Terms & Conditions

Funds Availability Policy

The policy of Cornerstone Bank is to make funds from deposits available on the same business day the deposit is received. At that time, funds can be withdrawn in cash and used to pay checks that have been written.

For determining the availability of deposits, every day is a business day, except Saturdays, Sundays and federal holidays.  If you make a deposit before 5:00 p.m. Monday through Friday at any York location or by 4:00 p.m. at any of our other branch locations 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 5:00 p.m. at any York location or after 4:00 p.m. at any of our other branches, we may consider that deposit as being made on the next business day we are open.  Signs posted, where these deposits are accepted, will let you know if this is going to occur.  In addition, for deposits made on a day that we are not open, we will consider that the deposit was made on the next business day that we are open.

If you make a deposit at an ATM or transfer funds via online banking before 7:00 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 or transfer funds via online banking after 7:00 p.m., or on a day that we are not open, we will consider that the deposit was made on the next business day that we are open.

If you open your account online using our online banking service, the following special rules apply. If your new account is funded by ACH transfer from a checking or savings account at another financial institution, the funds will be available by 6:00 p.m. the day Cornerstone Bank receives the funds.

If you make a deposit via Mobile Deposit before 5:00 p.m. on a business day that we are open, your funds will be available the following business day. However, if you make a deposit via Mobile Deposit after 5:00 p.m. or on a day we are not open, the deposit is considered made on the next business day we are open. Funds will be available on the business day that follows the day of deposit.

Longer Delays May Apply

In some cases, the Bank will not make all of the funds that are deposited by check available on the first business day after the day of deposit. Depending on the type of check deposited, funds may not be available until the second business day after the day of deposit. However, the first $200 of the deposit will be available on the first business day.

If the Bank is not going to make all of the funds from a deposit available on the same business day, the depositor will be notified at the time of deposit. The depositor will also be told when the funds will be available. If the deposit is not made directly to a Bank employee, or if the Bank decides to take this action after the depositor has left the premises, the Bank will mail a notice to the depositor by the day after the deposit is received.

If a depositor needs the funds from a deposit right away, the depositor may ask when the funds will be available.

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

  • The Bank believes a check deposited will not be paid.
  • Checks totaling more than $5,000 on any one day are deposited.
  • A check that has been returned unpaid is re-deposited.
  • An account has been overdrawn repeatedly in the last six months.
  • There is an emergency, such as failure of communications or computer equipment.
  • Availability of funds deposited in new accounts may be delayed the first 30 days the account is open, except for deposits of U. S. Treasury Checks, state and local government checks, cashier's checks, certified checks, tellers checks, traveler’s checks and funds from electronic direct deposits.

The Bank will notify the depositor if the ability to withdraw funds is delayed for any of these reasons, and the Bank will tell the depositor when the funds will be available. These deposits will generally be available no later than the seventh business day after the day of deposit.

 

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