Funds Availability Disclosure 

Our general policy, in most cases, is to allow you to withdraw funds deposited in an account on the second Business Day after the day of deposit. In some cases, we may delay your ability to withdraw funds beyond the second Business Day after the day of deposit. Our complete policy is summarized below. For purposes of this disclosure, the terms "you"/"your" refer to the customer and the terms "our"/"we"/"us" refer to StonehamBank. The term "account" includes any demand deposit, negotiable withdrawal order account, savings deposit or other asset account. The term "Business Day" means any day other than a Saturday, Sunday or federally declared legal holiday.

The length of the delay varies depending on the type of deposit and is explained below. When we delay your ability to withdraw funds from a deposit, you may not withdraw the funds in cash, and we may not pay checks you have written on your account by using these funds. Even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. 

In order to establish that a deposit is made on a particular Business Day, we establish a cut-off time. You must make your deposit before the cut-off time in order for it to be considered to have been made on that Business Day. The cut-off time we use depends on the location where you make your deposit.

However, if you make a deposit after the cut-off time shown above or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.

*ATM’s that are owned and operated by StonehamBank are labeled with the name “StonehamBank”. 

* Check Deposits. In order for these check deposits to be made available according to the funds availability schedule above, the following conditions are required: checks must be made payable to you, deposited to your account, and the deposit made in person to one of our employees.  

If any of these conditions are not satisfied, then the funds from these check deposits will be made available no later than the second Business Day after the day of your deposit.

All Other Check Deposits. Funds from all other check deposits will be available on the second Business Day after the day of your deposit. The first $275.00 of your deposits, however, will be available on the first Business Day after the day of deposit.

In some cases, we will not make all of the funds that you deposit by check available to you according to the previously stated availability schedule. 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 $275.00 of your deposits, however, may be available on the first Business Day after the day of deposit.

If we are not going to make all of the funds from your deposit available to you according to the previously stated availability schedule, 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.

Funds you deposit by check may be delayed for a longer period under the following circumstances:

(a) if we believe a check you deposit will not be paid;

(b) if you deposit checks totaling more than $6,725 on any one day;

(c) if you redeposit a check that has been returned unpaid;

(d) if you have overdrawn your account repeatedly in the last six months; or

(e) if an emergency condition arises that would not enable us to make the funds available to you, such as the 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 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.

If you are a new customer, the following special rules may apply during the first 30 days your account is open.

Funds from cash deposits, wire transfers, checks drawn on us or electronic direct deposits to your account will be available on the day we receive the deposit. U.S. Treasury checks will be available on the day we receive the deposit provided the checks are made payable to you, deposited to your account, and the deposit is made in person to one of our employees. Funds from the first $6,725 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 deposit if the deposit meets certain conditions. For example, the checks must be payable to you and the deposit must be made in person to an employee of StonehamBank and deposited into your account. If your deposit of these checks (other than a U.S. Treasury check) does not meet these certain conditions, the first $6,725 will not be available until the second Business Day after the day of deposit. The excess over $6,725 will be available on the seventh Business Day after the day of your deposit. 

Funds from all other check deposits will be available on the seventh Business Day after the day of your deposit.

In addition to the Same-Day Availability items listed above:

• Funds from payroll checks that are payable to you and which are deposited to your account will be available on the day we receive the deposit if the deposit is made in person.
• To receive Same-Day Availability, wire transfers must be received before 3:00 p.m.