Unlock Your Money: First Midwest Bank's Funds Availability Policy

Introduction:

When it comes to banking, it's important to understand the policies and procedures in place that affect the availability of funds. First Midwest Bank has several policies designed to ensure that customers' funds are protected and accessible when needed.

I. Check Cashing Holds

If you cash a check at First Midwest Bank that's drawn on another financial institution, then the bank may withhold the availability of a corresponding amount of funds that are already in your account. These funds will be available at the time funds from the check that was cashed would have been available if a deposit was made.

II. Hold on Other Funds in Account

If you deposit a check at First Midwest Bank that's drawn on another financial institution, then the bank may delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with the bank. Hence, the funds in the other account would then not be available for withdrawal until the time periods mentioned in the disclosure for the type of check that was deposited. However, funds from the check deposit may be available immediately for withdrawal.

III. Longer Delays

In some cases, First Midwest Bank will not make all of the funds available that you deposit by check according to the availability schedule mentioned in the disclosure. Depending on the type of check, funds may not be available until the second Business Day after the day of deposit. The first $200.00 of your deposit may be available on the first Business Day after the day of deposit. However, if not all of the funds from the deposit will be available according to the previously stated availability schedule, then customers will be informed of the delay and the expected availability date.

IV. Special Rules for New Accounts

If you're a new customer with First Midwest Bank, special rules apply for the first 30 days. Funds from electronic direct deposits to your account will be available on the day of deposit. However, when it comes to deposits of cash, wire transfers, and checks such as cashier's, certified, teller's, traveler's, and federal, state, and local government checks, the first $5,000 of a day's total deposits will be available on the first Business Day after the day of deposit if specific conditions are met. The excess over $5,000 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 Business Day after the day of your deposit. If deposits such as these are not made in person, then the first $5,000 will be available only on the first business day after the day of deposit.

V. Foreign Checks

Foreign checks cannot be processed in the same way as checks drawn on US financial institutions. First Midwest Bank does not follow these policies and takes longer to process foreign checks as they have to collect funds from the foreign financial institutions. Hence, the availability of funds from deposits of foreign checks will be delayed for as long as it takes to collect the funds from the foreign financial institution.

Conclusion:

With these policies in place, First Midwest Bank ensures customers' funds are protected and accessible, regardless of the type of check deposit. Customers should review the disclosure before making any deposit to be aware of the time periods that funds may take to become available to them.