Having looked at their site but unable to find what their Deposit Hold/Funds Availability policy is for their new 2.25% Online Platinum Savings product.
Can anyone shed some light?
Thanks
Al
Answers
This policy statement applies to all deposit accounts.
Our policy is to make funds from your check deposits
available to you on the second business day after the
day we receive your deposit, with the first $200
available on the first business day after the day of your
deposit. Electronic direct deposits will be available on
the day we receive the deposit. Cash, wire transfers,
and some specified check deposits will also be available
before the second business day, as detailed below.
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available to you, and you have withdrawn the funds,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 closing 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 closing 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 1:30 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 1:30 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.
Same-Day Availability
Funds from the following deposits will be available on
the day we receive the deposit:
Cash.
Wire transfers.
Checks drawn on Northfield Bank.
Electronic direct deposits.
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.
If you make the deposit in person to one of our
employees, funds from the following deposits are also
available on the first business day after the day of your
deposit:
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.
Traveler's Checks.
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 Subject to
Second-Day Availability
The first $200 from a deposit of other 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 check of $700 on a
Monday, $200 of the deposit is available on Tuesday.
The remaining $500 is available on Wednesday.
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
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
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 seventh 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.
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, 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 (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.
DEPOSITS AT AUTOMATED TELLER MACHINES
Funds from any deposits (cash or checks) made at
automated teller machines (ATMs) we own or operate
will be available on the second business day after the
day of deposit, except that U.S. Treasury checks that
are payable to you will be available on the first business
day after the day of deposit. Also, the first $200 of a
deposit will be available on the first business day after
the day of deposit. Checks drawn on Northfield Bank
will be available on the first business day after the day
of deposit if the deposit is made at an ATM located on our premises.
