Funds Availability Policy
Information contained in this section us to assist you in understanding our Funds Availability Policy. All deposits into accounts opened through the Bank are processed at a Bank processing facility. The Bank does not accept in-person deposits at its loan offices, but it does accept deposits in person at its headquarters in Wilmington, Delaware.
The Bank’s policy is to review each deposit and determine how the funds are being deposited. We make the funds available according to the type of deposit and when the funds are applied, or credited, to your account. Some types of deposits may not be available for immediate use. When we delay the availability of funds or place a hold on a deposit made to your account, you may not withdraw those funds, and we will not use them to pay any checks or other debits, such as ACH withdrawals or wire transfers, during the hold period. We have the right to refuse any deposit.
If final payment is not received on any item you deposited to your account, or if any direct deposit, ACH deposit or Electronic Fund Transfer to your account is returned to us for any reason, you agree to pay us the amount of the return, plus any fee in accordance with our Schedule of Fees.
The length of delay in the availability of funds varies depending on the type of deposit. Special rules may apply to new accounts.
The length of delay in the availability of funds is counted in business days from the day your deposit is applied to your account. For purposes of determining the availability of your deposits, every day is a “business day” except Saturday, Sundays and federal holidays. If you make a deposit before 3:00 p.m. (ET) on a business day, we will consider that day to be the day of your deposit. Any deposits received by us after that time will be considered made on the next business day we are open.
Funds from wire transfers, online transfers between accounts at the Bank (both accounts must be at The Bancorp), preauthorized electronic payments such as payroll direct deposits, or other preauthorized electronic payments will be available on the day the deposit is applied to your account.
Funds from Customer-initiated credit card and Customer-initiated electronic payments will be applied to the account when the Bank has verified the external account and received payment in collected funds. Once the funds are applied to the account, they will have same-day availability.
Funds are available on the first business day after the day of deposit for:
- Checks drawn on the Bank
- U.S. Treasury Checks
Funds are available on the second business day after the day of deposit for:
- Other checks drawn on a bank in the United States, including:
- Personal and Business Checks
- State and Local Government Checks
- Treasurer’s/Cashier’s Checks
- Certified Checks
- Federal Reserve Bank Checks
- Federal Home Loan Bank Checks
- U.S. Postal Service Money Orders
The first $200.00 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, assuming no federal holidays during the week, if you deposit another check of $700.00 on a Monday, $200.00 of the deposit is available on Tuesday. The remaining $500.00 is available on Wednesday.
Cash, checks and other items deposited at an ATM will be available on the fifth business day after the deposit is applied to your account.
Credit for each deposit made at an ATM is subject to verification of each item deposited in accordance with applicable law.
Longer Delays May Occur
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 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.
If you need to be sure when a particular deposit will be available for withdrawal, please contact Customer Care via one of the methods noted below.
Special Rules for New Accounts
These special rules will apply during the first 30 days of any new account you open:
- Funds from wire transfers or ACH direct deposits will be available on the second business day after the deposit is applied to your account.
- The first $5,000 of a day's total deposits of cashier's checks will be available on the first business day after the deposit is applied to your account if the deposit meets certain conditions:
- The checks must be payable to you.
- You must use a special deposit slip.
- The deposit must be presented in person to an employee of the Bank.
- The excess over $5,000 will be available on the ninth business day after the day of your deposit.
- If your deposit of cashier’s checks does not meet the above criteria, then the first $5,000 will not be available until the second business day after the day of your deposit. The excess over $5,000 will be available on the ninth business day after the deposit is applied to your account.
- Funds from all other check deposits will be available on the ninth business day after the deposit is applied to your account.