Funds Availability Disclosure

YOUR ABILITY TO WITHDRAW FUNDS

The effective date of this disclosure is July 1, 2020. You can view a printer friendly (PDF) version of this disclosure to keep for your records.

Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds in cash and we may not use the funds to authorize or settle transactions. 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 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Please remember that even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

DETERMINING THE AVAILABILITY OF A DEPOSIT: The length of the delay is counted in business days from the day we receive your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If we receive your deposit before our cut-off time (3 PM Eastern) on a business day that we are open, we will consider that day to be the day of your deposit. However, if we receive your deposit after our cut-off time or on a day we are not open, we may consider that the deposit was made on the next business day we are open.

The length of the delay varies depending on the type of deposit and is explained below.

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
  • Wire transfers
  • Checks drawn on First Internet Bank of Indiana

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:

  • Cash
  • 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
  • Postal money orders, if these items are payable to you

If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), the first $225 of these deposits 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.

OTHER CHECK DEPOSITS: 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, assuming no federal holidays during the week, if you deposit another 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 one of your accounts with us. 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 – SAFEGUARD EXCEPTION DELAYS: 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
  • You have overdrawn your account repeatedly in the last six (6) 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 deposit multiple categories of checks, $225 from the checks will be available on the first business day of your deposit, not $225 from each category of check.

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 electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, travelers and federal, 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 checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 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 ninth business day after the day of your deposit.

DEPOSITS AT AUTOMATED TELLER MACHINES (ATMs): We do not own or operate any ATMs; therefore, all ATMs are considered non-proprietary. Other parties who own or operate ATMs may accept deposits to your account.  Funds from any deposits (cash or checks) made at non-proprietary ATMs will be made available on the fifth business day after the day of your deposit. If you make a deposit at an ATM before noon Eastern 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 noon Eastern or on a day we are not open, we will consider that the deposit was made on the next business day we are open.