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Funds Availability Updates

NOTICE OF CHANGE TO OUR FUNDS AVAILABILITY POLICY AND THE TERMS AND CONDITIONS OF YOUR ACCOUNT

The Funds Availability changes are effective July 1, 2020. Important new information about making withdrawals from your account – We are making changes to our funds availability policy with you. The dollar amounts in bold italics have increased. The result of this change is that, in the circumstance when the updated dollar amounts apply, more money will be made available to you sooner.

YOUR ABILITY TO WITHDRAW FUNDS: This policy statement applies to all deposit accounts. Our policy is to make funds from your check deposits available to you on the second business day after the day we receive your deposit, with the first $225 available on the first business day after the day of your deposit. Electronic direct deposits will be available on the day we receive the deposit. Cash, wire transfers, and some specified check deposits will also be available before the second business day, as detailed below. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. 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 closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open. If you make a deposit at an ATM before 2:30 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 ATM after 2:30 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.

Same-Day Availability: Funds from the following deposits will be available on the day we receive the deposit: Cash, Electronic direct deposits, Wire transfers and Checks drawn on us.

Next-Day Availability: Funds from the following deposits are available on the first business day after the day of your deposit: U.S. Treasury checks that are payable to you. If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit: State and local government checks that are payable to you, Cashier’s, certified, and teller’s checks that are payable to you, Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you. Traveler’s checks. If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day we receive your deposit.

Other Check Deposits Subject to Second-Day Availability: The first $225 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, $225 of the deposit is available on Tuesday. The remaining $475 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.

LONGER DELAYS MAY APPLY: 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 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 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. Funds from deposits made by cash, wire transfer or electronic direct deposit will be available on the day we receive the deposit. The first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks and postal money orders will be available on the first business day after the day of your deposit if the checks are payable to you. The excess over $5,525 will be available on the fifth business day after the day of your deposit. Funds from all other check deposits will be available on the fifth business day after the day of your deposit.

DEPOSITS AT AUTOMATED TELLER MACHINES: Check deposits made at ATMs that are owned or operated by Spencer will be subject to the above schedule. Cash deposits made at Spencer ATMs will receive next day, not same day, availability. Funds from any deposit (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the day of your deposit. All ATMs that we own or operate are identified as our machines.