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Disclosure Statements


FUNDS AVAILABILITY POLICY DISCLOSURE
click to download PDF (PLEASE READ CAREFULLY AND RETAIN FOR YOUR RECORDS.)

This policy applies to deposits into accounts that are opened through the Century Bank Direct web site centurybankdirect.com (“web site”). Century Bank Direct is a division of Century Bank of Kentucky, Inc., (“Century Bank” or “Bank”) Lawrenceburg, Kentucky. All deposits into accounts opened through the web site are processed at the main office of Century Bank and are received either electronically or through the mail. Please do not send cash deposits. In the event Century Bank receives cash deposits, you agree that Century Bank’s determination of the amount of the deposit will be conclusive. The Bank is responsible for mailed deposits only after the Bank has received them and is not liable for any deposits, including cash, lost in the mail.

General Policy … Century Bank Direct, a division of Century Bank of Kentucky, Inc. (“we”, “us” and “our”) will make funds from electronic deposits available to you on the business day we receive the deposit. Funds from check deposits will generally be available on the first business day after the day we receive your deposit. Once the funds are available, you can withdraw them in cash and we will use them to pay checks that you have written.

Funds from all types of deposits will not be available to you
until we have received a completed signature card from you.

Determining the Availability of a Deposit … The length of delay is counted in business days from the day of your deposit. Every day is a business day except, Saturdays, Sundays, and federal holidays. If your deposit is received, either electronically, by mail or in person, before 4:00 pm EST on a business day we are open, Century Bank will consider that day to be the day of your deposit.

Funds from electronic payments such as direct deposits of payroll, electronic benefits (ex. - Social Security, SSI), wire transfers, or other ACH (automated clearing house) credit transfers will be available to you on the day Century Bank receives the payment.

Funds from the following instruments will be made available to you on the first day after we receive your deposit, as long as you are the payee on the item; US Treasury checks; US Postal Service money orders; state or local government checks; cashier’s checks; traveler’s checks and Federal Reserve Bank checks.

Reservation of Right to Hold … In some cases, we may not make all of the funds you deposit by check available to you on the first business day after your deposit. Depending on the type of check you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 of your deposit 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 or e-mail you the notice by the end of the day we receive your deposit.

In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

  • The Bank believes a check you deposited will not be paid
  • You deposit checks totaling more than $5,000 on any one day
  • You redeposit a check that has been previously returned unpaid
  • You have overdrawn your account repeatedly in the last six months
  • There is an emergency, such as failure of communications

You will be notified by mail or e-mail if Century Bank delays 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 day after the day of your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

Special Rules for New Accounts … If you are a new account customer, the following special rules will apply for the first thirty (30) days your account is open:

  • Funds from electronic deposits to your account will be available on the day we receive the deposit
  • Funds from deposits of cash and wire transfers and the first $5,000 of a day’s total deposits of cashier’s, traveler’s, certified, teller’s, and federal, state and local government checks will be available on the first business day after the day of your deposit. The excess over $5,000 will be available on the ninth business day after the day of your deposit.
  • Funds from all other check deposits will be available on the tenth business day after the day of your deposit.

Change in Terms … The Bank will send a notice, via mail or e-mail, to you at least thirty (30) days before implementing a change to our funds availability policy except when the change expedites the availability of funds. Then, the notice may be provided within thirty (30) days after implementation.

www.centurybankdirect.com
Century Bank of Kentucky, Inc

7/21/2011