, Certified, or Teller's checks
- Traveler's checks
For example, the checks must be payable to you. The excess over $6,725.00 of a day's total check deposits will be available on the first 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 $6,725.00 will not be available until the second business day after the day of deposit. Funds from all other check deposits
will be available on the seventh business day after the day of deposit.
meets certain conditions:
- Wire transfers
- U.S. Treasury checks
- U.S. Postal Service money orders
- Federal Reserve Bank or Federal Home Loan Bank checks
- State or Local Government checks
- Cashier's, Certified, or Teller's checks
- Traveler's checks
For example, the checks must be payable to you. The excess over $6,725.00 of a day's total check deposits will be available on the first 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 $6,725.00 will not be available until the second business day after the day of deposit. Funds from all other check deposits
will be available on the seventh business day after the day of deposit.
HOLDS ON OTHER FUNDS FOR CHECK CASHING. If we cash a check for you that is drawn on another financial institution, 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.
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.
DEPOSITS AT PROPRIETARY AUTOMATED TELLER MACHINES (ATMs). Funds from deposits (cash or checks) made at an ATM
that we own or operate will be available on the first business day after the date of your deposit. If you make a deposit at an ATM that is owned
and operated by us before 3:00 P.M EST 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
that we own or operate will be available on the first business day after the date of your deposit. If you make a deposit at an ATM that is owned
and operated by us before 3:00 P.M EST 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