The purpose of this notice is to inform you of how Square 1 Bank makes funds from your cash and check deposits available to you after we receive your deposit and the funds are collected. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw the funds, and we will use the funds to pay checks that you have written. (Longer delays may apply; see below.)
Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid or for which claims are asserted after final settlement for the particular item has occurred.
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 5:00 PM (ET) 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 5:00 PM (ET), or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply
Case-by-Case Delays 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 day of 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 $200 of your deposits, however, may be available on the first business day.
If we will not be making all of the funds from your deposit available on the first business day, we will notify you by U.S. Postal Service or electronic mail by the day after we receive your deposit. We will also notify you when the funds will be available.
If you will need the funds from a deposit immediately, you should ask us when the funds will be available.
Safeguard Exceptions In addition, 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 6 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 communicate to you when the funds will be available. They will generally be available no later than the 7th business day after the day of your deposit.
Special Rules for New Accounts
If you are a new customer, the following special rules apply during the first 30 days your account is open. An account is considered open when the first deposit is made to the account.
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 and U.S. Postal Service Money Orders will be available on the first business day after the day of your deposit. The excess over $5,000 will be available on the ninth business day after the day of your deposit. Funds from all other check deposits will be available no later than the 9th business day after the day of your deposit.
If you have additional questions regarding Funds Availability, please call Square 1 Bank at 919.314.3040 or you may write to us at:
Square 1 Bank
Attn: Security Officer
406 Blackwell Street, Suite 240
Durham, NC 27701
You may also e-mail us at firstname.lastname@example.org.
Square 1 Bank reserves the right to change this disclosure and notify you of the changes as required by law.