1. Your ability to withdraw funds
This Funds Availability Policy describes when funds you deposit into your ITAM account become available for withdrawal. It is provided in accordance with the federal Expedited Funds Availability Act and Regulation CC (12 CFR Part 229).
For purposes of this Policy, "you" means our customer and "we," "us," or "our" means PayServices Bank.
2. General policy
Funds from your transfers and deposits will be available to you according to the table below. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and U.S. federal holidays.
| Type of deposit | When funds are available |
|---|---|
| Real-time transfers received on the PayServices Network | Immediately upon settlement |
| Electronic direct deposits (payroll, government benefits, etc.) | On the business day we receive the deposit |
| Incoming domestic wire transfers | On the business day we receive the wire |
| Incoming international wire transfers | On the business day we receive the wire and complete sanctions and AML screening |
| ACH credits | On the business day we receive the credit, generally on the settlement date |
| Cash equivalent deposits (where supported) | On the business day we receive the deposit |
3. Cut-off times
For determining whether a deposit is made on a particular business day, we have established the following cut-off times. A deposit received after the cut-off time, on a non-business day, or on a day we are otherwise closed, will be considered received on our next business day.
| Channel | Cut-off time |
|---|---|
| PayServices Network real-time transfers | 24/7 (continuous processing) |
| Mobile deposit / Remote Deposit Capture | 6:00 PM Mountain Time |
| Electronic direct deposits / ACH | As received from the originating bank |
| Incoming wire transfers | 5:00 PM Mountain Time |
4. Longer delays may apply
In some cases, we will not make all of the funds you deposit available for withdrawal on the business day described above. Depending on the type of deposit, funds may not be available until the second business day after the day of your deposit, or longer in certain cases. The first $275 of a check deposit, however, may be available on the first business day after the day of deposit.
If we are not going to make all of the funds from your deposit available on the business day of deposit, we will notify you at the time you make the 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 notify you by the next business day after we receive your deposit.
Funds you deposit may be delayed for a longer period under the following circumstances:
- We believe a check or item you deposit will not be paid;
- You deposit checks or items totaling more than $6,725 on any one day;
- You redeposit a check that has been returned unpaid;
- You have overdrawn your account repeatedly in the last six months;
- An emergency condition arises that would not enable us to make the funds available, such as the 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 seventh business day after the day of your deposit.
5. Special rules for new accounts
If you are a new customer, the following special rules will apply during the first 30 days your account is open:
- Funds from electronic direct deposits and PayServices Network real-time transfers will be available on the day we receive the deposit;
- Funds from wire transfers and the first $6,725 of a day's total deposits of cashier's, certified, teller's, traveler's, U.S. Treasury, U.S. Postal Service money orders, or federal/state/local government checks will be available on the first business day after the day of deposit (if the deposit meets certain conditions, including being payable to you);
- Funds from all other check deposits will be available no later than the seventh business day after the day of your deposit.
6. Holds on other funds
If we cash a check for you that is drawn on another financial institution, 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 the funds from the check would have been available if you had deposited it.
If we accept for deposit a check that is drawn on another financial institution, 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 described in this Policy.
7. Contact us
PayServices Bank
950 W Bannock Street, Suite 1100
Boise, Idaho 83702-6140
United States
info@payservices.com