Your ability to withdraw funds at Firstbank

The Expedited Funds Availability Act enacted by Congress may have considerable impact on you as a customer of financial services. The Act sets limits for the entire financial industry on the amount of time that may pass before funds (checks) deposited in your account are actually available to you.

Your ability to withdraw funds at Firstbank

Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available,
you can withdraw the funds in cash and we will use the funds to pay checks you have written. For determining the availability of your deposit, every day is a business day except Saturdays, Sundays and federal holidays. If you make a deposit before our daily cut-off time 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 our daily cut-off time or on a day we are not open, we will consider the deposit was made on the next business day 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 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. However, the first $100.00 of your deposits will be available on the first business day. If we are not going to make all of the funds from your deposit available on the first business day, 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 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 communications or computer 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.

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. A deposit of cash, cashier’s, certified, teller’s and government checks will be available on the first business day after the day of your deposit. Funds from a wire transfer into your account will be available on the first business day after the day we receive the transfer. Funds from deposits of cash and the first $5,000 of a day’s total deposits of traveler’s and state and government checks will be available on the first day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you and you may have to use a special deposit slip. The excess over $5,000 will be available on the fifth business day (depending on the type of check deposited) after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available on the tenth business day (depending on the type of checks deposited) after the day of your deposit.