We will be open normal business hours Monday, January 16, 2023.
Any transactions after closing Friday, January 13, 2023 will post to your account on Tuesday, January 17, 2023 due to the observance of Martin Luther King Jr Day. *This affects all wires & ACH transactions.

Regulation CC Funds Availability Disclosure

Funds Availability Disclosure as of May 2022

REGULATION CC FUNDS AVAILABILITY DISCLOSURE

YOUR ABILITY TO WITHDRAW FUNDS AT GRINNELL STATE BANK (GSB). Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. However, funds from electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and/or we will use them to pay checks that you have written. If you make a deposit with a teller at one of our branches on a business day, we will consider that day to be the day of your deposit.  However, if you make a deposit on a day that is not a business day, or make an ATM deposit after the ATM cutoff time, we will consider the deposit to have been made on the next business day.  Cut-off hour guidelines are as follows:

  • GSB branch locations may have different deposit cut-off times, the earliest cut-off time that may apply for deposits made in person with a Bank employee is 5:00 p.m. central standard time (CST).
  • For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holiday
  • For deposits, transactions, and transfers accepted or made by 6:00m. CST at GSB owned ATM’s (Automated Teller Machine).
  • Deposits placed in a GSB night depository are considered deposited on the banking day the funds are removed from the night depository and are accessible to GSB for processing. We will remove deposits no later than the next business day.
  • Branches in some locations may be closed on business days because of an emergency, and deposits made at a night depository when those branches are closed will be considered received on the next business day when the branch is open.

Reservation of Right to Hold. 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. The first $225 of your deposit, however, may be available on the first business day after the day of your 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 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.

Longer Delays May Apply.  We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons:

  • 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.
  • We believe a check you deposit will not be paid.
  • 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.

Holds on Other Funds. If we cash a check for you that is drawn on another financial institution, 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 financial institution, 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.

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, 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 $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 deposits of checks drawn on Grinnell State Bank will be available on the first business day after the day of your deposit.

Funds from all other check deposits will be available on the third business day after the day of your deposit. Reservation of right to holdIn some cases, we will not make the funds that you deposit from all other check items deposited available to you on the third business day after the business day of your deposit. Depending on the type of check that you deposit, funds may not be available until the ninth business day after the business day of your deposit. If we decide to take this action, we will notify you at the time you make your deposit.

YOUR ABILITY TO WITHDRAW FUNDS AT AUTOMATED TELLER MACHINES (ATM’S). Deposits made at Bank premise by the bank cut-off hour will normally be made available at the ATM on the business day of the deposit.  Deposits made at GSB owned ATM’s will normally be made available at the ATM by the second business day after the business day of the deposit.  ATM deposits made at non GSB owned ATM’s will be made available for withdrawal no later than the fifth business day of the deposit.  All ATM’s that we own or operate are identified as our machine.

BENEFITS OF YOUR ACCOUNT

Bringing the Bank to you

We want to make banking easy for you with 24/7 access to your accounts and convenient access to services. Have 24/7 access to all of the following without having to step foot in the bank:

For a printable version of Reg E:

 You are accessing a printable version of our Electronic Funds Transfer.

For a printable version of our Privacy Policy:


 

You are accessing a printable version of Grinnell State Bank’s Online Banking Terms and Conditions. There are hyperlinks appearing within the document to access additional bank policy information referenced by the link. The links are for reference only, please contact the bank directly to request a copy of the referenced information.