Answers about Funds Availability

I deposited $10,000 to my account. When will the funds be available for withdrawal?

For deposits in excess of $5,000, banking laws and regulations allow for exceptions to the availability of funds. Exception holds may be placed on deposits over $5,000.  Those holds may be applied to any deposit of checks (including official checks) to any and all account(s) where the aggregate amount of the checks deposited on a banking day exceeds $5,000.

The hold may be placed only on the amount deposited in excess of $5,000; thus, the first $5,000 must be made available consistent with the bank's normal availability schedule.

When the large deposit exception is applied, the bank may extend the time periods established under the availability schedule by a reasonable period of time. According to the banking regulations, reasonable periods of time include an extension of up to five business days for local checks.

Under certain circumstances, the bank may be able to impose a longer extension.  However, the bank must be able to prove that the longer extension is reasonable.

In addition, the account agreement you received when you opened the account should explain the availability rules applicable to the account.

August 2010