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Five Simple Steps to Balancing Your Checkbook

Availability of Funds


Five Simple Steps to Balancing Your Checkbook

Step One: Verify Statement Beginning Balance & Reconcile Your Checks
The best time to balance your checkbook is within a few days of receiving your monthly bank statement. The fewer transactions you've incurred since the date the statement was prepared by the bank, the quicker your reconciliation will go.

The first step is to make sure that the beginning balance on your statement is the same amount that you balanced with last month. Then you must determine if there are any checks that haven't yet cleared the bank. You need to sort your cancelled checks in check number order. In your checkbook register, check off each cleared check, verifying that the amount you recorded the check for is the same amount shown on your bank statement.

Step Two: Reconcile Your Deposits
Make sure each deposit shown on your bank statement is recorded in your check register. Also, go through your regular deposit slips, ATM deposit slips, ATM & Telephone Banking transfers, paycheck stubs, etc., and make sure the bank statement shows all of your deposits. Check off the deposits in your check register as you did for the cleared checks.

Step Three: Reconcile Your ATM Withdrawals, Debit Card Purchases, and Electronic Deductions
Go through the same process with your ATM withdrawals, ATM & Telephone Banking transfers, or debit card purchases, checking off each transaction on the bank statement in your check register. Now is the time to record any bank transactions that aren't included in your check register but are shown on the bank statement.

Step Four: Record Interest Earned and Bank Fees
Check your bank statement for any other fees and earned interest and record them in your checkbook register.

Step Five: Complete the Balancing Form
Use the form provided on the back of your bank statement to balance your checkbook.
1. Go through your checkbook register and list the outstanding checks on the balancing form. The checks that you did not check off in your check register as having cleared the bank as well as, any outstanding debit purchases or ATM withdrawals that have not yet cleared the bank. 
2. Total the column of outstanding checks, debits, and ATM withdrawals. Follow the arrow up and enter the total on the line to the right.
3. Go through your checkbook register and list the outstanding deposits on the balancing form. The deposits that you did not check off in your check register as having cleared the bank.
 
4.
Total the column of outstanding deposits.
5.
On the Checkbook Balancing Form, enter the ending balance shown on your bank statement on the top right line of the Cash Balancing Form.
6. 
Use a calculator, enter the "Bank Balance Shown on this Statement" add the "Deposits Not Shown on this Statement" then subtract the "Checks Outstanding" amount and enter the answer on the "Balance" line.
7. Now clear your calculator and reenter the "Balance" amount. Now you should subtract any bank fees shown on your statement and then add any earned interest. The answer should equal the balance shown in your checkbook register.

If it doesn't, check for math errors in your checkbook register, such as reversed numbers (for instance, $53 instead of $35), subtracting a deposit instead of adding it, adding a check written instead of subtracting it, automatic payments that you forgot to record, etc.

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Availability of Funds

Our policy to make funds from your deposits available to you on the first business day after the day we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and Federal Holidays. If you make a deposit after 2:00 PM or a day that we are not open, we will consider that 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 fifth business day after the day of your deposit, However, the first $200 of your deposit will be available on the first business day.

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 you the notice by the 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 the 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 returned unpaid.

You have overdrawn your account repeatedly in the last six months.

There is an emergency, such as a 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.

The first $5,000 from a deposit of U.S. Treasury 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 seventh business day after the day of your deposit. Funds from wire transfers into your account will be available on the first business day after the day we receive the transfer.

Funds from deposits of cash and the first $5,000 of a day’s total deposits of cashier’s certified, teller’s, traveler’s, and 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 to you on the seventh business day after the day of your deposit. If you do not make the deposit 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 seventh business day after the day of the deposit.

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