Funds Availability Policy

For purposes of this policy, the terms “you”/”your” refer to the depositor to a consumer account and the terms “our”/”we”/”us” refer to the First State Bank of East Detroit. The term “Business Day” means any day other than a Saturday, Sunday or federal holiday. The term “Banking Day” means that part of any Business Day during which we are open to the public for carrying on substantially all of our banking functions.

Your Ability To Withdraw Funds

Our policy is to generally make funds from your cash and check deposits made in person to one of our employees available to you on the first Business Day after the day we receive your deposit. Electronic direct deposits to your account will generally 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.

Please remember that if you do not make your deposit in person (for example by mail) funds from these deposits will be available generally on the second Business Day after the day we receive your deposit. Also, even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and/or for any other problem involving your deposit.

Determining The Availability Of A Deposit

The length of the delay is counted in Business Days from the day your deposit is made to one of our employees. If you make a deposit to one of our employees either within the bank branch or to one of our Drive-up tellers before the branch or Drive-up closes, we will consider that day to be the day of your deposit. If you make a deposit after the branch or Drive-up is closed, then we will consider that the deposit was made on the next Banking Day. If you make a deposit on a non-Business Day, we will consider that the deposit was made on the next Banking Day.

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 Banking Day of your deposit. The first $200 of your deposits, however, may be available on the first Business Day after the Banking Day of your 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 the deposit 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 first Business Day following the Banking Day the deposit is made.

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 deposited 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 Banking 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, traveler’s, and federal, state, and local government checks will be available on the first Business Day after the Banking Day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth Business Day after the Banking 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 may not be made available until the second Business Day after the Banking Day of your deposit. Funds from all other check deposits will generally be available on the ninth business day after the day of your deposit.

Deposits At Automated Teller Machines

Funds from any deposit, whether in cash or by check, made at an automated teller machine (“ATM”) owned or operated by us will be generally available on the second Business Day after the Banking Day of your deposit. If you make a deposit at an ATM that is owned and operated by us before 7:00 p.m. on a Business Day, we will consider the deposit made that day. However, if you make a deposit at an ATM owned and operated by us after 7:00 p.m. or on a day that we are not open, we will consider the deposit made on the next Banking Day. All ATMs that we own or operate are identified as such on our machines.

Deposits Made Via Business Express Deposit

Transactions transmitted by a Business Express Deposit customer and received by us before 7:00 p.m. Eastern Standard Time shall be credited to the Business Express Deposit customer's applicable account on the same Banking Day.  Transactions received by us after 7:00 p.m. Eastern Standard Time or on a day in which is not a Banking Day, shall be credited to the account on the next successive Banking Day.

Deposits Made In The Night Depository Box

Deposits made in our night depository box are retrieved the morning of the next Banking Day and are deemed received by us on that same Banking Day. Deposits placed in the night depository box during the day, even when the branch is open, will not be retrieved until the next Banking Day. Funds from those deposits will be available as set forth herein.

Deposits Made by Mobile Banking/Remote Deposit Capture

Transactions transmitted by a mobile banking/remote deposit capture customer will be generally available on the second business day after the Banking Day of your deposit.  If your transmitted item(s) are received by us before 7:00 p.m. Eastern Standard Time on a Business Day, we will consider the deposit made that day.  However, if the transmitted item(s) are received after 7:00 p.m. Eastern Standard Time or on a date that we are not open, we will consider the deposit made on the next Banking Day.