FUNDS AVAILABILITY
Effective 7/1/2025
FUNDS AVAILABILITY POLICY DISCLOSURE
YOUR ABILITY TO WITHDRAW FUNDS
Our general policy is to make funds from your deposit of checks available to you on the first business day after the day we receive your deposit. At that time, you can withdraw the funds in cash, and we will use the funds to pay checks that you have written. For determining the availability of your deposits at a branch, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit on a non- business day, we will consider that the deposit was made on the next business day.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
SAME DAY AVAILABILITY
Funds from the following deposits will be available on the business day of your deposit: cash deposits made in–person, wire transfers, electronic payments, including pre- authorized credits such as Social Security benefits and payroll payments, and checks drawn on Dedham Savings for which there are sufficient available funds on deposit.
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 $275.00 of your deposits may be available on the first business day after the day of your deposit.
If we are not going to make all 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 business 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 $6,725.00 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 fourth business day after the day of your deposit.
We may also, from time to time, need to temporarily suspend the processing of an ACH (automated clearing house) deposit received from or through another country (IAT) for further investigation; this additional required handling may delay settlement until the investigation is completed.
Checks drawn on financial institutions outside of the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure.
Generally, the availability of funds from deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which they are drawn.
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. You must therefore maintain an available account balance sufficient to cover any check you present for cashing.
If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately by delaying 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 may apply during the first 30 days your account is open.
Funds from electronic direct deposits, cash deposits made in–person, checks drawn on Dedham Savings for which there are sufficient available funds on deposit, and wire transfers to your account will be available on the day we receive the deposit.
Funds from deposits of U.S. Treasury checks, checks drawn on a Federal Reserve Bank or Federal Home Loan Bank, cashier’s checks, certified checks, teller’s checks, money orders, traveler’s checks, and Massachusetts state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the check must be payable to you.
DEPOSITS AT AUTOMATED TELLER MACHINES (ATMs)
We only allow deposits to be made at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines. Deposits made at an ATM are subject to verification and will not be available for immediate withdrawal.
Cash, checks drawn on Dedham Savings for which there are sufficient available funds on deposit, U.S. Treasury checks, checks drawn on a Federal Reserve Bank or Federal Home Loan Bank, cashier’s checks, certified checks, teller’s checks, money orders, traveler’s checks, and Massachusetts state and local government checks will be available on the first business day after the day of your deposit.
Funds from any other deposits made at our ATMs will be available on the first business day after the day of the deposit.