DETERMINING THE AVAILABILITY OF YOUR DEPOSIT
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 Even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
When we delay your ability to withdraw funds, the length of the delay is counted in Business Days from the day of your deposit. The term "Business Day" means any day other than a Saturday, Sunday or federally declared legal holiday, and the term "Banking Day" means that part of any Business Day on which we are open to the public for carrying on substantially all of our banking functions.
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 that we use depends on the location where you make your deposit.
If you make a deposit at an ATM owned and operated by StonehamBank* before 11:00 pm Eastern Time 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 after 11:00 pm Eastern Time or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.
If you make a deposit at one of our branches in person with one of our employees 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. However, if you make a deposit after the close of business or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.
If you make a deposit with the StonehamBank mobile app before 3:00 pm Eastern Time 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 after 3:00 pm Eastern Time 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".