FUNDS AVAILIBILITY DISCLOSURE

Disclosures
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Funds Availability Disclosure

Your Ability To Withdraw Funds

Our policy is to make funds from all check deposits except on-us checks* available to you on the first business day after the day we receive your deposit. Funds from deposits of on-us checks, electronic direct deposits to your account, deposits of cash, and wire transfers will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use them to pay checks that you have written.

Determining the Availability of a 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 business hours or on a day we are not open, we will consider that the deposit was made on the next business day we are open. The length of the delay is counted in business days from the day of your deposit.

If you make a deposit at an Auburn Savings Bank ATM before 5:30 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 Auburn Savings Bank ATM after 5:30 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. Our ATMs are located at 256 Court Street, Auburn and 325 Sabattus Street, Lewiston.

If you make a deposit through Mobile Deposit before 5:00 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 through Mobile Deposit after 5:00 P.M. or on a Saturday, Sunday or federal holiday, we will consider the deposit made on the next Business Day we are open. Deposits via Mobile Deposit may be delayed in the event of early closing due to a holiday or unforeseen circumstances (e.g., inclement weather). In these instances, deposits will be confirmed on the following Business Day that we are open.

Longer Delays May Apply

In some cases, we will not make all of the funds that you deposit by check available to you as specified on this availability schedule. Depending on the type of check that you deposit or to whom it is made payable, funds may not be available until the 2nd (second) business day after the day of your deposit.

If we are not going to make all of the funds from your deposit available as specified on this availability schedule, we will notify you at the time you make your deposit. We will also tell you 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 day after we receive your deposit.

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 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 6th (sixth) business day after the 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 that your account is open.

Funds from electronic direct deposits to your account, deposits of cash and on-us checks, and wire transfers will be available on the day we receive the deposit. Funds from the first $5000 of a day’s total deposits of cashier’s, certified, teller’s, and traveler’s checks, U.S. Postal Service money orders, and federal, state, and local government checks will be available on the 1st (first) business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5000 will be available on the 9th (ninth) business day after the day of your deposit. Funds from all other check deposits will be available on the 9th (ninth) business day after the day of your deposit.

* Deposited checks drawn on Auburn Savings Bank, FSB and presented in person or in the Night Depository