Changes to your Truth in Savings Disclosure: Funds Availability Update

Effective July 21, 2011, the amount available from a deposit of other checks on the first business day of your deposit will be increasing from $100 to $200:
 

Other Check* Deposits Subject to Second-Day Availability

The first $200 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, if you deposit a check of $700 on a Monday, $200 of the deposit is available on Tuesday. The remaining $500 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 your account. 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.

For the full Truth in Savings Disclosure, click here.

*Other checks are any checks not including: Travelers Cheques, U.S. Treasury checks, Federal Reserve and Federal Home Loan Bank checks, Checks drawn by a state or unit of local government, Cashier's, certified, and Treasurer's checks, System-generated Payroll checks, On-us checks, Checks issued by MIT and MIT affiliates.