Funds Availability Disclosure
YOUR ABILITY TO WITHDRAW FUNDS
The effective date of this disclosure is July 18, 2013. You can view a printer friendly (PDF) version of this disclosure to keep for your records.
This policy statement applies to all deposit accounts.
Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds in cash and we may not use the funds to authorize or settle transactions.
Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
DETERMINING THE AVAILABILITY OF A DEPOSIT: The length of the delay is counted in business days from the day we receive your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If we receive your deposit before our cut-off time (3 PM Eastern) on a business day that we are open, we will consider that day to be the day of your deposit. However, if we receive your deposit after our cut-off time or on a day we are not open, we may consider that the deposit was made on the next business day we are open.
The length of the delay varies depending on the type of deposit and is explained below.
NEXT-DAY AVAILABILITY: Funds from the following deposits are available on the first business day after the day of your deposit:
- Electronic direct deposits
- U.S. Treasury checks that are payable to you
- Wire transfers
- Checks drawn on First Internet Bank of Indiana
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
- 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), the first $200.00 of these deposits 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.
OTHER CHECK DEPOSITS: The first $200.00 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, assuming no federal holidays during the week, if you deposit another check of $700.00 on a Monday, $200.00 of the deposit is available on Tuesday. The remaining $500.00 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 one of your accounts with us. 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 – SAFEGUARD EXCEPTION DELAYS: 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 $5,000.00 on any one day
- Your account is classified as a new account
- You redeposit a check that has been returned unpaid
- You have overdrawn your account repeatedly in the last six (6) months
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.
If you deposit multiple categories of checks, $200.00 from the checks will be available on the first business day of your deposit, not $200.00 from each category of check.
DEPOSITS AT AUTOMATED TELLER MACHINES (ATMs): Funds from any deposits (cash or checks) made at ATMs we do not own or operate will be made available on the fifth business day after the day of your deposit. If you make a deposit at an ATM before 10:30 AM Eastern 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 10:30 AM Eastern or on a day we are not open, we will consider that the deposit was made on the next business day we are open.