Policies & Disclosures
Funds Availability Disclosure
This policy statement applies to transaction accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and pre-authorized transfers to your other accounts with us. Checking accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.
Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. 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Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
Cut Off Times
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 4:30 P.M.. Monday through Friday on a business day that we are open, we consider that day to be the day of your deposit. However, if you make a deposit after 4:30 P.M. Monday through Friday 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. 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 $200 of your deposits will be available on the first business day after we receive your deposit.
If we are not going to make all of the funds from your deposit available on the first business day after we receive your deposit, 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 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 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 business 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 into your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 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 (and you may have to use a special deposit slip), the excess over $5,000 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 $5,000 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
Funds from any deposits (cash or checks) made at Automatic Teller Machines (ATMs) we do not own or operate will be made available on the second business day after deposit. This rule does not apply at ATMs that we own or operate.
If you make a deposit at all ATM before 3:00 P.M.. 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 3:00 P.M. or on a day we are not open, we will consider the deposit made on the next business day we are open.
Courtesy Pay Disclosure
Farmers & Merchants Bank of Western Pennsylvania, N.A. Courtesy Pay service is offered on the personal checking accounts of our customers who are in "good standing" with the Bank. Good standing is defined as making regular deposits and bringing their account(s) to a positive balance at least once every 30 days; not being more than 30 days past due on a loan with the Bank; not having caused a loss to the Bank; and not subject to a legal or administrative order or levy. All existing personal checking accounts that have been opened for 30 days may automatically be enrolled in the Courtesy Pay - service if they meet the good-standing definition. Primary and/or joint owners may request removal of their accounts from the Courtesy Pay service at any time. Primary and joint owners shall be jointly and completely responsible for the overdrafts incurred, including the courtesy-pay fee. Customers who currently have overdraft transfer protection from savings will continue to have access to those services prior to accessing Courtesy Pay services.
An overdraft limit of $400.00 will apply. Fees incurred with this service are included in the $400.00 limit and reduce overdraft protection dollar limits. The order in which transactions are received and processed can affect the total amount of Courtesy Pay fees assessed. Overdraft items will be posted in accordance with the Bank's existing checking procedures. A $32.00 courtesy pay fee will be assessed for each item that we honor. More than one fee may be charged against the account per day, depending on the number of NSF items presented and paid. Once our Courtesy Pay service has been activated, it is your responsibility to correct any balance deficiency as quickly as possible. If the negative balance in the account is not cleared within 30 days, appropriate collection actions will commence. It is the policy of the Bank to provide customers with every opportunity for repayment.
Courtesy Pay - is a non-contractual courtesy between Farmers & Merchants Bank of Western Pennsylvania, N.A. (Bank) and its customers. The Bank has the right to discontinue the program or withdraw any checking account from the program based on poor performance of the account, or failure to cover the overdrafts. The Bank also has the right to limit participation to one account per household. The Bank has the option to either honor the overdraft or return the item for insufficient funds even though we may have previously paid overdrafts for the customer. There is no interest charged on any overdraft or unpaid courtesy-pay fee. There will be no late charges or other fees other than the courtesy-pay fee. The Bank will notify the customer by mail of any insufficient item paid or returned; however, it has no obligation to notify the customer before paying or returning the item(s).
Courtesy Pay will not apply to cash withdrawals over-the-counter at our branches.