Funds Availability Disclosure, Check 21 Disclosure
Funds Availability Policy
YOUR ABILITY TO WITHDRAW FUNDS
Our policy is to make funds from your check deposits available to you on the first business day after the day of your deposit with the following exceptions. Funds from cash; electronic direct deposits; wire transfers; on-us checks; payroll checks; official checks; and federal, state, or local government checks will be available on the same business day as the day of your deposit. For deposits made at Bridgewater Savings Bank automated teller machines (ATMs), the funds will be available on the first business day after the day of your deposit.
For business account customers using our remote deposit capture service, funds from those deposits are available on the first business day after the day of your deposit. For customers using our mobile deposit capture service, funds from your check deposits will generally be available on the first business day after the day of your deposit.
For customers opening an account on-line and funding the account with an external transfer from another financial institution, the funds from the external transfer will be available on the fifth business day after the day of deposit.
Please note that funds from check deposits with next day availability will be available to pay checks during nightly processing on the day of deposit.
Once they are available, you can withdraw the funds in cash.
For determining the availability of your deposits, every day is a business day, except Sundays and federal holidays. If you make a deposit 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 on a non-business day, we will consider that the deposit was made on the next business day we are open. If you make a deposit at a Bridgewater Savings Bank ATM before 3:30 p.m. EST Monday through Saturday, we will consider that day to be the day of your deposit. However, if you make a deposit at a Bridgewater Savings Bank ATM after 3:30 p.m. EST Monday through Saturday, we will consider that the deposit was made on the next business day we are open.
Business remote deposit capture deposits made by 5 p.m. EST (Monday through Friday) will be processed that day during nightly processing. Business remote deposit capture deposits made after 5 p.m. EST (Monday through Friday) or made on Saturday, Sunday, or a federal holiday will be processed on the next business banking day during nightly processing. Mobile deposits made by 4 p.m. EST (Monday through Friday) will be processed that day during nightly processing. Mobile deposits made after 4 p.m. EST (Monday through Friday) or made on Saturday, Sunday, or a federal holiday will be processed on the next business banking day during nightly processing.
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 and for any other problems involving your deposit.
If you have any questions, be sure to ask us.
Longer delays may apply
For checks that receive immediate or next-day availability, in some cases, we will not make all of the funds that you deposit by check available to you immediately or 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 $225 of your deposit will be available on the first business day after the day of your deposit.
For checks that normally receive immediate or next-day availability, if we are not going to make all of the funds from your deposit available immediately or on the first business day after the day of your deposit, 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 $5,525 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the past 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 7th business day after the day of your deposit.
Holds on other funds
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.
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 cash, checks drawn on Bridgewater Savings Bank, electronic direct deposits, and wire transfers to your account will be available on the day we receive the deposit. Funds from deposits of payroll, cashier’s, certified, teller’s, traveler’s and federal, state and local government checks will be available on the first business day after the day of your deposit if your deposit meets certain conditions. For example, the checks must be payable to you.
If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the funds will not be available until the second business day after your deposit.
Funds Availability Policy e07/20
Check 21 Disclosure
Important Information about your Checking Account
Substitute checks and your rights
Commonly referred to as “Check 21,” the Check Clearing for the 21st Century Act is a new federal law designed to streamline check processing between financial institutions. The biggest impact for our customers is the introduction of “substitute checks,” a new legal document described below.
If you receive a substitute check, it means your check was converted to an image somewhere else, and we received that image as a substitute check. If we receive a substitute check drawn on your account, we treat it just like a regular paper check.
Below is important information about your right regarding substitute checks. If you have any questions, please visit one of our offices, or call 800.356.8622 to speak with a customer service representative.
What is a substitute check?
To make check processing faster, federal law permits banks to replace original checks with substitute checks. These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.
Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account.
However, you have rights under other laws with respect to those transactions.
What are my rights regarding substitute checks?
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account.
If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.
If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim.
We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
How do I make a claim for a refund?
If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at 800.356.8622. You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.
Your claim must include—
- A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
- An estimate of the amount of your loss;
- An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and
- A copy of the substitute check or the following information to help us identify the substitute check: check number, the name of the person to whom you wrote the check, and the amount of the check.
If you make your claim orally, we will require you to submit your claim in writing within 10 business days after you made your oral claim.
Because of the anticipated decrease in the time it will take for checks to clear, it is more important than ever that, when writing a check, you are sure there’s enough money in your account to cover it.
Check 21 Disclosure e7/12
Member FDIC. Member DIF.