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DEPOSIT AGREEMENT ADDENDUM

Holds for Uncollected Funds / Delayed Funds Availability

Effective July 1, 2025

 

Effective July 1, 2025 this Deposit Agreement Addendum will amend and supersede, where applicable, the Holds for Uncollected Funds / Delayed Funds Availability section of the Bank’s Deposit Agreement dated 6/1/2024.

1. Holds for Uncollected Funds / Delayed Funds Availability

Effective July 1, 2025

The below revised information amends the “Ability to Withdrawal Funds”, “Longer Delays May Apply” and “Special Rules for New Accounts” information contained in the Holds for Uncollected Funds / Delayed Funds Availability section of the Bank’s Deposit Agreement. All other information contained in the Holds for Uncollected Funds / Delayed Funds Availability section of the Deposit Agreement remains the same.

Ability to Withdrawal Funds - Generally, our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit, although specific account types, check types or deposit methods may be subject to delayed funds availability. 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.

In many cases we will make the funds from your deposited checks available to you sooner than we are able to collect the funds from the paying bank, and it is possible for a check or other item to be returned to us as unpaid days, weeks or months after we have made the funds available to you. Please remember that even after we have made funds available to you, and you have withdrawn the funds, we have the right to reverse the credit for the deposited checks and/or you are still responsible for repaying us for any checks or other items you deposit or transmit to your account that are returned unpaid to us for any reason.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit in person at one of our branch locations before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. If you deposit a check by Mobile Deposit on a business day before the Mobile Deposit service cutoff time, we will consider that day to be the day of your deposit. (For Mobile Deposit Business Day cutoff time information, please refer to the Mobile Deposit information in the applicable Online Banking Agreement.)

NOTE:
Generally, our close of business is 5:00 p.m. (local time zone), Monday – Friday, however most of our locations close at 6:00 p.m. (local time zone) on Friday. (Note: These times may vary by location.)

If you make a deposit into one of our automated teller machines before 3:00 p.m. (local time zone) on a business day we are open, we may consider that day to be the day of deposit. However, if you make any of the above-mentioned deposits after the cut-of time or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

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, including:

  • Mobile Deposits - Generally, funds from Mobile Deposits made using our Consumer or BusinessExpress Mobile App will be made available the third business day after the day of deposit; however, the first $275 of your Mobile Deposits will be available on the first business day after the day of deposit. In certain circumstances longer delays may apply, such as when your Mobile Deposits total more than $6,725 on any one day, in which case the amount over $6,725 will generally be available no later than the seventh business day after the day of deposit.
  • Other Check Deposits (on a case-by-case basis) - On a case-by-case basis funds from certain checks that you deposit may not be available until the second business day after the day of your deposit; however, the first $275 of your deposit will be available on the first business day after the date of deposit.

If we are not going to make all of 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 send you a 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 (including Mobile Deposits) 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 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 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 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 $6,725 of a day’s total deposits of 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 the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $6,725 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 $6,725 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.

NOTE:
The foregoing rules do not apply to deposits of foreign items (items drawn on or payable through or at an office of a depository institution not located in the U.S.).

Questions?  Please contact us at:
(888) 895-5650
info@eastwestbank.com

 

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